ATLANTA – S1 Corp., in the process of being acquired by ACI Worldwide, on Monday said 15% growth in revenues fueled a 10-fold increase in third quarter earnings to $8 million, up from just $892,000 for the third quarter last year.
Revenues for the third quarter were $61.5 million, up from $53.7 million for the third quarter of 2010.
S1, which had its merger with Fundtech Ltd. scotched, has instead agreed to be acquired by ACI Worldwide for cash and stock valued at about $560 million.
"Despite significant distractions during the quarter, we posted solid results and are reaffirming our full year 2011 financial guidance,” said Johann Dreyer, S1’s chief executive. “Our employees have done an outstanding job of focusing on our customers during this time and I am very proud of them. We believe the proposed combination with ACI will create a leader in the global enterprise payments industry and we are working diligently to close the transaction with ACI as quickly as possible."
For the first three quarters of the year S1 reported a 17% increase in revenues to $182.7 million, and $10.2 million in net income, compared to a loss of $1.9 million for the same period last year.
