This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Payment Data Systems Closes 2009 With Positive Changes

Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider, today announced the financial results for year ended December 31, 2009.

Revenues for the year ended December 31, 2009 increased 7% to $3,218,674 from $3,001,487 in 2008. The increase of $217,187 was primarily due to increased card-based processing revenue from increased transaction volume. Operating loss improved by 46% to $941,670 for 2009 from $1,690,300 in 2008. Net loss for the year ended December 31, 2009 decreased to $803,526 from $944,617 in 2008, but the net loss for 2009 was $267,326 after adding back noncash stock-based compensation expenses of $536,200.

Highlights for the year ended December 31, 2009:
  • We processed 29% more credit card transactions in 2009 as compared to 2008.
  • We processed 11% more credit card dollar volume in 2009 as compared to 2008.
  • Total assets increased 91% from $607,991 at December 31, 2008 to $1,162,869 at December 31, 2009.
  • Cash and cash equivalents increased 447% from $103,428 at December 31, 2008 to $565,597 at December 31, 2009.
  • We reported net income of $22,565 for Q3 of 2009 and a net loss of $53,712 for Q4 of 2009.

Michael Long, Chief Executive Officer of Payment Data Systems said, “Based on trends we are seeing for 2010, we anticipate that our business is approaching a cash flow positive situation. We plan to accomplish this goal through strict controls on expenses and growth of higher margin sales.”

Long continued, “As we move forward into 2010, we will continue to execute these tight expense controls until some of our new programs are implemented and take us to our goals of sustained positive cash flow and profitability. The greatest potential for achievement of positive cash flow and profitability are supported by our announced Redpack Mi Promesa card program which should be in general market availability around the first of June of this year, and implementation of our new Corporate Incentive Card programs which we are implementing now and will continue to do so for the next several quarters. We have several unannounced and contracted customers for merchant processing, prepaid card programs, and bill payment services that should generate revenues in the second quarter of 2010. If we assume these contracts produce revenue to the degree the companies have projected and our pipeline of new customers create the anticipated revenue opportunities, we believe 2010 should exceed the expectations we set for ourselves in the final quarters of 2009. We will continue to look at strategic opportunities to leverage our merchant processing, card programs, and bill payment into new market-leading technologies that we believe will be very attractive to today’s highly underserved unbanked and underbanked communities. Lastly, we encourage each of you to review our 10-K filed today in order to understand the challenges we face as we continue to strive towards profitability. We remain excited about our future.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
PYDS $1.94 0.00%
AAPL $94.27 0.00%
FB $101.00 0.00%
GOOG $684.12 0.00%
TSLA $151.26 5.30%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs