Email Contact Phone Company Visit Website

Finastra - Global Headquarters Head Office

4 Kingdom streetPaddingtonLondon W2 6BDUnited Kingdom

Finastra - North America Headquarters Head Office

199 Bay Street Suite 4400Toronto ON M5L 1E2Canada

Finastra - New York Office

285 Madison Avenue4th FloorNew York, NY10017United States
New York

Finastra - Singapore Office

5 Shenton Way#12-01/04UIC BuildingSINGAPORE 068808Singapore

Finastra - United Arab Emirates Office

11th Floor Arenco Tower. Media CityPO Box 29561DubaiUnited Arab Emirates

Finastra - Florida, US Office

744 Primera BlvdSuite 2000Lake Mary, FL32746United States


0207 549 4764


Suzanne McLaughlin
[email protected]
Back to all Finastra announcements

Fundtech Reports Financial Results for the First Quarter of 2006

Quarterly Revenues Grow 13% Year-over-Year to $19.4 Million; GAAP EPS 1 Cent; Adjusted EPS 9 Cents

JERSEY CITY, N.J.--May 2, 2006--Fundtech Ltd. (NASDAQ: FNDT), a leading provider of global electronic payment, settlement and cash management solutions, today announced financial results for its fiscal 2006 first quarter ended March 31, 2006. Fundtech posted quarterly revenues of $19.4 million, a 13% increase year-over-year, compared to first quarter revenue of $17.2 million in 2005, and a 2% sequential decrease compared to fourth quarter revenue of $19.8 million in 2005.

On a GAAP (Generally Accepted Accounting Principles) basis, the Company reported net income of $161,000 or $0.01 per diluted share, for the first quarter of 2006 compared with net income of $514,000, or $0.03 per diluted share, in the first quarter of 2005, and net income of $1,604,000, or $0.10 per diluted share, in the fourth quarter of 2005.

Excluding stock-based compensation, amortization of intangibles and amortization of capitalized software costs, Fundtech's adjusted net income for the first quarter of 2006 was $1.4 million, or $0.09 per diluted share, compared with $1.2 million, or $0.08 per diluted share, in the first quarter of 2005 and $2.3 million, or $0.15 per diluted share, in the fourth quarter of 2005. (See Schedule A attached to this news release -- Reconciliation to GAAP).

"We came in at the high end of our EPS guidance and while we experienced the expected seasonal sequential first quarter revenue decline, we're very pleased to report a 12% year over year organic revenue growth," said CEO Reuven Ben Menachem. "We expect to renew our sequential growth in the second quarter and estimate that revenues will increase by 8%-10% compared to the first quarter."

First quarter highlights:

-- Fundtech closed 32 new deals and added 2 new bank customers

-- Closed 2 new system sales: One Global PAYplus and one Swift.

-- Selected by a global bank to implement a global remittance system.

-- Selected by the four largest banks in Israel to implement a Global Liquidity Management solution for the Israeli market.