Irish e-commerce company Trintech said today total revenues remained flat at $15.5 million in the fourth quarter of 2001 largely due to a sharp fall in revenue from companies licensing its payment software.
Licensing revenue fell by 27 per cent quarter-on-quarter to $6 million. Cash usage was $13 million which included $7.5 million relating to acquisitions. After these acquisitions Trintech’s cash remains strong with $60.1 still on the balance sheet.
Trintech also said that Mr Cyril McGuire has been appointed chief executive in addition to his current role as executive chairman. Mr John McGuire has been appointed president, with responsibility for strategic initiatives and partnerships as well as technology and product direction.
The company said it will incur a further restructuring charge of $3.5 million in the current quarter.
Commenting on further cost cutting, Mr Paul Byrne, chief financial officer said: "We continue to press ahead with the necessary steps and measured investment required to move toward our return to profitability."