VeriFone Reports Results for the Third Quarter of Fiscal 2013

VeriFone Systems, Inc.  the global leader in secure electronic payment solutions, announced financial results for the three months ended July 31, 2013 (“Q3 FY13”). Non-GAAP net revenues for Q3 FY13 were $418 million, compared to $493 million a year ago, a 15% decrease. GAAP net revenues were $416 million, compared to $489 million a year ago, a 15% decrease. Non-GAAP net income per diluted share was $0.24, compared to $0.75 a year ago. GAAP net loss per diluted share was $0.02, compared to net income per share of $0.34 a year ago.

“Our revenues and earnings exceeded our guidance, cash flow exceeded our expectation, and we paid down $160 million of debt, bolstering our financial position,” said Richard McGinn, Interim Chief Executive Officer. “We are also pleased by the acquisition of ENZ, which extends to New Zealand our payment-as-a-service business model that is thriving in the Nordics under Point and launching in other geographies such as the U.S. In fact, Q3 Services revenues were up 17% from a year ago. And, with our increased investments in R&D and infrastructure, we are making good progress in bringing to market the advanced products to meet customer demand.”

Additional Financial and Business Highlights

  • Achieved record non-GAAP services net revenues of $167 million in Q3
  • Continued to accelerate payment-as-a-service offering in the Nordics, New Zealand, U.S. and Australia
  • Displaced incumbent competitors at six U.S. multi-lane retailers, continuing a strong record of customer retention and migration to newer products
  • Launched the Way2ride taxi payment application and mobile platform for developers
  • Announced general availability of GlobalBay Merchant, a mobile point of sale application for tablets
  • Named global supplier to one of the United Kingdom’s largest merchant acquirers
  • Renewed contract with India’s largest petro provider to enable electronic payment acceptance network
  • Repaid $160 million of debt and amended Credit Agreement to provide additional financial latitude

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