ECHO Suffers Net Loss for Q3

Electronic Clearing House Inc. reported a net loss of $682,000 for the third quarter when compared with the same period a year ago. The loss for the Camarillo-based provider of electronic payment processing products came on revenues of $19 million. In the third quarter of 2006, ECHO reported net income of $1 million, or $0.14 per diluted share, on revenues of $19.9 million. The third quarter results reflect a transition period the company is experience, said CEO Chuck Harris. “We’re focused on moving beyond the setbacks of the past few quarters and we have begun to regain momentum in our sales pipeline,” Harris said. “We remain confident in our long-term prospects for growth and business expansion.” A proposed merger between ECHO and Intuit fell through earlier this year. While the company said the decision was mutual, the deal ended at the same time it became public ECHO was a witness in a federal case involving the use of its services to process illegal transactions with online gambling sites. The company was not charged with any wrongdoing.