Payment software group Trintech today reported first quarter revenues of $10.2m and a basic pro forma net loss of six cents, compared with a loss of 29 cents the same time last year.
Q1 product revenue increased by 43% to $2.6m, while software license revenue was up 6% to $4.4m. Trintech said its service revenue decreased 30% to $2.1m this quarter, while total pro forma operating expenses decreased by 30% to $6.7m compared to the same time last year.
'Trintech's performance remains on track with stabilising revenue, controlling costs and building a platform for profitable growth,' Trintech's Chairman and CEO Cyril McGuire said.
'These were solid results in line with market expectations, in what continues to be a difficult macro-environment with continued softness in IT spending,' he added.
He said the company's main priority continues to be right sizing Trintech for future growth and returning to profitability in the near future.
'Our cash position is strong and management is fully committed to building revenue in our core business divisions with the discipline required for solid, consistent and profitable growth,' he said.
During the first quarter new developments announced by Trintech included deals with Paymentech, Citibank Card Acceptance, the Spanish post office and Watford FC.
