Tech Bytes: CFI Proservices: Profit, Revenue to Disappoint

CFI Proservices Inc., which supplies personal computer software to more than 5,500 financial institutions, said its second-quarter revenue and earnings, to be announced Thursday, will fall short of expectations.

CFI said revenue will be about $19 million, $2 million below market expectations. Per-share net income will be 17 or 18 cents, below analysts' consensus estimate of 23 cents.

"Several sales opportunities slipped into the third quarter," said Matt Chapman, chairman and chief executive officer. He attributed the shortfall to the company's fixed-cost structure and "revenue timing rather than any fundamental problem with products or distribution capabilities."

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