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VeriFone Reports Results For The Third Quarter Of Fiscal 2013

VeriFone Systems, Inc. (NYSE: PAY):

Third Quarter Financial Highlights
  • Non-GAAP net revenues of $418 million
  • GAAP net revenues of $416 million
  • Non-GAAP net income per diluted share of $0.24
  • GAAP net loss per diluted share of $0.02
  • Operating cash flow of $49 million and free cash flow of $31 million

VeriFone Systems, Inc. (NYSE: PAY), the global leader in secure electronic payment solutions, today announced financial results for the three months ended July 31, 2013 (“Q3 FY13”). Non-GAAP net revenues for Q3 FY13 were $418 million, compared to $493 million a year ago, a 15% decrease. GAAP net revenues were $416 million, compared to $489 million a year ago, a 15% decrease. Non-GAAP net income per diluted share was $0.24, compared to $0.75 a year ago. GAAP net loss per diluted share was $0.02, compared to net income per share of $0.34 a year ago. The table below provides additional summary non-GAAP and GAAP financial information and comparisons.
(IN MILLIONS, EXCEPT PER SHARE AND PERCENTAGES, UNAUDITED)
Three Months Ended July 31,   Nine Months Ended July 31,
2013   2012   % Change (2) 2013   2012   % Change (2)
Non-GAAP (1):
Net revenues $ 418 $ 493 (15.2 )% $ 1,277 $ 1,398 (8.7 )%
Gross margin as a % of net revenues 40.8 % 45.4 % (4.6) pts 42.2 % 44.4 % (2.2) pts
Net income per diluted share $ 0.24 $ 0.75 (68.0 )% $ 1.17 $ 1.98 (40.9 )%
 
GAAP:
Net revenues $ 416 $ 489 (14.9 )% $ 1,271 $ 1,381 (7.9 )%
Gross margin as a % of net revenues 37.3 % 42.4 % (5.1) pts 37.9 % 40.3 % (2.4) pts
Net income (loss) per diluted share $ (0.02 ) $ 0.34 nm $ (0.45 ) $ 0.34 nm
 

(1) Reconciliations for the non-GAAP measures are provided at the end of this press release.

(2) "nm" means not meaningful or relevant
 

“Our revenues and earnings exceeded our guidance, cash flow exceeded our expectation, and we paid down $160 million of debt, bolstering our financial position,” said Richard McGinn, Interim Chief Executive Officer. “We are also pleased by the acquisition of ENZ, which extends to New Zealand our payment-as-a-service business model that is thriving in the Nordics under Point and launching in other geographies such as the U.S. In fact, Q3 Services revenues were up 17% from a year ago. And, with our increased investments in R&D and infrastructure, we are making good progress in bringing to market the advanced products to meet customer demand.”

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