SAN ANTONIO, Texas, April 1, 2013 (GLOBE NEWSWIRE) -- In a press release issued earlier today by Payment Data Systems (OTCQB:PYDS) with the same headline, please note that there were numerous changes throughout the release. The full and correct version follows:
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 $7,345,974 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 across all business segments.
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 2013. We will continue to position our company towards qualification for a national listing with NYSE MKT. Obtaining annual pre-tax income of greater than $750K is an important criteria that NYSE MKT requires. We believe the listing, if achieved, will bring greater liquidity in our stock and potentially allow for us to make industry related acquisitions which could lead to enhanced shareholder value."
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