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SAN ANTONIO, Nov. 14, 2013 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (OTCBB:PYDS), an integrated electronic payments solutions provider, today announced financial results for the quarter ended September 30, 2013.
Revenues for the quarter ended September 30, 2013 were $962,633 as compared to $2,333,698 for the same period in the prior year due to lower transaction volumes in echeck and prepaid card processing. While the Company's credit card and debit card processing transactions were at the second 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 September 30, 2013, which, ultimately, resulted in reduced revenue. Operating income for the quarter ending September 30, 2013 was a loss of $269,227 when compared to an operating income of $621,025 for the same period in the prior year. The Company reported a net loss for the quarter ended September 30, 2013 of $339,825 as compared to net income of $626,742 for the same period in the prior year.
Highlights for the third quarter of 2013 include:
Credit card and debit card processing transactions were the second highest the Company has ever experienced in any quarter in its history and represented an 17% growth in dollars processed over the same period in 2012 and a 14% growth in transactions processed over the same period in 2012.
Total transaction dollar volume processed exceeded seventy-six million dollars for the third quarter of 2013.
The quarter's electronic check transaction volumes were up 40% and returned check transactions were up 622% as compared to second quarter of 2013.
September 2013 electronic check transaction volumes were up 79% and returned check transactions were up 1646% as compared to August 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 and acquired a number of customers late in the quarter. These new customers started processing in the last two weeks of the quarter and have caused our Company to experience high volume increases in our echeck processing. We continue to be debt free and are continuing to see interest in our services by new prospective customers, including financial institutions.