Payment Data Systems (OTCBB:PYDS), an integrated electronic payments solutions provider, today announced the financial results for year ended December 31, 2010. Revenues for the year ended December 31, 2010 decreased 19% to $2,618,864 from $3,218,674 2010. The decrease of $599,810 was primarily due to the previously announced loss of a customer in 2009. That customer accounted for $884,497 in revenues in 2009 but did not generate significant revenues in 2010. Operating loss improved by 35% to $609,731 for 2010 from $941,670 in 2009. Net loss for the year ended December 31, 2010 decreased to $464,168 from $803,526 in 2009, but the adjusted net income for 2010 was $93,946 after adding back noncash stock-based compensation expenses of $534,600 and depreciation of $23,514. Other selling, general and administrative expenses decreased 44% to $650,879 for 2010, from $1,157,998 for 2009. Highlights for the year ended December 31, 2010:
- Total Current Assets increased 69% from $674,411 in 2009 to $1,138,786 in 2010.
- Cash and Cash Equivalents increased 73% from $565,597 to $978,699 in 2010.
- We added 117 businesses to our list of companies that utilize our payment processing services.
- We experienced a 344% growth in the number of consumers using our bill payment offerings due to the addition of more card issuers offering the service to their cardholders.
About Payment Data Systems, Inc.Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments. For additional information, visit www.paymentdata.com. Contact Michael Long for Investor Relations information at 210.249.4040 or email at firstname.lastname@example.org. Website: http://www.paymentdata.com Find us on Facebook® FORWARD-LOOKING STATEMENTS DISCLAIMER: Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding our and management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in our filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.