S1 Corp Back In The Red
ATLANTA – Back-office service provider S1 Corp. reported a $4.3 million loss for its fiscal fourth quarter, caused by a 12% decline in revenues for the quarter. That compares to a $10 million net for the fourth quarter of 2009.
S1 said $5 million of the decline was attributed to a change in scope of a project with an international branch customer.
Fiscal year revenue also declined by 12% to $209.1 million, primarily attributed to a $13.2 million reduction in professional services revenue from State Farm, and an $11.6 million reduction in professional services revenue from that international branch customer.
As a result, S1 reported a loss of $6.3 million for the year, compared to net income of $30.4 million for 2009.