ATLANTA – S1 Corp. yesterday reported a first quarter loss of $1.1 million, compared to a net of $8.9 million for the same period last year, as revenues slid 12%.
First quarter revenues were $51.2 million, down from $58.3 million for the first quarter last year.
First quarter highlights included the acquisition of PM Systems Corp., and seven new customer signings.
“We expected a very soft first quarter largely due to the drop in business with State Farm, the impact of a number of non-recurring professional fees and the impact of signing more deals where license revenue is recognized over the implementation period using the percentage of completion method,” said Johann Dreyer, S1 CEO, in a statement. “Additionally, our first quarter revenue was impacted by changes in estimates for certain large project implementations.
