VeriFone Systems, Inc., the global leader in secure electronic payment solutions, announced financial results for the three months ended July 31, 2014. GAAP net revenues were $476 million, compared to $416 million a year ago, a 14% increase. Non-GAAP net revenues for Q3 FY14 were $476 million, compared to $418 million a year ago, a 14% increase. GAAP net loss per diluted share was $0.26, compared to a net loss of $0.02 a year ago. Non-GAAP net income per diluted share was $0.40, compared to $0.24 a year ago, a 67% increase.
The table below provides additional summary GAAP and non-GAAP financial information and comparisons.
(UNAUDITED, IN MILLIONS, EXCEPT PER SHARE AND PERCENTAGES)
Three Months Ended July 31,
2014 2013 % Change (2)
GAAP:
Net revenues $ 476 $ 416 14 %
Gross margin as a % of net revenues 38.4 % 37.3 % 1.1 pts
Net loss per diluted share $ (0.26 ) $ (0.02 ) nm
Non-GAAP (1):
Net revenues $ 476 $ 418 14 %
Gross margin as a % of net revenues 41.6 % 40.8 % 0.8 pts
Net income per diluted share $ 0.40 $ 0.24 67 %
(1) Reconciliations for the non-GAAP measures are provided at the end of this press release.
(2) “nm” means not meaningful
“I’m pleased with our financial results and progress on our business initiatives,” said Paul Galant, Chief Executive Officer of VeriFone. “We have now grown revenue and earnings sequentially for the last four quarters. At the same time, we have been architecting VeriFone’s next chapter strategy, which will link our millions of powerful terminals and digital media screens into a commerce enablement network that helps our merchant clients acquire new consumers and increase sales with targeted offers, loyalty incentives, instant reward redemptions and other services. We are very excited about these opportunities.”
