Tier Technologies, Inc. (Nasdaq: TIER) announced its third quarter fiscal 2011 results after market close Tuesday.
The Reston-based company that provides electronic payment solutions said revenues dropped 2.6% to $38.44 Million in the third quarter ended June 30, 2011 versus $39.45 Million in 2010.
A net loss of $1.43 Million ($-0.08 per diluted share) was much higher than the $400,000 ($-0.01 per diluted share) loss in the prior quarter 2010.
As of June 30, 2011, Tier Technologies had cash and cash equivalents of $36.4 Million, also down from $45.8 Million as of September 30 of 2010.
"I have been with Tier for almost a year, and as I look back on the challenges we've faced and the changes we've made, I am more excited about our prospects than I was a year ago," declared Alex.
Tier Technologies entered into a $8.3 Million agreement to upgrade its technology infrastructure, the improvements began this month.