Bottomline reports second-quarter income jump
Federal tax cuts give Portsmouth company a boost
Bottomline Technologies’ bottom line was in the black last quarter thanks to the recently passed federal tax cut.
The Portsmouth-based financial technology firm reported a net income of $3.1 million, or 8 cents a share, in its second quarter ending Dec. 31, compared to a $10.3 million loss during the same quarter in 2016.
The profit was “driven by a non-recurring income tax benefit,” the company said.
That $4.5 million benefit, the company explained, is “from revaluation of certain tax liabilities as a result of the U.S. Tax Cuts and Jobs Act” relating to the company’s Swiss subsidiary.
But the profits weren’t only due of a tax break. Revenues were up 10 percent, to $95 million, with a 14 percent increase in subscription and transaction revenues – mostly related to the Bottomline’s cloud platform, which now accounts for two-thirds of the company’s revenue.
The company also rattled off a number of wins: Some 31 institutions switched to its Paymode-X payment platforms, eight banks selected its digital banking platform and it has become an Electronic Payments Association preferred partner for business-to-business payments.