Trintech Group Plc News
Trintech Reports First Quarter Fiscal Year 2009 Financial Results
Highlights: — Trintech closed the acquisition of Movaris, Inc., a venture capital backed private company based in San Jose, California, on February 14, 2008. The transaction is expected to be accretive to net income on an EBITDA basis (earnings before interest, tax, depreciation and amortization) for the fiscal year ending January 31, 2009. — Revenue amounted to $9.6 million compared to $7.4 million in Q1 last year, representing 31% growth. — Gross margin amounted to $6.7 million in Q1, representing 69% of revenue, compared to $4.8 million and 66% in Q1 last year. — Trintech increased expenditure in research and development by 17% from $1.3 million in Q1 last year to $1.5 million in the same quarter in the 2009 fiscal year. — Trintech increased expenditure in sales and marketing by 22% from $2.5 million in Q1 in the 2008 fiscal year to $3.1 million in the same quarter in the 2009 fiscal year. — General and administrative expenses increased by 6% in Q1 of the 2009 fiscal year compared to Q1 of the 2008 fiscal year to $2.5 million compared to $2.3 million in the prior fiscal year. — On a consolidated basis, Trintech generated an Adjusted EBITDA net income of $405,000 for Q1 of the 2009 fiscal year compared to an Adjusted EBITDA net loss of $548,000 for the corresponding period in the prior year. — Combined basic and diluted net loss per equivalent ADS for the quarter ended April 30, 2008 was $0.03, compared with a basic and diluted net loss per equivalent ADS of $0.09 for the quarter ended April 30, 2007.
Recent Highlights include:
Trintech announced the signing of a definitive agreement to acquire Movaris, Inc., a venture-backed company located in
Trintech announced that Stella Travel Services had selected Trintech's ReconNET to automate a wide range of reconciliation and revenue assurance processes, within their Travelbag and Travel2 airline ticket sales operations. The implementation of ReconNET will enable the company to validate daily flight ticket sales and manage exceptions between their internal systems, external Global Delivery Systems (GDS), Amadeus, Galileo, and IATA's Billing and Settlement Plan (BSP). Stella Travel Services is a division of the Stella Group, the largest integrated travel company in
Trintech announced that The Republic Group had selected ReconNET for depository and disbursement reconciliation, AssureNET GL for general ledger reconciliation, review, and certification, and TRACKER for escheatment reporting. The Republic Group, through independent agents primarily in
Trintech announced that
Trintech announced that
Trintech announced that HealthEast Care System had selected ClearContracts(TM) to enhance contract negotiation capabilities and improve the recovery of underpaid claims. HealthEast Care System operates a number of hospitals and other health care facilities throughout the
Trintech announced the availability of ClearContracts 8.0. The latest version of Concuity's ClearContracts solution enables users to more efficiently manage institutional and professional claim reimbursement activities and maximize reimbursement for bundled claims as well as ambulatory payment/outpatient visits.
Trintech announced enhancements to its AssureNET GL accounting compliance application for general ledger reconciliation, review and certification. AssureNET GL 4.0 delivers a new level of product usability. AssureNET GL 4.0 enhancements include the addition of an operational dashboard with comprehensive drill down capabilities, design modifications that enhance the user experience, context-based help files, support for SQL 2005, and enhanced integration with other Trintech products. AssureNET GL 4.0 demonstrates Trintech's commitment to providing functionally rich, flexible, user-friendly solutions that are critical to gaining end-user adoption.
Trintech announced it had attained Gold Certified Partner status in the Microsoft Partner Program with a competency in ISV/Software Solutions. As a Gold Certified Partner, Trintech has demonstrated expertise with Microsoft technologies and proven ability to meet customers' needs. Microsoft Gold Certified Partners receive a rich set of benefits from Microsoft, including access, training and support.
Results Overview:
Continuing Operations:
Revenue for the first quarter was
Software license revenue for the quarter ended
Service revenue for the first quarter increased 22% to
Total gross margin for the first quarter was
Total operating expenses for the first quarter were
Consolidated Adjusted EBITDA net income was
Trintech's balance sheet remains strong with net cash and cash equivalent balances of
During the quarter ended
Trintech will host a conference call to discuss its financial results and business outlook beginning at 15:30hrs (UK Time) today,
A web simulcast of Trintech's conference call reviewing our performance for Q1 fiscal year 2009 and our business outlook for Q2 and full fiscal year 2009 will be broadcast live today,
About Trintech Group
Trintech Group Plc (Nasdaq: TTPA) is a leading global provider of integrated financial governance, transaction risk management, and compliance solutions. The Company enables companies to achieve excellence in financial governance and performance management through a comprehensive platform of account reconciliation, accounting compliance, and financial reporting applications across the financial lifecycle.
