ACI Worldwide, a provider of real-time electronic payment and banking solutions, has posted net income of $89.48m for the first quarter of 2016, compared to net loss of $162,000 a year ago.
For the quarter ended 31 March 2016, the group’s total revenues declined to $226.06m from $232.82m in the year ago quarter.
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During the quarter, the company wrapped up the sale of its Community Financial Services (CFS) business to Fiserv, which generated $200m of cash proceeds.
The company used the proceeds to repurchase $60m of its shares with the remainder used to pay down debt.
The company in its earnings statement said that total sales bookings grew 15% compared to the first quarter of 2015. New sales bookings surged 47% compared to the first quarter of last year.
Commenting on the performance, ACI Worldwide president and CEO Phil Heasley said: "ACI had strong sales bookings in Q1 driven by continued strength in our omni-channel merchant retailer and eCommerce offerings. Our momentum with financial institutions also continues to grow, and we achieved a key milestone in Q1 with the first go-live of our UP BASE24-eps system on Linux.
"We completed the CFS divestiture in March and are now more focused on our core payments software business, which is positioned for accelerated growth in 2016."
