RealTime IT News

INTERLINQ Reports Revenues Down for Q2

Bellevue-based INTERLINQ Software Corporation, a provider of business transaction software, today reported a loss in net revenue for the second quarter that ended December 31, 2000.

The Company reported revenue of $4,118,000, representing a 13% decrease compared to the second quarter last year.

Net loss for the quarter was $720,000, or $0.15 per share, on 4,824,077 shares, compared to a net loss of $254,000 or $0.05 per share, on 4,860,026 shares, for the second quarter last year.

"We saw an uptick in revenue after a poor first quarter," said Jiri Nechleba, president and chief executive officer, "and we hope we can build on this momentum. With lower mortgage interest rates and the industry gearing up for a surge in loan refinancing, we may see further growth as customers require more capacity or efficiencies."

INTERLINQ also reported net revenue for the six months that ended December 31, down 17% from the same period last year at $7,965,000. The company had a net loss of $1,659,000 or $0.34 per share, on 4,824,077 shares, in Q1 and Q2 compared to a net loss of $417,000 or $0.08 per share, on 4,998,982 shares, for the same period last year.

While numbers were down significantly, Nechleba noted that the company continues to maintain a solid financial position with just under $9 million in cash and investments.

The Company simultaneously announced the appointment of Robert Gallagher as chairman of the board. Gallagher, an INTERLINQ director since 1994, was until 1997 an executive at North American Mortgage Company, now the mortgage banking subsidiary of the Dime Savings Bank of New York, FSB.

"By bringing on Bob in this new role, we gain his considerable industry experience and horsepower," says Nechleba. "Bob and I will partner on corporate strategic initiatives, enabling me to focus more energy on operations in the wake of Patricia Graham's departure last month."

Patricia Graham, former executive vice president of the company's Mortgage Technology Division, left the company on December 29 to head a company outside the financial services industry. The board also approved the appointment of Alan Pickerill as chief financial officer, reflecting his expanded role as vice president of finance and administration.