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Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider, today announced the financial results for the first quarter ended March, 31, 2011.
Revenues for the first quarter 2011 increased by 30% over the same period in 2010 to $785,262 from $602,488. Operating loss improved by 26% to $144,017 for the 2011 quarter from $194,346 in the first quarter 2010. Net loss for the quarter increased to $144,017 from $140,055 in first quarter in 2010 but the adjusted net income for 2011 quarter was $906 after adding back non-cash stock-based compensation expenses of $133,650, depreciation of $1,273, and stock issuance of $10,000.
Our transaction growth in Q1 of 2011 was up 23% from the same time period in 2010 and our dollars processed was up 36% over the same time periods.
For our complete financial results please view our 10Q that was filed today.
Michael Long, Chief Executive Officer of Payment Data Systems, said, "It is clear that we are carrying the momentum of 2010 into 2011. As we have in the past we remain debt free and continue to be sustained by own cash flow. We continue to have a positive outlook for the 2011 calendar year. I think these are exciting times for Payment Data Systems and the year should support that outlook.”
About Payment Data Systems, Inc.
Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments.
For additional information, visit
www.paymentdata.com. Contact Michael Long for Investor Relations information at 210.249.4040 or email at
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