This Day On The Street
Continue to site
ADVERTISEMENT
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

Payment Data Systems Reports 2013 Fiscal Year Results

SAN ANTONIO, March 31, 2014 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider, today announced the financial results for the year ended December 31, 2013. Revenues for the fiscal year ended December 31, 2013 decreased to $5,180,362 from $7,345,974 for the year ended December 31, 2012. The decrease of $2,165,612 was primarily a result of lower transaction volumes across our ACH and prepaid card business segments.

Gross profit for the year ended December 31, 2013 decreased to $974,896 from $3,159,011 for the year ended December 31, 2012.

Cash and cash equivalents for the fiscal year ended December 31, 2013 increased to $26,573,771 from $3,759,791 for the year ended December 31, 2012. The increase was attributed to the dramatic increase in processing from newly acquired customers in the fourth quarter of 2013 that resulted in higher customer deposits. Operating income for the year ended December 31, 2013 decreased to a net loss of $755,432 from an operating gain of $1,390,988 for the year ended December 31, 2012.

Excluding the effect of non-cash expenses associated with stock-based compensation of $293,080 and depreciation expenses of $31,654, operating income for the year ended December 31, 2012 was net loss of $430,698.

While we generated income in the fourth quarter of 2013, our net loss for the year ended December 31, 2013 was $789,039 as compared to net income of $1,275,218 for the year ended December 31, 2012.

Other selling, general and administrative expenses decreased for the year ended December 31, 2013 to $1,405,594 from $1,509,333 for the year ended December 31, 2012.

Michael Long, Chief Executive Officer of Payment Data Systems said, "We were certainly not as pleased with the final results in 2013 as we were in 2012, but, in 2013, we saw continued growth in our credit and debit card transaction processing that increased twenty-three percent over 2012. Also, in 2013, we witnessed growth in our credit and debit card dollars processed that increased eighteen percent over 2012, resulting in record volumes for any year in the history of our Company. However, we experienced lower ACH transaction volumes and prepaid card volumes for 2013, which, ultimately, resulted in overall reduced revenue and income for the year."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs