Bottomline reports 2Q loss
Bottomline Technologies lost $2,100,000 in the second quarter ending — the same amount it compensated its executives in stock — the Portsmouth-based payroll software company reported after trading Wednesday.
The company reported $29.7 million in revenue for the quarter that ended Dec. 31 — a $3.6 million increase over the second quarter of the previous year. That growth includes a 32 percent increase in subscription and transaction revenue, key sectors that the company has been aiming to grow.
“We exceeded all of our key financial metrics during the quarter, and our order flow and sales pipeline has grown,” said President and CEO Rob Eberle.
The $2.1 million loss (9 cents a share) was primarily due to the compensation to executives and another $2.4 million of acquisition-related amortization, both of which now must be accounted for under recent accounting rules changes. Under the old rules, the company would have made $2.4 million, but that is less than the $3.6 million it made under the old rules during the same quarter last year. – BOB SANDERS