IA Corporation posts Q2 results
IA Corporation (Nasdaq: IACP) reports Q2 '98 revenue of $3.1 million, down from $4.3 million in Q2 '97. A net loss of $4.9 million compares with a Q2 '98 net loss of $1.1 million. License and services revenues were down 49% and 43% respectively, while maintenance revenues rose 53%. IA points to increased merger activity and Y2K preparation as the major factors impacting the slow quarter, which includes a delay in several orders expected in the second quarter. In response IA plans to focus entirely on the sales pipeline, and extend partnerships with NCR and others. "We believe these distribution partnerships represent a major opportunity to produce revenues for IA in the future," said C.V. Ravi, IA chairman and Chief Strategy Officer. During the quarter IA named Kevin Moran as president and CEO "to re-shape both our short-term and long-term strategy," according to Ravi. IA Corporation also released Version 2.0 of its RemitVision wholesale/retail lockbox software.