The payments software developer Transaction Systems Architects Inc., which is catching up on delinquent regulatory filings, has cut its 2007 earnings estimate.
The New York company cited reduced software backlog and higher expenses. It now projects earnings per share of $1.05 to $1.34; the previous estimate was $1.16 to $1.45.
The company has said it plans to shift its earnings schedule to match the calendar year, starting in 2008.
Transaction Systems, which sells wire transfer, automated clearing house, and card processing software under the ACI Worldwide brand, said it plans to be current on its financial reporting by this summer.
In May the company filed its annual report for the fiscal year that ended Sept. 30. It said that it expects to file its report for the Dec. 21 quarter by July 2 and that it will take four to five weeks to file for the March 31 and June 30 quarters.
Transaction Systems has spent much of the past year reviewing its historical stock option granting practices. Though it said it would not provide preliminary results on the remaining reports, it said it had "solid contracting and strong cash generation" in its March quarter.
Philip G. Heasley, the chief executive, said in a press release Tuesday that "we continue to see the need for major financial institutions, retailers and payment processors to replace or update their legacy payment infrastructures in the face of ongoing regulatory pressures, ever-increasing electronic payment volumes and the costs and complexity of supporting older technologies."
