Actrade Financial Technologies Ltd. (Nasdaq: ACRT) rose 5 13/16 to 23 3/8 Tuesday after the online payment company reported gains in revenue and net income for the fiscal first quarter.
Net income for the quarter ended September 30th rose to $4.9 million, or 46 cents per fully diluted share, from $2.5 million, or 29 cents, in the same quarter last year. Revenue advanced 86 percent to $12.6 million, boosted by a gain in revenue from the company’s newly operational E-TAD electronic trade acceptance draft program.
“We believe that our significant growth is yet to be achieved,” said president and chief operating officer Alexander Stonkus. “This is the first quarter where our E-TAD technology was fully operational, resulting in our ability to expand our electronic credit, payment and settlement solution into the B2B marketplace.”
Added Stonkus, “Although much of our current business and revenue growth is generated by purchases originating offline, we anticipate tremendous growth in the future from purchases originating online and direct server-to-server interface with some of our customers.”
Actrade’s other division, which handles international merchandise trade transactions, also reported gains during the quarter, with revenue rising 131 percent from a year earlier. “We continue to expect solid future returns” from the division, which helps U.S. and foreign manufacturers sell their products in international markets, Stonkus said.
Actrade, headquartered in New York City, provides electronic payment technologies to business-to-business (B2B) online marketplaces.