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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.
Commenting on the results for the quarter, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, "This quarter, we continued our record-setting growth in credit and debit card processing. We intend to position our Company for a national listing and believe we are being strategic in our plans to accelerate the growth of Payment Data Systems. We continue to be debt free and are seeing continued interest by new prospective customers for our services, including financial institutions.