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PYDS Reports The Continuation Of Profits For The First Quarter Of 2012

Payment Data Systems, Inc. (OTCBB: PYDS), an integrated electronic payments solutions provider, today announced financial results for the quarter ended March 31, 2012.

Revenues increased 65% to $1,295,870 for the first quarter of 2012 up from $785,262 for the first quarter of 2011 due to higher transaction growth. The operating income for the quarter ended March 31, 2012 was $58,981 compared to operating loss of $144,017 for the first quarter of 2011. Net income for the quarter ended March 31, 2012 was $69,072 up from a net loss of $144,017 for the first quarter of 2011.

Gross profit increased 200% to $523,098 from $174,301 from the first quarter of 2011.

During the quarter, we were able to retire 100% of our debt with cash flow from operations and are now debt free.

Commenting on the results for the quarter, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, “The continuing growth we experienced this quarter has caused us to remain very enthusiastic about our future.”

Mr. Long continued, “All financial metrics and operational metrics remained at positive levels. As you recall, we accomplished tremendous growth in previous year with record growth in revenues, income from operations, and two consecutive quarters of profitability. That profitability continues for the third consecutive quarter as we complete the first fiscal quarter of 2012. We are continuing with a strong outlook for the remainder of 2012. We are forecasting revenues of 7.5MM to 8MM and net income of 1.75M to 2MM for the year.”

PAYMENT DATA SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
   
Three Months Ended March 31,

2012

2011

 
Revenues $ 1,295,870 $ 785,262
 
Operating expenses:
Cost of services 880,477 610,960
Selling, general and administrative:
Stock-based compensation 87,192 133,650
Other expenses 268,789 183,396
Depreciation   431   1,273  
Total operating expenses   1,236,889   929,279  
 
Operating income (loss) 58,981 (144,017 )
 
Other income, net   10,091   -  
 
Income (loss) before income taxes 69,072 (144,017 )
Income taxes   -   -  
 
Net income (loss) $ 69,072 $ (144,017 )
 
 
Earnings (loss) per share
Basic and diluted earnings (loss) per common share: $ 0.00 $ (0.00 )
Weighted average common shares outstanding
Basic 137,725,833 136,284,330
Diluted 137,725,833 136,284,330
 

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.

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