Fundtech, a provider of transaction banking services, has reported a GAAP net income of $1.5 million, or $0.09 per diluted share, for the third quarter ended September 30, 2008, compared with $2.2 million, or $0.13 per diluted share, in the third quarter of 2007.
Fundtech has reported revenues of $31.5 million for the third quarter ended September 30, 2008, an increase of 18%, compared to $26.6 million for the same period in 2007.
For the first nine months ended September 30, 2008, the company reported a net income of $3.46 million, or $0.21 per diluted share, compared with $4.40 million, or $0.26 per diluted share, for the same period of 2007. Total revenues were $91.22 million, compared to $75.21 million in the prior-year period.
Reuven Menachem, CEO of Fundtech, said: While in the third quarter we continued to post good growth we are expecting some delays in the fourth quarter in closing new bookings with several global bank customers who are impacted by the unsettled macroeconomic conditions. Looking towards next year, we believe that we have a healthy pipeline of Global PAYplus deals that will offset any potential decline in revenues from our existing global bank customers.