Payment Data Systems, Inc. (OTCBB: PYDS) an integrated electronic payments solutions provider, today announced financial results for the quarter ended September 30, 2011. Revenues increased to $1,437,592 for the third quarter of 2011 up from $648,927 for the third quarter of 2010 due to higher transaction growth. The operating income for the quarter ended September 30, 2011 was $208,996 compared to operating loss of $134,626 for the third quarter of 2010. Net income for the quarter ended September 30, 2011 was $262,541 up from a net loss of $142,116 for the third quarter of 2010. Highlights for the third quarter of 2011 include:
For further information regarding our financial results for the quarter ended September 30, 2011, please read our 10-Q that will be filed on end of the day on November 14, 2011.
- Revenue grew 87% over the second quarter of 2011.
- Gross profit grew 208% to $523,262 as compared to $169,817 in the second quarter of 2011.
- Cash and cash equivalents grew to $1,943,418 at September 30, 2011 from $318,471 at June 30, 2011.
- Total current assets grew to $2,404,768 at September 30, 2011 from $516,422 at June 30, 2011.
- Total transaction dollar volume increased to over $60,000,000.
- Over 1,200,000 transactions were processed in the third quarter, representing 336% gain over the second quarter of 2011.
|PAYMENT DATA SYSTEMS, INC.|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Cost of services||914,330||496,249||2,124,577||1,442,038|
|Selling, general and|
|Total operating expenses||1,228,596||783,553||3,095,319||2,336,908|
|Operating income (loss)||208,996||(134,626||)||(104,106||)||(481,309||)|
|Other income (expense):|
|Unrealized gain (loss) on|
|Other income (expense)||105||(4,990||)||22,446||155,010|
|Total other income (expense),|
|Income (loss) before income|
|Net income (loss)||$||262,541||$||(142,116||)||$||(119,958||)||$||(337,344||)|
|Basic and diluted net loss per|
|Weighted average common shares|
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 email@example.com. Website: www.paymentdata.com, www.ficentive.com, www.zbill.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 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.