First Ecom posted revenues for the third quarter of fiscal year 2000 of US$250,489. Operations resulted in a net loss, before non-cash items, for the third quarter of 2000 of $1,986,903 or ($0.10) per share, as compared to the third quarter 1999 loss of $2,056,113 or ($0.16) per share.
"During the third quarter we have seen an increase in our payment processing revenues," said Gregory Pek, Chairman of First Ecom. "While our system integration revenues are lower than last quarter's, resulting in lower overall revenue, we expect that it will continue to be an ongoing revenue source for us. Our main business focus, however, continues to be the development and marketing of a global, secure, leading-edge electronic payment solution. We expect revenues to increase as we further rollout the First Ecom e-payment solution worldwide."
Mr. Pek added, "Our third quarter accomplishments include the launch of the first bank in Hong Kong to use our solution, an additional US$7.8 investment from the Bank of Bermuda, and finalization of the FEDS acquisition. We also announced that two banks have signed outsourcing agreements with FEDS, which we believe illustrates that third-party payment processing remains a viable alternative for banks wishing to reap the benefits of e-payment transactions."
The Company's financial results for the quarter ended September 30, 2000 accompanied the filing of its Form 10-Q with the Securities & Exchange Commission on November 14, which is available online at the SEC's Edgar database at www.freeedgar.com.