SAN ANTONIO, Nov. 14, 2014 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (OTCQB:PYDS) an integrated electronic payments solutions provider, today announced financial results for the quarter ended September 30, 2014.
Revenues for the quarter ended September 30, 2014 grew to $3,596,004 as compared to $962,633 for the same period in 2013 due to higher transaction volumes in credit card and debit card and ACH processing. The revenues are the highest the company has experienced in any previous quarter in its history.
Operating income for the quarter ended September 30, 2014 was $676,774 when compared to an operating loss of $269,227 for the same period in 2013.
The Company reported net income for the quarter ended September 30, 2014 of $688,560 as compared to a net loss of $339,825 for the same period in the prior year.
Gross profit for the quarter ended September 30, 2014 grew 739% to $1,155,594 from $137,776 for the same period in 2013.
Cash and cash equivalents for the quarter ended September 30, 2014 increased to $60,775,756 from $9,057,819 for the same period in 2013.
Highlights for the third quarter of 2014 include:
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Credit card processing volumes in the third quarter of 2014 were the second highest in the history of the Company for quarterly transaction volumes. Credit card dollars processed during third quarter of 2014 were up 16% over the same time period in 2013. Credit card and debit card transactions processed during third quarter of 2014 were up 59% over the same time period in 2013.
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Electronic check transaction volume was up 2% and returned check transactions were up 19% as compared to second quarter of 2014.
- Total dollars processed for the third quarter of 2014 set a new record for the Company exceeding $796,000,000.
Commenting on the results for the quarter, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, "This quarter completes a full year of continuously profitable quarters and we expect our next quarter to continue this trend of increasing profits. The strong increase in transactions from both credit and debit cards, as well an increase in ACH processing, continues to drive our positive financial metrics We believe these growth trends should continue for the foreseeable future and should result in another positive quarter of revenue, gross profits, operating income and net income leading to record annual revenues and income this year. We also believe that with our consistent growth, our Company continues to be undervalued."
| PAYMENT DATA SYSTEMS, INC. | ||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (UNAUDITED) | ||||
| Three Months Ended September 30, | Nine months Ended September 30, | |||
| 2014 | 2013 | 2014 | 2013 | |
| Revenues | $ 3,596,004 | $ 962,633 | $ 9,631,000 | $ 2,952,966 |
| Operating expenses: | ||||
| Cost of services | 2,440,410 | 824,857 | 6,881,704 | 2,474,945 |
| Selling, general and administrative: | ||||
| Stock-based compensation | 72,995 | 73,270 | 223,985 | 219,810 |
| Other expenses | 395,623 | 324,862 | 1,180,882 | 1,049,247 |
| Depreciation | 10,202 | 8,871 | 30,812 | 22,749 |
| Total operating expenses | 2,919,230 | 1,231,860 | 8,317,383 | 3,766,751 |
| Operating income (loss) | 676,774 | (269,227) | 1,313,617 | (813,785) |
| Other income and (expense): | ||||
| Interest income | 18,642 | 78 | 47,729 | 651 |
| Other income (expense) | 2,144 | (59,584) | 7,529 | (7,514) |
| Total other income and (expense), net | 20,786 | (59,506) | 55,258 | (6,863) |
| Income (loss) before income taxes | 697,560 | (328,733) | 1,368,875 | (820,648) |
| Income taxes | 9,000 | 11,092 | 31,774 | 18,092 |
| Net income (loss) | $ 688,560 | $ (339,825) | $ 1,337,101 | $ (838,740) |
| Basic earnings (loss) per common share: | $ 0.01 | $ 0.00 | $ 0.01 | $ (0.01) |
| Diluted earnings (loss) per common share: | $ 0.01 | $ 0.00 | $ 0.01 | $ (0.01) |
| Weighted average common shares outstanding | ||||
| Basic | 125,014,549 | 125,040,474 | 125,010,982 | 126,529,627 |
| Diluted | 134,118,138 | 125,040,474 | 133,077,979 | 126,529,627 |
For complete results, please view our 10-Q report filed with the SEC today.
About Payment Data Systems, Inc.
Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the Company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments.
For additional information, visit www.paymentdata.com. Contact Michael Long for Investor Relations information at 210.249.4040 or email at ir@paymentdata.com.
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FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding the Company's and management's intent, belief and expectations, such as statements concerning the Company's future and its operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect, the Company's businesses and financial results and could cause actual results to differ materially from plans and projections. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the Company's objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to the Company's management. The Company assumes no obligation to update any forward-looking statements, except as required by law.