TORONTO - International Verifact Inc., the Canadian producer of point of sale terminals, reported a 47% increase in first-quarter revenues, to $11.4 million, while earnings fell by 12.6%, to $587,000.
The results incorporated Soricon Corp., a Boulder, Colo., company acquired last Dec. 30. First-quarter 1994 figures were restated to reflect an accounting change in hardware development costs.
Chairman George Whitton said the merged U.S. operations were profitable in the latest quarter, in contrast to the 1994 period when both Soricon and Verifact's U.S. operations were in the red.
He said the company is now focusing on maximizing the cost savings and revenue growth from the acquisition. Soricon, a maker of automated check- reading equipment, has since adopted the International Verifact name.
Mr. Whitton's optimism is also buoyed by growth of the Interac debit card network in Canada. International Verifact has more than 60% of that market.