Irish technology firm Trintech today announced revenues of $10 million for the third quarter and $29.1 million for the first nine months of 2009.
The company, which has its main office in Dallas, Texas, said adjusted Ebitda (earnings before interest, tax, depreciation and amortisation) totalled $1.4 million while net income for the quarter was $512,000, as against $555,000 a year earlier.
Overall, revenues in the third quarter at the financial and healthcare software firm were down by just 1 per cent from $10.1 million.
For the first nine months of 2009 the company recorded an adjusted Ebitda of $3.6 million and net income of $704,000.
Trintech had cash balances of $18.9 million (including restricted cash of $170,000) at the end of October. It said it generated just over $1 million cash in the third quarter which compared to cash generated of $899,000 the same three-month period a year earlier.
Software license revenue for the quarter totalled $5.4 million, a rise of 12 per cent compared with $4.8 million for the corresponding quarter last year.
Service revenue fell 13 per cent to $4.6 million as against $5.3 million 12 months earlier.
Gross margin amounted to $6.7 million, representing 67 per cent of revenue during the quarter under review, compared to $6.5 million, or 64 per cent of revenue in the third quarter of last year.
Trintech spent $1.3million on research and development in the third quarter, down 20 per cent year-on-year.
Spending on sales and marketing declined by 23 per cent from $2.8 million to $1.1 million while general and administration expenses were relatively unchanged at $2.3 million.
Trintech chief executive Cyuril McGuire said the results reflected a solid performance
“During the quarter, we experienced encouraging signs of market confidence in our products in the US with the outlook in some of our international markets also improving," he said.
"Overall, we believe Trintech is well positioned to capitalise on future market opportunities and to deliver revenue and earnings growth in 2010 as the broader economy recovers,” added Cyril McGuire.