Over 570 leading global organizations are realizing the benefits of Trintech solutions every day to gain greater control, visibility, and efficiency across financial processes; improve financial performance through stronger management of revenue and cost cycles; ensure the accuracy and integrity of financial data, thereby reducing the risk of material weaknesses and restatements and to drive immediate efficiencies and cost reductions in financial operations through automation and scalability. Trintech's customers include retail chains, commercial companies, financial institutions and healthcare providers in
Trintech's technology enables our customers to ensure their internal financial processes are optimized, improve performance through stronger management of revenue and cost cycles, ensure the accuracy and integrity of financial data, improve the quality and efficiency of the financial close process, as well as reduce the risk of material weaknesses and restatements.
For more information on how Trintech can help you increase confidence in business performance and reduce financial risk, please contact us online at http://www.trintech.com or at our principal business office in
Trintech - 15851 Dallas Parkway, Suite 900 -
Trintech UK Ltd. - Warnford Court, 29 Throgmorton St.
Trintech Technologies - Block C, Central Park - Leopardstown,
Trintech - Cypresbaan 9 - 2908 LT Capelle a/d Ijssel,
Forward Looking Statements
This news release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any "forward looking statements" in this press release are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. "Forward looking statements" in this press release include statements, among others, relating to Trintech's growth strategy for fiscal 2009, Trintech management's belief that the company's broader product portfolio will drive revenue and EBITDA growth, the expected benefits from the acquisition of Movaris Inc. and the contribution of the Movaris acquisition to net income on an EBITDA basis, the expected benefits from continued investment in new products and the integration of the Movaris business, the benefits that Stella Travel Services receives from its installation of ReconNET and the benefits that
Contact Paul Byrne, President Joseph Seery, VP Finance, Group Trintech Group Plc +353 1 293 9840 paul.byrne@trintech.com joseph.seery@trintech.com TRINTECH GROUP PLC CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands, except share and per share data) April 30, January 31, 2008 2008 ASSETS Current assets Cash and cash equivalents $16,486 $23,766 Accounts receivable, net of allowance for doubtful accounts of $77 and $24 at April 30, 2008 and January 31, 2008, respectively 7,187 6,507 Prepaid expenses and other current assets 1,808 1,373 Net current deferred tax asset 99 234 Total current assets 25,580 31,880 Non-current assets Restricted cash 338 338 Property and equipment, net 1,571 1,597 Net non-current deferred tax asset 207 136 Intangible assets, net 7,243 4,534 Goodwill 22,533 17,126 Total non-current assets 31,892 23,731 Total assets $57,472 $55,611 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable 1,109 515 Accrued payroll and related expenses 1,693 2,156 Deferred consideration 2,352 1,049 Net current deferred tax liability 73 231 Income taxes payable 158 184 Other accrued liabilities 2,027 1,718 Deferred revenues 9,661 8,317 Liabilities held for sale and in discontinued operations 124 141 Total current liabilities 17,197 14,311 Non-current liabilities Capital leases due after more than one year 158 190 Deferred consideration - 2,000 Income taxes payable 144 119 Deferred rent less current portion 406 427 Total non-current liabilities 708 2,736 Series B preference shares, $0.0027 par value 10,000,000 authorized at April 30, 2008 and January 31, 2008, respectively None issued and outstanding - - Shareholders' equity: Ordinary Shares, $0.0027 par value: 100,000,000 shares authorized; 33,453,135 and 32,413,719 shares issued and 32,926,455 and 31,821,201 shares outstanding at April 30, 2008 and January 31, 2008, respectively. 