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Irish payment security company Trintech has reported results for the three months prior to 30 April 2002, saying revenue had fallen by 41 percent.
The Irish company highlighted its attempts to reach profitability, claiming pro forma operating expenses fell 38 percent in the quarter compared to the same period last year. Pro forma operating expenses were also down seven percent sequentially.
Nevertheless, the company saw revenue fall 41 percent compared to the same quarter a year earlier, to reach USD10.1 million. The firm blamed the decline on a difficult market environment coupled with slower than anticipated new product launches. First quarter fiscal year 2003 product revenue decreased by 70 percent to USD1.8 million due to a general weakness in the company's European Point of Sale (PoS) business line, a unit that has traditionally been strong for the business.
The firm's net loss from operations hit USD4.73 million in the quarter, down from USD7.03 million last year.
"Our main priority throughout Q1 was to take the necessary actions to stabilise the business, accelerate our turnaround plan and right-size the company for future profitable growth," said Cyril McGuire, chairman and chief executive officer, in a statement. "Our cash position is strong and management is 100 percent focussed on driving operating expenses down and accelerating internal efficiencies."
update to follow
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