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SAN ANTONIO, May 15, 2014 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (OTCQB:PYDS) an integrated electronic payments solutions provider, today announced financial results for the quarter ended March 31, 2014.
Revenues for the quarter ended March 31, 2014 grew 158% to $2,730,823 as compared to $1,059,503 for the same period in 2013 due to higher transaction volumes in credit card and debit card and ACH processing. The revenues are the highest the company has ever experienced in any previous quarter in its history.
Operating income for the quarter ended March 31, 2014 was $170,464 when compared to an operating loss of $222,658 for the same period in 2013. The Company reported net income for the quarter ended March 31, 2014 of $161,738 as compared to a loss of $232,432 for the same period in the prior year.
Gross profit for the quarter ended March 31, 2014 grew 174% to $638,797 from $233,204 for the same period in 2013.
Cash and cash equivalents for the quarter ended March 31, 2014 increased to $54,614,189 from $2,401,047 for the same period in 2013. The increase was attributed to the dramatic increase in processing from newly acquired customers in the fourth quarter of 2013 and the first quarter of 2014 that resulted in higher customer deposits.
Highlights for the first quarter of 2014 include:
Credit card processing volumes for the first quarter of 2014 were the highest in the history of the company for any previous quarter. Credit card dollars processed during first quarter of 2014 were up 15% over the same time period in 2013. Credit cards transactions processed during first quarter 2014 were up 61% over the same time period in 2013.
Electronic check transaction volumes were up 48% and returned check transactions for the first quarter of 2014's were up 8% as compared to the same period in 2013. This growth was driven from the addition of new customers.
Total dollars processed for the first quarter of 2014 set a new record for the company exceeding $550,000,000 and breaking the previous record that was achieved in fourth quarter of 2013 of $425,000.000.
Commenting on the results for the quarter, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, "This quarter is our second profitable quarter in a row and we expect our next quarter to continue this trend of increasing profits. We recorded all-time record revenues this quarter. The positive financial metrics are being driven from our growth in transactions processed from both credit and debit card processing and ACH processing. The growth is primarily from increased customer demand for our processing services. We believe the growth trends in payment transaction processing should continue for the foreseeable future and should result in our reporting positive second quarter financial metrics including revenue, gross profits, operating income and net income."