SAN ANTONIO, Jan. 12, 2015 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCQX:PYDS) (OTCBB:PYDS), an integrated electronic payments solutions provider announced today that the company has set multiple records for transactions processed by the company.
Fourth Quarter Processing Results
Total dollars processed for the fourth quarter of 2014 set a new record for the company exceeding $833,000,000 and breaking the previous record that was achieved in third quarter of 2014 of $796,000,000.
The ACH (electronic check) transaction processing volumes for the fourth quarter were the highest in the history of the company. The fourth quarter's ACH transaction volumes were up 4% as compared to third quarter of 2014.
Credit card processing volumes for the fourth quarter were also the highest of any previous quarter in the history of the company. Credit cards dollars processed during fourth quarter were up 11% over same time period in 2013 and credit cards transactions processed during the fourth quarter were up 12% over same time period in 2013.
2014 Annual Processing Results
ACH (electronic check) 2014 processing volumes were the highest in the history of the company. The year's ACH transaction volumes were up more than 522% as compared to 2013.
Overall credit card processing volumes for all of 2014 were also the highest in the history of the company. Credit cards dollars processed during 2014 were up 14% over 2013 and credit cards transactions processed during the fourth quarter were up 43% over 2013.
Nearly three billion dollars of payments were processed by the company in 2014. The total of $2.978B greatly exceeded last year's amount of $630MM and set a record for dollars processed in a year for the company.
Michael Long, CEO, said, "The fourth quarter and the year were tremendous for us. We were pleased to see that charitable giving was up this year. Our portfolio of churches and charities all experienced increases in the fourth quarter. All of our annual transaction processing volumes and associated metrics exceeded our expectations and have led to dramatic growth for our company. This growth has led to a dramatic and positive increase in revenues, gross profit, operating income and net income both for the fourth quarter and the year. We will report record earnings for 2014."
Mr. Long continued, "We now find our company well positioned for a potential up-listing to NYSE MKT. We anticipate that we will be filing our application for approval to list on the NYSE shortly after we report or annual earnings for 2014. We are excited about the potential for increased visibility of our company's stock that a national listing will warrant. We also believe the listing should provide enhanced liquidity for our stock. We continue to believe our stock is currently undervalued and is trading at multiples significantly less than the payment processing industry currently enjoys."
Our annual earnings for 2014 are anticipated being released in our 10K annual report on or about March 30, 2014.
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.
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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.
Source:Payment Data Systems, Inc.