Trinitech Systems, Inc. announced revenue for the second quarter ended June 30,1999 increased 94.8% to $3,041,566, from $1,561,547 in the same quarter last year. Net earnings were $150,165 or 2 cents per share. This compares with a net loss of $585,000, or 7 cents per share in the prior year period.
For the six months ended June 30, 1999, revenue totaled $5,446,728, a 109.3% increase from revenue of $2,601,823 for the first six months of 1998. Net income totaled $180,342 or 2 cents per share for the first half of 1999, compared with a net loss of $1,526,000 or 18 cents per share for the same period last year. Revenue growth for the second quarter was driven by increased demand for Trinitech’s Trader Workstations, Exchange Floor Systems, and NYFIX Network Connectivity for electronic trading.
“We believe that the second quarter marks the start of Trinitech’s positive profit curve. We have increased profits since last quarter and anticipate continued positive growth going forward,” commented Peter Kilbinger Hansen, Trinitech’s President and Chief Executive Officer.
The second quarter represented a record period for signing of new business. The Company signed a total of 35 new deals totaling close to $4 million, with $3.4 million of that representing annual recurring revenue, providing a strong backlog for NYFIX services heading into the second half of 1999. Agreements signed during the second quarter should impact results in the third and fourth quarters and ongoing thereafter, as billing is commenced when systems are installed and fully operational, typically a 90 day time frame from contract signing.
Daily average volume for shares processed through NYFIX exceeded 100 million during the second quarter. “The next phase of the Company’s business plan is very ambitious and directly emphasizes the importance of owning as much of the electronic order routing infrastructure as possible. As we continue to bring new customers online and focus on deploying more of the underlying ‘plumbing’ for the rapid expansion of electronic trading on Wall Street, we expect share volume to continue to increase steadily throughout this year and going forward.” Mr. Hansen remarked.
During the second quarter, Trinitech continued to focus on its customer service initiative. The Company hired staff in account management and customer service roles, in addition to adding employees in sales, networking and software development. “We believe winning products will continue to bring in new customers and good service will keep them for the long term,” concluded Mr. Hansen.
Trinitech Systems, Inc. (Amex: TSI) develops and markets advanced electronic trading systems to brokerage firms, international banks and global exchanges trading in equities, futures & options, and currencies. The Company’s NYFIX Network, a combined FIX and Exchange Access Network, enables users to electronically communicate trade data among the buy-side, sell-side, and exchange floor environments. NYFIX is the financial community’s fastest-growing intranet, linking over 100 firms and processing more than 100 million shares of equity order flow on a daily basis. The Company’s goal is to become the leading provider of real-time electronic trade entry and routing systems to the global financial services industry. Trinitech is headquartered in Stamford, Connecticut and maintains operations in New York, Chicago, and London.Details