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TheStreet Open House

PYDS Reports Earnings For First Quarter Of 2013

Stocks in this article: PYDS

SAN ANTONIO, May 15, 2013 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (OTCBB:PYDS) an integrated electronic payments solutions provider, today announced financial results for the quarter ended March 31, 2013.

Revenues were $1,059,503 for the first quarter of 2013 down from $1,295,870 for the first quarter of 2012 due to lower transaction volumes in echeck processing. The operating loss for the quarter ending March 31, 2013 was $222,658 when compared to an operating income of $58,981 for the first quarter of 2012. Net loss for the quarter ended March 31, 2013 was $232,432 down from a net income of $69,072 for the first quarter of 2012.

Highlights for the first quarter of 2013 include:

- Credit card and debit card processing transactions were the highest the Company has ever experienced in any previous quarter in our history and represented an 18% growth in dollars processed over the same period in 2012.

- Prepaid card sales were also up significantly as compared to the volumes in the same period in the prior year and represented an increase of 165% in sales over the same period in 2012.

- Cash and cash equivalents grew to $2,401,047 in the first quarter of 2013 from $2,179,657 the first quarter of 2012.

- Total current assets grew to 2,630,415 in the first quarter of 2013 from 2,381,561 in the first quarter of 2012.

- Total current liabilities improved to $1,895,012 for the first quarter of 2013 as compared to $2,428,271 in the first quarter of 2012.

- Working capital improved to $735,402 in the first quarter of 2013 as compared to negative working capital of $46,709 in the first quarter of 2012.

- Total transaction dollar volume processed exceeded sixty million dollars.

For complete financial results, please view our 10Q which was filed with the SEC today.

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