PYDS Reports Earnings For Second Quarter Of 2013
SAN ANTONIO, Texas, Aug. 14, 2013 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (OTCBB:PYDS) an integrated electronic payments solutions provider, today announced financial results for the quarter ended June 30, 2013.
Revenues for the quarter ended June 30, 2013 were $930,830 as compared to $1,469,702 for the same period in the prior year due to lower transaction volumes in echeck processing. While the Company's credit card and debit card processing transactions were at the highest volume it has ever experienced in any quarter to date, the Company experienced lower ACH transaction volumes and prepaid card volumes for the three and six months ended June 30, 2013, which, ultimately, resulted in reduced revenue. Operating income for the quarter ending June 30, 2013 was a loss of $321,900 when compared to an operating income of $134,873 for the same period in the prior year. The Company reported a net loss for the quarter ended June 31, 2013 of $266,484 as compared to net income of $104,306 for the same period in the prior year.
Highlights for the second quarter of 2013 include:
- Credit card and debit card processing transactions were the highest the Company has ever experienced in any previous quarter in its history and represented an 18% growth in dollars processed over the same period in 2012 and a 10% growth over the first quarter of 2013.
- Cash and cash equivalents grew to $2,349,675 in the second quarter of 2013 from $1,896,487 in the second quarter of 2012.
- Working capital improved to $450,645 in the second quarter of 2013 as compared to working capital of $141,134 in the second quarter of 2012.
- Total transaction dollar volume processed exceeded sixty-six million dollars for the second quarter of 2013.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV