Trintech blames firm’s third quarter losses on hardware setbacks
Figures for the three months to end September show profits were hit by technical difficulties with hardware. The problems have since been resolved.
But as a result the Irish payments technology company has reported a net loss of $387,000 (€328,000) for its third quarter. The company blames technical problems with some hardware products, but says they have been solved, and as a result sales started to pick up again at the end of the quarter.
Sales reached $11.4m (€9.6m) for the quarter, down from $15.1m (€12.7m) in the same period last year.
In a statement, the company said: “We continued to invest in our unattended payments business and announced the launch of our recent product for the petroleum market, OpenPay 4000.
“This R&D investment has had a short term negative impact on earnings and will continue to do so through the end of the 2006 fiscal year.”
Chairman Cyril McGuire said: “Trintech’s business remains solid despite a challenging Q3 performance. Performance in the quarter was adversely impacted by challenging market conditions and the product-related issue announced in August, which has now been successfully resolved.
“Our investment programme in PayWare OpenPay for the emerging unattended payment market, is building customer pipeline and market share.”
