MALVERN, Pa. - Sanchez Computer Associates Inc. reported second-quarter earnings Thursday that met analysts' estimates, and it said third- and fourth-quarter profits would also meet expectations.
Sanchez reported net income of $984,000, or 4 cents a share, which matched Wall Street analysts' consensus, compared with a loss of $2 million, or 8 cents a share, the year earlier. Revenue rose 44%, to $23.6 million.
"The second quarter's growth, when compared to the prior year, resulted from increases in all revenue categories, including product license fees recognized from existing software contracts in implementation and fees from license expansions," said Frank Sanchez, chief executive officer. "Processing fees also showed strong advances from the same period a year ago, rising 61%."
Sanchez, a provider of Internet banking software, said it expects third-quarter earnings to be 5 to 7 cents per share and fourth-quarter profits 6 to 8 cents, in line with analysts' estimates from Thomson Financial/First Call.
The company said it expects third-quarter revenues to grow about 40% from the year earlier and fourth-quarter revenues to rise 30% to 40%.