Third-quarter revenues at Nasdaq and Frankfurt-listed Trintech fell by 9 per cent, but reduced costs cut the electronic payment specialist's losses by over two-thirds, according to results released yesterday by the Irish-based company.
Total revenue for the three months to October 31st was down 9 per cent to $10.5 million (€8.9 million) from $11.4 million during the same period in 2002. The figures show that Trintech losses during the quarter fell 70 per cent to $1.3 million from $4.9 million last year.
Sales costs fell by one-third to $4.4 million from $6.8 million and total operating costs were down a similar amount to $7.4 million from $9.5 million. Losses per ordinary share fell to 0.04 cent from 0.15 cent, while losses per American depositary share fell from 0.3 cent to 0.08 cent.
Nine-month revenues slipped to $30.76 million from $32.4 million during the first three quarters in 2002.
Cost of sales was $13.9 million and total operating expenses were $20.9 million. Nine-month losses were just over $4 million, compared with $22 million last year.
Total assets slipped to $62 million at the end of October from $73.5 million at the end of January. Liabilities dropped to $22.4 million from $26.5 million in the same timeframe.
The balance sheet also showed the company had closing cash balances totalling $41.6 million.
Chairman and chief executive, Mr Cyril McGuire, yesterday described the results as solid and said they were in line with market expectations.
"Our financial position remains strong and we have achieved another important milestone in this quarter of turning cashflow positive from a group perspective," he said.
Trintech is headquartered in Dublin and provides automatic teller machine (ATM) and other electronic payment security systems to retailers and ATM and credit card providers.
