This Day On The Street
Continue to site
ADVERTISEMENT
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 2010 With Positive Changes

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

Revenues for the year ended December 31, 2010 decreased 19% to $2,618,864 from $3,218,674 2010. The decrease of $599,810 was primarily due to the previously announced loss of a customer in 2009. That customer accounted for $884,497 in revenues in 2009 but did not generate significant revenues in 2010. Operating loss improved by 35% to $609,731 for 2010 from $941,670 in 2009. Net loss for the year ended December 31, 2010 decreased to $464,168 from $803,526 in 2009, but the adjusted net income for 2010 was $93,946 after adding back noncash stock-based compensation expenses of $534,600 and depreciation of $23,514. Other selling, general and administrative expenses decreased 44% to $650,879 for 2010, from $1,157,998 for 2009.

Highlights for the year ended December 31, 2010:

  • Total Current Assets increased 69% from $674,411 in 2009 to $1,138,786 in 2010.
  • Cash and Cash Equivalents increased 73% from $565,597 to $978,699 in 2010.
  • We added 117 businesses to our list of companies that utilize our payment processing services.
  • We experienced a 344% growth in the number of consumers using our bill payment offerings due to the addition of more card issuers offering the service to their cardholders.

Michael Long, Chief Executive Officer of Payment Data Systems, said, "There were significant positive aspects to the close of 2010. We remain debt free and for all of 2010 we were sustained by our own cash flow. In the fourth quarter, we processed more dollars than any other time in 2010. It appears that we have carried that momentum into the first quarter of 2011 and we will have processed more transactions and more dollars than we did in Q4. We believe, based on the 2010 results and the outlook for the first quarter of 2011, that the overall outcome for 2011 will represent the best year ever for Payment Data Systems.”

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
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs