Financial transaction processing software developer Fundtech Ltd. (Nasdaq: FNDT; TASE: FNDT) reported fourth quarter revenue and profit that beat the consensus analyst estimate.

Fourth quarter revenue was $37.8 million, 15% higher than the $32.8 million in the corresponding quarter of 2009. Analysts had forecast revenue of $36.46 million.

On a non-GAAP basis, net profit was $4.6 million ($0.29 per share), up 39% from $3.3 million ($0.21 per share) in the corresponding quarter. Analysts had expected earnings per share of $0.27.

On a GAAP (generally accepted accounting principles) basis, fourth quarter net profit was $5.8 million ($0.37 per share, up from $3.4 million ($0.21 per share) in the corresponding quarter.

Fundtech chairman Avi Fischer said: "During the year we completed a successful restructuring of our organization to emphasize our global product capabilities and activities. We are now poised to expand our activities in new geographies like Latin America and China. I believe that we are well positioned to continue on the path of strong and steady growth in 2011 and beyond."

The company reported that during the fourth quarter of 2010 it closed 128 new deals and added 12 new bank customers.

Fundtech shares dropped 0.3% in early Nasdaq trading. The share closed yesterday at a 52-week high of $18.46, giving as market cap of $278.56 million.

Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2011

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