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 $174,301 from the first quarter of 2011.
During the quarter, we were able to retire 100% of our debt with cash flow from operations and are now debt free.Commenting on the results for the quarter, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, “The continuing growth we experienced this quarter has caused us to remain very enthusiastic about our future.” Mr. Long continued, “All financial metrics and operational metrics remained at positive levels. As you recall, we accomplished tremendous growth in previous year with record growth in revenues, income from operations, and two consecutive quarters of profitability. That profitability continues for the third consecutive quarter as we complete the first fiscal quarter of 2012. We are continuing with a strong outlook for the remainder of 2012. We are forecasting revenues of 7.5MM to 8MM and net income of 1.75M to 2MM for the year.”
|PAYMENT DATA SYSTEMS, INC.|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended March 31,|
|Cost of services||880,477||610,960|
|Selling, general and administrative:|
|Total operating expenses||1,236,889||929,279|
|Operating income (loss)||58,981||(144,017||)|
|Other income, net||10,091||-|
|Income (loss) before income taxes||69,072||(144,017||)|
|Net income (loss)||$||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|