Secure payments company Trintech has reported another quarter of profit growth. The company reported a net income of $351,000 for the second quarter of 2004.
Revenue grew by 31% to $13.2m in the second quarter, compared to $10.1m the same time last year. Basic and diluted net income per ADS for the quarter ending July 2004 was two cents, compared with a loss of 12 cents the same time last year.
The company said its investment in new products, especially in the Chip and Pin technology, is achieving positive results. 'Our strategy is to leverage our multi-channel payment expertise and continue to build strategic relationships and expand channels of distribution globally,' commented Cyril McGuire, Trintech's Chairman and Chief Executive Officer.
Trintech said that its Q2 product revenue soared by 138% to $4.3m, while Q2 software license revenue decreased 7% to $5.5m from $5.9m compared to Q2 2003.
Service revenue increased 44% to $3.4m. The company said that the year on year increase includes post acquisition revenues of the DataFlow Services Business.
