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LML Reports Profitable First Quarter Results For Fiscal 2013

Stocks in this article: LMLP

VANCOUVER, British Columbia, Aug. 13, 2012 (GLOBE NEWSWIRE) -- LML PAYMENT SYSTEMS INC. ("LML") (Nasdaq:LMLP), a leading payments technology provider of financial payment processing solutions for e-commerce and traditional businesses, reports results for the first quarter ended June 30, 2012.

Revenue for the three months ended June 30, 2012 was $5.6 million compared to $5.9 million in revenue for the three months ended June 30, 2011. Gross profit was $2.3 million or 42% compared to $2.6 million or 44% last year. Income before taxes was $834,000 compared to $1.1 million last year. Net income for the quarter was $447,000, or $0.02 per share compared to $687,000 or $0.02 per share last year. Net cash flow from operating activities for the three months was approximately $947,000 compared to cash used in operating activities of $(4.3 million) last year, an improvement of $5.3 million.

Q1 Highlights

  • Transaction Payment Processing (TPP) segment revenue increase of 26%
  • Added over 900 customers; total customer base increases to over 14,000
  • New products include partnering with MasterCard to provide support for MasterCard's PayPass wallet service, allowing online merchants to provide consumers with a frictionless check-out experience
  • Launched a Beanstream mobile app for iPhone
  • All three business segments (Transaction Payment Processing (TPP), Check Processing (CP) and Intellectual Property Licensing (IPL)) achieve profitability

"Generally this was the first quarter, in some time, in which our results did not include non-recurring licensing revenue associated with our intellectual property. The loss of that revenue is quickly being offset by the continued and impressive growth of our TPP segment which grew 26% from the same period last year. We believe the payments industry is poised for radical change for which we are well-suited as our TPP business has become a leading innovator in both the development and distribution of payment services. As a result we continue to anticipate this segment will meet or exceed our target growth of 30% for the year," said Patrick H. Gaines, Chief Executive Officer. 

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