USA Technologies, Inc. (NASDAQ: USAT) (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced that it expects to celebrate a major milestone on January 29 when USAT reports its financial results for the second quarter of fiscal 2013. USAT expects to achieve non-GAAP net income—for the first time—for its second fiscal quarter ended December 31, 2012 (see Non-GAAP Financial Measure below for definition), following aggressive actions taken by management throughout 2012 to accelerate USAT’s “path to profitability”.
In addition, USAT released the following preliminary financial results with respect to the second quarter of fiscal 2013.
- Total revenues for the second quarter are expected to be in the range of $8.8 to $8.9 million, reflecting an approximate increase of 29% compared to the same period in the prior year.
- Recurring revenues for the second quarter are expected to be approximately 83% of total revenues for the second quarter. Recurring revenues are comprised primarily of ePort Connect® license fees and transaction processing fees per connection.
- Total net connections added in the second quarter, which contribute to future recurring revenues, are expected to be approximately 12,000, an increase of 71% from the same period a year ago. These preliminary net connections for the quarter would bring USAT’s total connected base to 186,000, a 37% increase from the same period one year ago.
“Achieving profitability was the cornerstone of our turnaround plan communicated to shareholders almost a year ago,” said Stephen P. Herbert, chairman and chief executive officer of USA Technologies. “As a result, we are extremely excited about delivering on this important promise to shareholders and achieving this important milestone in our growth story. The USAT team has played a pivotal role in bringing cashless payment to the unattended market and this diligence is now paying off.