USA Technologies, Inc. (NASDAQ: USAT), (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for self-serve, small-ticket retail industries, today reported results for the first quarter of Fiscal 2013 ended September 30, 2012. First quarter highlights, compared to the corresponding quarter of the prior fiscal year, included:
- 25% increase in total revenues to $8.4 million;
- 53% increase in gross profit to $3.1 million;
- 27% increase in license and transaction fee revenues (“recurring revenues”) to $6.9 million, representing 82% of total revenues for the quarter;
- 174,000 total connections to its ePort Connect® service, a 35% increase from 129,000 connections as of September 30, 2011, with 10,000 net new connections added in the first quarter of Fiscal 2013;
- 3,725 total customers, a 64% increase from 2,275, with 450 new customers in the first quarter;
- Adjusted EBITDA of $730,707, up from ($760,088);
- GAAP net income of $39,140, up from ($78,954); and non-GAAP net loss of ($95,993) from ($1,815,563) in the same quarter a year ago.
“Our first quarter results reflect steady progress toward our Fiscal 2013 goals set out in our year-end conference call in September, particularly our goal for achieving non-GAAP net income in our second fiscal quarter ending December 31, 2012,” said Stephen P. Herbert, Chairman and CEO of USA Technologies. “In addition, we were extremely pleased to see Adjusted EBITDA of $730,707. After excluding $328,000 in remaining expenses related to Fiscal 2012’s proxy contest, our Adjusted EBTIDA would have crossed the $1 million mark—a tremendous milestone for USAT and we believe a strong indicator of the value inherent in our ePort Connect service model as we continue to grow our base of recurring revenues.