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TheStreet Open House

Payment Data Systems Reports 2011 Fiscal Year Results

Stocks in this article: PYDS

Payment Data Systems (OTCQB:PYDS), an integrated electronic payments solutions provider, today announced the financial results for the year ended December 31, 2011.

Revenues for the fiscal year ended December 31, 2011 increased 84% to $4,813,257 from $2,618,864 for the year ended December 31, 2010. The increase of $2,194,393 was primarily a result of our implementation of enhancements to our existing Automated Clearing House (ACH) transaction processing services. Those enhancements attracted the business of high volume e-commerce related companies who have now hired us to oversee their ACH payment processing which resulted in dramatic growth of our transactions processed. Gross profit for the year ended December 31, 2011 increased 187% to $1,719,366 from $599,262 for the year ended December 31, 2010.

Operating income for the year ended December 31, 2011 increased to $372,999 from an operating loss of $609,731 for the year ended December 31, 2010. Excluding the effect of non-cash expenses associated with stock-based compensation of $348,768 and depreciation expenses of $3,722, operating income for the year ended December 31, 2011 was $725,489.

Net income for the year ended December 31, 2011 was $351,848 as compared to net loss of $464,168 for the year ended December 31, 2010. Excluding the effect of non-cash expenses associated with stock-based compensation of $348,768 and depreciation expenses of $3,722, net income for the year ended December 31, 2011 was $704,338.

While other selling, general and administrative expenses increased for the year ended December 31, 2011 to $993,877 from $650,879 for the year ended December 31, 2010, the 53% increase was considerably less than the 84% growth in revenue that occurred for the year ending December 31, 2011.

Cash and cash equivalents increased to $3,678,688 at December 31, 2011 as compared to $978,699 at December 31, 2010.

Total assets increased to $4,909,973 at December 31, 2011 as compared to $1,983,831 at ended December 31, 2010.

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