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:
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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV