Trintech Group announced today it expects revenues for the third quarter to be about $17 million - $4 million less than its previous estimates.
In a statement released this morning, Trintech blamed worsening market conditions and the weakening of the global economy for the revenue fall.
The statement also said that in line with changing market conditions compounded by the events of September 11th, Trintech expects to record an exceptional charge in the third quarter of about $1.25 million in relation to the restructuring of its UK business that is primarily a write-down of receivables.
However, it still expects to cut operating expenses resulting in significant annualised cost savings.
"The weakening of the global economy and the aftermath of September 11th has affected our revenue growth expectations for this quarter but our operating expenses are expected to remain in line with previous company guidance," said Trintech chief executive Mr John McGuire.
"We believe that we are taking the necessary actions to manage our cost base and ensure that Trintech maintains its leadership in a fast consolidating payments sector and is positioned to take advantage of the market recovery when it occurs".
Full third-quarter results will be announced and discussed by the company on November 28th.