This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.”

1 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,120.02 +68.29 0.40%
S&P 500 1,985.39 +11.76 0.60%
NASDAQ 4,461.3960 +36.6920 0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs