STRATEGIC PARTNERS
February 13, 2002
TROY, N.Y-- IFS International Holdings Inc. (Nasdaq: IFSH)
has reported revenues of approximately $2.3 million for the three-month period ended Oct. 31, 2000 -- a 30.7 percent decrease from revenues of approximately $3.4 million reported during the same period last year.Conversely, current revenue backlog from IFS' software line has increased by approximately $300,000 to nearly $1.9 million, compared to approximately $1.6 million reported during the second quarter last year. Net loss for the quarter ended Oct. 31, 2000, was approximately $473,000, compared to net loss of $786,000 reported on a quarter-over-quarter basis and net income of approximately $145,000 for the quarter ended Oct. 31, 1999.
IFS' year end and quarterly revenue standings are the result of continued reductions in revenue from its NCI subsidiary in Charlotte, N.C., particularly in NCI's legacy migration products. IFS hopes that new revenue related to its recently released Internet Banking and CRM business channels of NCI Business Centre will offset the decline.
During the first half of fiscal year 2001, IFS has increased its product lines to include the PosPay Internet payment gateway, established the new data processing center for money brokers in New York and launched the CRM channel of its Business Centre product. The company has also begun to realize sales from its e-chip marketing program, in association with Visa International, for chip migration utilizing its TPII and TP-CMS products.
IFS develops, markets and supports software products for the electronic financial market, including products that support ATMs, POS devices, network switches, smart cards and card management.
