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VeriFone Reports Results For The First Quarter Of Fiscal 2013

VeriFone Systems, Inc. (NYSE: PAY), the global leader in secure electronic payment solutions, today announced financial results for the three months ended January 31, 2013 (“Q1 FY13”). Non-GAAP net revenues for Q1 FY13 were $430 million, compared to $425 million a year ago, a 1% increase. GAAP net revenues were $429 million, compared to $420 million a year ago, a 2% increase. Non-GAAP net income per diluted share was $0.51, compared to $0.58 a year ago, a 12% decrease. GAAP net income per diluted share was $0.11, compared to a loss of $0.03 a year ago. The table below provides additional summary non-GAAP and GAAP financial information and comparisons.

 
(IN MILLIONS, EXCEPT PER SHARE AND PERCENTAGES, UNAUDITED)
 
    Three Months Ended    

%Change

(2)

January 31,

2013

   

January 31,

2012

Non-GAAP (1):
Net revenues (Note A, D) $ 430 $ 425 1.0 %
Organic net revenues (Note B) $ 391 $ 421 (7.1 )%
Organic net revenues at constant currency (Note C) $ 397 nm (5.6 )%
Gross margin as a % of net revenues 43.6 % 42.9 % 0.7 pts
Net income per diluted share $ 0.51 $ 0.58 (12.1 )%
 
GAAP:
Net revenues $ 429 $ 420 2.2 %
Gross margin as a % of net revenues 40.1 % 37.3 % 2.8 pts
Net income (loss) per diluted share $ 0.11 $ (0.03 ) nm
(1) Reconciliations for the non-GAAP measures are provided at the end of this press release.
(2) "nm" means not meaningful or relevant
 

“While our first quarter results fell short of our expectations, VeriFone remains well positioned to take advantage of the secular shift from cash to cashless transactions and the increasing demand for payment security, which should continue to drive healthy payment industry growth,” said Douglas G. Bergeron, Chief Executive Officer. “We are confident that our strategy to build out our service portfolio is sound, and we will continue to invest in multiple services infrastructure initiatives to enable us to offer innovative solutions and build deeper relationships with our customers. We have taken aggressive steps to address our execution challenges, including centralizing engineering resources, increasing investment in our world-class product portfolio and improving sales management of emerging market distributors and new services initiatives. We are likely to take additional steps as needed, including senior management changes, to ensure that we have the right executive team and resources in place to execute our strategic plan going forward.”

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