VeriFone Systems, Inc., a provider of secure electronic payment solutions, has announced financial results for the three months ended January 31, 2014 (“Q1 FY14”). GAAP net revenues were $436 million, compared to $429 million a year ago, a 2% increase. Non-GAAP net revenues for Q1 FY14 were $437 million, compared to $430 million a year ago, a 2% increase. GAAP net loss per diluted share was $0.15, compared to net income of $0.11 a year ago. Non-GAAP net income per diluted share was $0.31, compared to $0.51 a year ago.
“Our first quarter financial results exceeded our guidance, and I am pleased with our progress in our operational initiatives launched in Q1,” said Paul Galant, Chief Executive Officer of VeriFone. “VeriFone is well poised to meet our clients’ needs for payment technology to better protect consumer data, while at the same time pushing the envelope on innovative payment as a service and commerce enablement solutions across the physical, on-line, and mobile channels.”
Additional Financial and Business Highlights:
- Service businesses achieved record non-GAAP net revenues of $176 million
- Extinguished remaining Term B debt of $48 million and improved cash conversion cycle by 12 days sequentially
- Continued rollout of EMV-capable MX devices in the U.S. and secured several competitive wins
- Increased installed base of U.S. end-to-end encryption customers to 170 national merchants
- Successfully introduced mobile ECR solution in Turkey, capitalizing on new government mandate
- Continued regional growth of the company’s payment as a service solutions
- Began rollout of LiftRetail interactive marketing solution at a leading national petroleum retailer
- Launched digital taxi-top advertising displays to the New York City market
