Bottomline 1Q net falls

Bottomline Technologies reported a net income of $1.7 million (a nickel a share) in the first quarter of the company’s fiscal year, which ended on Sept. 30.That’s a falloff of nearly $1 million from the $2.7 million net income reported in the same quarter in 2010. Sales however, rose 25 percent, to $52.5 million, from the year before.The Portsmouth-based payroll software firm emphasized that “core” net income of $8.9 million increased by $400,000 from the previous year . Core net income departs from generally accepted account principals (GAAP) by ignoring such items as acquisition-related expenses, amortization of intangible assets and equity-based compensation. — BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW