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Fundtechs Q3 Profit Up
Attributes earnings growth to sale of seven new systems.Fundtech (Nasdaq: FNDT has announced net income of $1.4 million on revenue of $19.1 million for the third quarter compared with a net income of $710,000 on revenue of $14.2 million for the same period last year. The Jersey City-based provider of settlement and cash-management solutions earned $2.7 million on revenue of $54.7 million for the first nine months against income of $1.35 million on revenue of $40.8 million for the same period last year.
The company attributed earnings growth to its sale of seven new systems. Further, Fundtech said it closed 45 new deals and added four new banks as customers. The company said a Âlarge bank in the far east has signed up to use Fundtech for its strategic cash-management solutions. Fundtech is projecting revenue of between $19.3 million and $19.8 million for the fourth quarter. Fundtech shares were up $0.13 to $10 in the morning.
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