Banctec Inc. announced last week it sold an image-based check processing system to an overseas institution for $2.3 million.

The sale to London-based Halifax PLC is a bright spot for the Dallas company, which has been struggling to boost revenues and earnings.

The company is "encouraged" by recent sales of the one-year-old ImageFirst TPS check imaging software, said Susan Seiter, a Banctec spokeswoman.

It has been bought by 10 midsize banks in the United States and has generated interest overseas. Besides Halifax, Royal Bank of Scotland uses it.

"Our domestic growth has been relatively soft compared to our international operations," Ms. Seiter said. "The U.K. and Japan have been stronger for us."

International sales supply 30% of Banctec's revenues, she said.

The company reported fourth-quarter revenues of $152 million, down 4.5% from a year ago. It lost $1 million in the quarter, compared with a $480,000 profit a year earlier.

Banctec announced a reorganization in October. A month later, Grahame N. Clark Jr., its chairman and chief executive officer, announced he would retire once a successor is found. An executive search continues.

Halifax will use its new imaging system to process 650,000 checks a day. The installation is expected to be completed in June.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.