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USA Technologies Reports GAAP And Non-GAAP Profitability For The Second Quarter Of Fiscal 2013

Stocks in this article: USAT

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 second quarter of fiscal 2013 ended December 31, 2012. Second quarter highlights, compared to the corresponding quarter of the prior fiscal year, included:

  • 29% increase in total revenues to $8.9 million and 33% increase in license and transaction fee revenues (“recurring revenues”) to $7.4 million, representing 83% of total revenues for the quarter;
  • 86% increase in gross profit to $3.6 million;
  • Adjusted EBITDA of $1,752,721, up from an Adjusted EBITDA loss of ($938,400);
  • GAAP net income of $153,758, up from a GAAP net loss of ($1,821,061); and,
  • Non-GAAP net income of $557,393, up from a non-GAAP net loss of ($997,820) in the same quarter a year ago.

In addition, customers and connections to USAT’s cashless payment and M2M telemetry service, ePort Connect®, continued to demonstrate solid growth in the second quarter. Highlights, compared to the second quarter of the prior fiscal year, included:

  • 12,000 net new connections, a 71% increase;
  • 186,000 total connections, a 37% increase; and,
  • 375 new customers, a 50% increase, for 4,100 total customers, a 62% increase.

“We are extremely pleased to achieve non-GAAP net income for the first time in USAT’s history,” stated Stephen P. Herbert, chairman and CEO of USA Technologies, “and to deliver that target with such strength that we achieved GAAP net income as well, even after absorbing a sizable warrant adjustment for the quarter. The aggressive actions taken as part of our turnaround plan communicated to shareholders last year are clearly visible in our results, with exceptional improvements in both gross profit margin and operating margin this quarter. In addition, the inherent value of the recurring revenue base that we are building with every new connection is evident in the steady improvement in revenues over the last quarters and the $1.8 million base of Adjusted EBITDA reported for the second quarter—a great improvement from just one year ago.

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