ACI Worldwide Inc. said it lost $414,000, or 1 cent a share, in its fiscal second quarter, which ended March 31, compared with a profit of nearly $15 million, or 40 cents a share, a year earlier.
Revenue in the quarter rose less than 0.1%, to $89.9 million, the New York payment software vendor, which was known as Transaction Systems Architects Inc. until last month, said last week.
ACI, which is catching up on delinquent regulatory filings, had to delay the official filing of its results for the quarter because of a "clarification" of the accounting treatment for the historical stock options that had first caused it to fall behind in its reporting.
ACI said it will have to take $7.5 million of charges, including a $3.5 million charge it took in the fiscal second quarter. It estimated that it will record a $3.4 million charge for its fiscal third quarter and a $600,000 charge for the fiscal fourth quarter,cutting shareholders' equity by $3.5 million.
The company had previously said it anticipated expensing the entire $11 million of accounting errors against equity.
Philip G. Heasley, ACI's president and chief executive officer, called the accounting decision "very disappointing."
ACI expects to be up to date in its reporting in about five weeks, when it files results for its fiscal third quarter, he said.
