Payment Data Systems, Inc. (OTCQB: PYDS), an integrated electronic payments solutions provider, today announced financial results for the quarter ended September 30, 2012.
Revenues increased to $2,333,698 for the third quarter of 2012 up from $1,437,592 for the third quarter of 2011 for a gain of 62% due to higher payment transaction growth. The operating income for the quarter ended September 30, 2012 was $621,025 approximately a three-fold increase when compared to an operating income of $208,996 for the third quarter of 2011. Net income for the quarter ended September 30, 2012 was $626,742 up from a net income of $262,541 for the third quarter of 2011.
Highlights for the third quarter of 2012 include:
- Third quarter revenue grew 59% over the second quarter of 2012.
- Gross profit for the third quarter grew 89% to $1,061,529 as compared to $561,609 in the second quarter of 2012.
- Cash and cash equivalents grew to $3,036,458 at September 30, 2012 from $1,896,487 at June 30, 2012.
- Total current assets grew to $3,618,140 at September 30, 2012 from $2,217,202 at June 30, 2012.
- The third quarter's electronic check processing volumes were the highest in the history of the Company. The third quarter's electronic check transaction volumes were up 224% and returned check transactions were up 25% as compared to second quarter of 2012. Prepaid card issuance for the third quarter of 2012 was the highest in the history of the Company and represented a gain of 177% over the second quarter of 2012.
- Credit card processing volumes for the third quarter were down 2% as compared to the second quarter of 2012, but were still the second highest in the history of the Company.
Commenting on the results for the quarter, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, “The tremendous growth we experienced this quarter continues to support our enthusiastic view of the future. Our sales team continues to do an outstanding job securing new clients and our operations team continues to implement new customers. All this was accomplished while holding our selling and general administrative expenses constant for 2012.”
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