90 87 Additional paid-in capital 252,476 251,029 Treasury shares (at cost, 526,680 and 592,518 at April 30, 2008 and January 31, 2008, respectively) (898) (1,011) Accumulated deficit (208,623) (208,135) Accumulated other comprehensive loss (3,478) (3,406) Total shareholders' equity 39,567 38,564 Total liabilities and shareholders' equity $57,472 $55,611 TRINTECH GROUP PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) Three months ended April 30, 2008 2007 Revenue License $4,898 $3,489 Service 4,743 3,880 Total revenue 9,641 7,369 Cost of revenue License 498 356 Amortization of purchased technology 216 164 Service 2,244 2,011 Total cost of revenue 2,958 2,531 Gross Margin 6,683 4,838 Operating expenses Research and development 1,492 1,275 Sales and marketing 3,079 2,516 General and administrative 2,489 2,345 Amortization of purchased intangible assets 395 385 Total operating expenses 7,455 6,521 Loss from operations (772) (1,683) Interest income, net 118 290 Exchange gain, net 105 174 Loss before provision for income taxes (549) (1,219) Provision for income taxes 61 (143) Net loss $(488) $(1,362) Weighted-average shares used in computing basic and diluted net loss per Ordinary Share 31,889,741 31,224,157 Basic and diluted loss per Ordinary Share $(0.02) $(0.04) Basic and diluted loss per equivalent ADS $(0.03) $(0.09) TRINTECH GROUP PLC RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA NET INCOME (LOSS) (U.S. dollars in thousands) Three months ended April 30, 2008 2007 Loss from operations $(488) $(1,362) Adjustments: Depreciation 202 148 Amortization of purchased intangible assets 611 549 Share-based compensation 259 264 Interest income, net (118) (290) Income taxes (61) 143 Adjusted Earnings Before Interest, Taxation, Depreciation, Amortization, Share-based compensation (EBITDA) net income (loss) $405 $(548) Adjusted Basic and diluted income (loss) per Ordinary Share $0.01 $(0.02) Adjusted Basic and diluted income (loss) per equivalent ADS $0.03 $(0.04) Note: Management believes Adjusted EBITDA net income (loss) is an important measure of Company performance without consideration of the non-operating income and expense adjusted above as it presents a clearer view of operational performance changes between the comparative periods. TRINTECH GROUP PLC RECONCILIATION OF OPERATING EXPENSES TO ADJUSTED EBITDA OPERATING EXPENSES (U.S. dollars in thousands) Three months ended April 30, 2008 2007 Total operating expenses from operations $7,455 $6,521 Adjustments: Depreciation (180) (136) Amortization of purchased intangible assets (395) (385) Share-based compensation (246) (244) Adjusted EBITDA operating expenses $6,634 $5,756 Note: Management believes Adjusted EBITDA operating expenses is an important measure of Company performance without consideration of the non-operating expense adjusted above as it presents a clearer view of operational performance changes between the comparative periods. TRINTECH GROUP PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands) Three months ended April 30, 2008 2007 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(488) $(1,362) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 202 148 Amortization of purchased intangible assets 611 549 Share-based compensation 259 264 Effect of changes in foreign currency exchange rates (70) (164) Changes in operating assets and liabilities: Accounts receivable 962 702 Prepaid expenses and other current assets (309) (15) Value added tax receivable (4) (17) Accounts payable 367 208 Accrued payroll and related expenses (882) (236) Deferred revenues 746 302 Value added tax payable 27 82 Warranty reserve - (4) Other accrued liabilities (411) (403) Net cash provided by operating activities 1,010 54 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (121) (385) Payments relating to acquisitions (8,337) (875) Net cash used in investing activities (8,458) (1,260) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on capital leases (35) - Issuance of ordinary shares 65 130 Proceeds under bank overdraft facility - 572 Net cash provided by financing activities 30 702 Net decrease in cash and cash equivalents (7,418) (504) Effect of exchange rate changes on cash and cash equivalents 138 28 Cash and cash equivalents at beginning of period 23,766 25,766 Cash and cash equivalents at end of period $16,486 $25,290 Supplemental disclosure of cash flow information Interest paid $9 $12 Taxes paid $28 $13 Supplemental disclosure of non-cash flow information Acquisition of property and equipment under capital leases $30 $- Shares issued in connection with acquisition $1,239 $- Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Cyril McGuire http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=72824 Paul Byrne http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=72826
SOURCE Trintech Group Plc
Search Our News Using Google Search
Can't find what you want? Try using Google:
