SAN ANTONIO, Texas, April 1, 2013 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCQB:PYDS), an integrated electronic payments solutions provider, today announced the financial results for the year ended December 31, 2012.
Revenues for the fiscal year ended December 31, 2012 increased 53% to $7,345974 from $4,813,257 for the year ended December 31, 2011. The increase of $2,532,717 was primarily a result of higher transaction volumes in credit card and debit card business lines. Gross profit for the year ended December 31, 2012 increased 84% to $3,159,011 from $1,719,366 for the year ended December 31, 2011.
Operating income for the year ended December 31, 2012 increased to $1,390,988 from an operating gain of $372,999 for the year ended December 31, 2011. Excluding the effect of non-cash expenses associated with stock-based compensation of $251,830 and depreciation expenses of $6,860, operating income for the year ended December 31, 2012 was $1,649,678.Net income for the year ended December 31, 2012 was $1,275,218 as compared to net income $351,848 for the year ended December 31, 2011. While other selling, general and administrative expenses increased for the year ended December 31, 2012 to $1,509,333 from $993,877 for the year ended December 31, 2011, the 52% increase was very near the 53% growth in revenue that occurred for the year ending December 31, 2012. Michael Long, Chief Executive Officer of Payment Data Systems, said, "We were certainly pleased with the year end results and we look forward to a strong 2013. We will continue to see cycles in our business, such as our typical seasonal influences. However as we look at pipelines and projections we are very confident in the coming year as we continue to bring new products, services, and innovations to the market." Please review our annual report on Form 10K which will be filed today with the Securities and Exchange Commission for complete financials of the Company.
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