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.
- 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
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