This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

PYDS Reports First Quarter 2010 Results

Payment Data Systems, Inc. (NASDAQ OTCBB: PYDS), an integrated electronic payments solutions provider, today announced financial results for the quarter ended March 31, 2010.

Revenues decreased from $818,816 for the first quarter of 2009 to $602,488 for the first quarter of 2010 due primarily to the loss of a significant customer, as previously reported in November 2009. However, operating loss for the quarter ended March 31, 2010 improved to $194,346, from a loss of $433,487 for the first quarter of 2009. Net loss for the quarter ended March 31, 2010 improved to $140,055 from a net loss of $436,487 for the first quarter of 2009.

Excluding the effect of non-cash expenses associated with stock-based compensation of $133,650, the net loss for the first quarter of 2010 was only $6,405.

Cash and cash equivalents increased 20% to $485,178 at March 31, 2010 from $405,296 at March 31, 2009.

In the first quarter of 2010, the Company implemented a plan to significantly reduce its Selling, General and Administrative expenses. This resulted in the Company’s Selling, General and Administrative expenses, other than stock-based compensation, decreasing to $168,768 in the first quarter of 2010 from $414,179 for the same period of 2009. Management expects the savings to be larger for the second quarter of 2010 because the changes in expense structure will occur over a full quarter.

Commenting on the results for the quarter, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, “We are pleased to see the improvement in the first quarter results from the prior year period. Also, the positive aspects of the previous quarter continue to move into 2010. The cost savings measures we implemented in the first quarter combined with the forecasted sales of our prepaid card issuing and payment acquiring businesses should yield a year of growth in many positive metrics.”

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs