Trintech sees Q3 revenue down 8%

Mobile payments group Trintech has seen revenues drop 5% to $30.8m (€26m) from $32.4m (€27.39) for the nine months ended October 31, 2003.

Third quarter revenue decreased 8% to $10.5m (€8.87m) compared with $11.4m (€9.64) for the corresponding quarter last year.

The e-payments group also said Q3 losses narrowed by 72% as it continued to cut costs.

Gross margins continue to expand to 58% in Q3 from 55% the previous quarter while operating expenses for Q3 fell strongly by 23%, compared to the corresponding period last year.

Earlier this year, Trintech acquired CW & Associates, Inc, trading as DataFlow Services, a Dallas-based company for $5m (€4.22m)

The company employs 39 staff and currently services approximately 90 customers of which 60 are also Trintech FMS customers.

It also secured an impressive list of clients for its credit card payment services including UK-based Whitbread Group PLC and Glasgow Celtic football club.

Trintech also announced the release of its ReconNET Bank Fee Analysis 6.6 system which allows companies reduce bank fees by detecting and recovering fee overcharges.

Commenting today Cyril McGuire, Chairman and Chief Executive Officer said: "Trintech's results for Q3 were solid and in line with market expectations.

"Our financial position remains strong and we achieved another important milestone in this quarter of turning cashflow positive from a group perspective.

"Our strategy is to concentrate on our key profitable products and leverage our core competency in transaction and payment solutions into new growth markets," McGuire concluded.