NASHVILLE - Envoy Corp., the transaction processing company that recently sold its financial division to First Data Corp., reported a loss of $389,000 in the second quarter.
The merchant processing business, sold to First Data for $170 million, was treated as a "discontinued operation" and was not included in the quarterly result. Envoy, which is now focused on the pharmacy and health care markets, incurred $542,000 of nonrecurring costs in connection with the sale.
Envoy recorded a $74,000 loss on a continuing business basis in the 1994 second quarter.
For the first six months, Envoy lost $1.3 million on continuing operations, reflecting $2 million of nonrecurring charges related to the selloff.
Revenues from continuing operations increased by 32%, to $6.1 million, for the second quarter and by 40%, to $13 million, for the first half.