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 $626,742 for the same period in the prior year. Highlights for the third quarter of 2013 include:
- Credit card and debit card processing transactions were the second highest the Company has ever experienced in any quarter in its history and represented an 17% growth in dollars processed over the same period in 2012 and a 14% growth in transactions processed over the same period in 2012.
- Total transaction dollar volume processed exceeded seventy-six million dollars for the third quarter of 2013.
- The quarter's electronic check transaction volumes were up 40% and returned check transactions were up 622% as compared to second quarter of 2013.
- September 2013 electronic check transaction volumes were up 79% and returned check transactions were up 1646% as compared to August 2013.
Mr. Long continued, "In the previous quarter we projected the restoration of a significant portion of our echeck revenue by late 3rd quarter of 2013 carrying us into 4th quarter, which should lead to our return to quarterly income generation. I am thrilled to announce that we have made significant progress with the new, high volume, echeck customers we added in the third quarter. I believe our financial metrics for the fourth quarter of 2013 will be significantly impacted in a positive manner. As of yesterday, the fourth quarter's electronic check transaction volumes were already up 203% and returned check transactions were up 1,287% as compared to third quarter of 2013."
|PAYMENT DATA SYSTEMS, INC.|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended September 30,||Nine Months Ended September 30|
|Revenues||$ 962,633||$ 2,333,698||$ 2,952,966||$ 5,099,269|
|Cost of services||824,857||1,272,169||2,474,945||2,952,838|
|Selling, general and administrative:|
|Total operating expenses||1,231,860||1,712,673||3,766,751||4,284,391|
|Operating income (loss)||(269,227)||621,025||(813,785)||814,878|
|Other income and (expense):|
|Realized/unrealized gain (loss) on marketable securities||(59,584)||17,450||(7,514)||2,299|
|Other income (expense), net||78||(724)||651||8,952|
|Total other income and (expense)||(59,506)||16,726||(6,863)||11,251|
|Income (loss) before income taxes||(328,733)||637,751||(820,648)||826,129|
|Net income (loss)||$ (339,825)||$ 626,742||$ (838,740)||$ 800,120|
|Basic and diluted earnings ( loss) per common share:||$0.00||$0.00||$0.00||$ 0.01|
|Weighted average common shares outstanding|
CONTACT: Michael Long Investor Relations 210.249.4040 firstname.lastname@example.org