Trintech, the electronic payment company, today reported a return to profitability in the fourth quarter.
The company said its fourth quarter revenues increased by 17 per cent to $12.3 million. Revenue for the year was marginally up by one per cent at $43.1 million.
Operating expenses in the fourth quarter fell 75 per cent to $6.7 million compared to the corresponding quarter last year.
Trintech said it achieved profitability on the back of a net income of $577,000 and an Adjusted EBITDA net income of $1.2 million.
The company's chairman and chief executive officer, Mr Cyril McGuire, said: "All key performance metrics were achieved creating a solid platform for future growth."
Mr McGuire said: "Our financial position remains strong and our goal continues to be making Trintech more competitive, more focused and better positioned in the marketplace."
"Our solid performance in the quarter supports our strategy to focus on key core products and illustrates the robustness of our business model," he added.