S1 Ekes Out Tiny Net In Face Of Steep Drop In Revenues
ATLANTA – S1 Corp. reported a narrow third quarter profit yesterday of just $892,000, as revenues for the quarter dropped 11%.
The company reported $53.7 million in revenues for the third quarter, down from $60.3 million for the same quarter last year.
For the first three quarters revenue declined by 13%, to $156.6 million. The decrease in revenue was primarily attributed to a reduction in revenue from State Farm and the custom development for an international branch customer, lower professional services revenue, and the impact of recognizing a lower amount of software licenses upon delivery.
S1 reported a $1.9 million loss for the first three quarters, compared to a $20.5 million profit for the same period last year.