Transaction Systems Architects Inc., a developer of electronic payments and authorization software, has reported what one analyst called "abysmal" results for its second fiscal quarter.

The Omaha, Neb.-based company, which has more than 1,800 financial institution customers, generated only $75.4 million of revenue in the quarter that ended March 31; that figure is down 13% from the same quarter last year. Net income was $1.6 million, compared with $10.9 million. Its earnings of 5 cents a share were dramatically below Wall Street's expectations of 17 cents; a year earlier it earned 34 cents a share.

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