E-payments solution group Trintech has reported a return to profitability in the fourth quarter and said its revenues for the year ending January 2004 were up 1%.
Trintech said its fourth quarter revenues increased by 17% to $12.3m. It reported a net income of $577,000 and an adjusted EBITDA net income of $1.2m.
Operating expenses in the fourth quarter fell 75% to $6.7m compared to the same time the previous year. Adjusted EBITDA operating expenses for the fourth quarter were $6.2m, a reduction of 16%.
Revenues for the year ended January 31, 2004 were $43.1m compared with $42.9m for the year ended January 31, 2003, an increase of 1%. Product revenue for the year increased by 13% to $10.3m while licence revenue for the year was up 2% to $22.9m.
During the fourth quarter, Trintech acquired CW & Associates for a net consideration of $3.8m. It said its balance sheet remains strong with closing net cash of $38.1 million.
'All key performance metrics were achieved creating a solid platform for future growth. Our financial position remains strong and our goal continues to be making Trintech more competitive, more focused and better positioned in the marketplace,' Cyril McGuire, Trintech Chairman and CEO said.
