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PYDS Reports The Continuation Of Profits For Fourth Consecutive Quarter

Stocks in this article: PYDS

Payment Data Systems, Inc. (OTCBB: PYDS), an integrated electronic payments solutions provider, today announced financial results for the quarter ended June 30, 2012.

Revenues increased 91% to $1,469,702 for the second quarter of 2012 up from $768,359 for the second quarter of 2011 due to higher transaction growth. The operating income for the quarter ended June 30, 2012 was $134,873 compared to operating loss of $169,084 for the second quarter of 2011. Net income for the quarter ended June 30, 2012 was $104,306 up from a net loss of $238,481 for the second quarter of 2011.

Highlights for the second quarter of 2012 include:

  • Gross profit increased 231% to $561,609 from $169,817 from the second quarter of 2011
  • Cash and cash equivalents grew to $1,896,487 up from $318,471 in the second quarter of 2011
  • Total current assets grew to $2,217,202 from $516,422 in the second quarter of 2011

Commenting on the results for the quarter, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, “The continued growth we experienced this quarter has caused us to remain very positive about the remaining months of 2012 and beyond. We are particularly excited about the growth we anticipate in the third quarter. As of the date of this press release, we have already processed 30% more transactions than we did in the whole second quarter.”

Mr. Long continued, “All of our metrics, both financial and operational, remained at positive levels. As you recall, we experienced tremendous growth in the prior year with record growth in revenues and income from operations, and we have now established four consecutive quarters of profitability. We are continuing our strong outlook for the remainder of 2012.”

         
 

PAYMENT DATA SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 
Three Months Ended June 30, Six Months Ended June 30,

2012

2011

2012

2011

 
Revenues $ 1,469,702 $ 768,359 $ 2,765,571 $ 1,553,620
 
Operating expenses:
Cost of services 908,093 598,542 1,680,471 1,209,502
Selling, general and administrative:
Stock-based compensation 87,192 87,192 174,384 174,384
Other expenses 338,365 250,637 715,252 480,490
Depreciation   1,179     1,072     1,610     2,345  
Total operating expenses   1,334,829     937,443     2,571,717     1,866,721  
 
Operating income (loss) 134,873 (169,084 ) 193,854 (313,101 )
 
Other income (expense):
Unrealized (loss) on marketable securities

(15,151

)

(91,738

)

(15,151

)

(91,738

)

Other income (expense)   (416 )   22,341     9,675     22,341  
Total other income (expense), net   (15,567 )   (69,397 )   (5,476 )   (69,397 )
 
Income (loss) before income taxes 119,306 (238,481 ) 188,378 (382,498 )
Income taxes   15,000     -     15,000     -  
 
Net income (loss) $ 104,306   $ (238,481 ) $ 173,378   $ (382,498 )
 
 
Basic and diluted earnings (net loss) per common share:

$

0.00

 

$

0.00

 

$

0.00

 

$

0.00

 
Weighted average common shares outstanding
Basic   137,725,833     136,851,933     137,725,833     136,569,700  
Diluted   137,725,833     136,851,933     137,725,833     136,569,700  
 

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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