Mr Cyril McGuire, Chairman and Chief Executive Officer of electronic payments specialist Trintech, has insisted the business remains 'solid' despite net losses of $2.1 million for the quarter of 2006.
Revenues amounted to $11.1 million compared to $13.1 million for the same period last year. The company blamed lower product and licence revenues as the main factor behind the drop in revenue.
Mr McGuire commenting on the results today said "Trintech's business remains solid despite a challenging first quarter. We remain focused on our strategy of investing in key products and market opportunities that can deliver profitable growth."
The drop in revenue amounts to an overall decrease of 16 per cent.
Product revenue for the quarter decreased by 40 per cent to $1.9 million from $3.2 million in the same quarter last year.
Software license revenue for the quarter decreased by 15 per cent to $5.7 million from $6.7 million.
Service revenue for the quarter ended April 30, 2006 increased 8 percent to $3.5 million from $3.2 million in the corresponding quarter last year.
Total gross margin for the quarter ended April 30, 2006 was $7.0 million, a decrease of 16 percent from $8.4 million in the corresponding period last year.