New customer contracts helped drive up second-quarter revenue at the payments software vendor Fundtech Ltd.
The Jersey City company reported Thursday that its revenue rose 25% from the year earlier, to $31.6 million. Net income of $1.7 million, or 10 cents per share, was unchanged from the year before.
Excluding stock compensation and amortization of certain intangibles, Fundtech's earnings were 18 cents per share, topping Wall Street's expectations of 15 cents, based on anticipated revenue of $30.4 million.
Fundtech said that it closed 61 contracts in the quarter and won seven new bank customers, excluding its Accountis unit, a U.K. maker of electronic invoicing software that it bought in February.
Fundtech left unchanged its guidance for the rest of 2008. It expects revenue for the year of $123.5 million to $126 million and diluted earnings per share of 39 to 49 cents.
In the current quarter it expects to report revenue of $31 million to $32 million, and diluted earnings of 10 cents to 14 cents.
