SAN ANTONIO, May 15, 2015 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (OTCQB:PYDS) and (OTCBB:PYDS) an integrated electronic payments solutions provider, today announced financial results for the quarter ended March 31, 2015.
Revenues for the quarter ended March 31, 2015 grew 37% to $3,742,460 as compared to $2,730,823 for the same period in 2014 due to higher transaction volumes in credit card and debit card and ACH processing. The revenues are the highest the Company has experienced in any quarter in its history.
Operating income for the quarter ended March 31, 2015 grew 308% $694,721 when compared to $170,464 for the same period in 2014.
The Company's net income for the quarter ended March 31, 2015 grew 338% to $708,617 as compared to $161,738 for the same period in 2014.
Gross profit for the quarter ended March 31, 2015 grew 125% to $1,438,461 from $638,797 for the same period in 2014.
Cash and cash equivalents for the quarter ended March 31, 2015 increased to $65,322,778 from $54,614,189 for the same period in 2014.
Highlights for the first quarter of 2015 include:
- Credit card processing volumes first quarter of 2015 were the third highest in the history of the company for any previous quarter. Credit cards dollars processed during first quarter of 2015 were up 8% over the same time period in 2014. Credit cards transactions processed during first quarter of 2014 were up 3% over the same time period in 2014.
- Electronic check transaction volumes first quarter of 2015 were the second highest in the history of the company for any previous quarter. Electronic check transaction volumes during first quarter of 2015 were up 61% over the same time period in 2014. Returned check transactions processed during first quarter of 2015 were up 39% over the same time period in 2014.
- Total dollars processed for the first quarter of 2015 exceeded $797,900,000 and is the second highest in the history of the company for any previous quarter.
Commenting on the results for the quarter, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, "We continue to be very pleased with our growth in numbers and the trajectory of growth. As we bring on new customers whose full impact will be felt in the last half of 2015, we foresee another strong year for Payment Data Systems."
Long continued, "We are also remain true to our stated strategic goals by having filed the application for the NASDAQ listing, expanded our board by nominating two independent outside directors, and we are preparing the proxy for the Annual Shareholder Meeting to be held in San Antonio, on July 2, 2015. We continue to believe our shares are undervalued based upon valuation metrics that our industry receives. We are hopeful that the uplisting to NASDAQ will position us to realize a true valuation based upon payment processing industry metrics."
|PAYMENT DATA SYSTEMS, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended March 31,|
|Revenues||$ 3,742,460||$ 2,730,823|
|Cost of services||2,303,999||2,092,026|
|Selling, general and administrative:|
|Cancellation of stock-based compensation||(163,936)||--|
|Depreciation and amortization||85,571||9,905|
|Total operating expenses||3,047,739||2,560,359|
|Other income and (expense):|
|Other income (expense)||(104)||(3,360)|
|Total other income and (expense), net||18,896||3,453|
|Income before income taxes||713,617||173,917|
|Net income||$ 708,617||$ 161,738|
|Basic earnings per common share:||$ 0.01||$ 0.00|
|Diluted earnings per common share:||$ 0.00||$ 0.00|
|Weighted average common shares outstanding|
For complete results, please view our 10-Q report to be filed with the SEC today.
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.
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 the Company's and management's intent, belief and expectations, such as statements concerning the Company's future and its 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 the Company's filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect, the Company's businesses and financial results and could cause actual results to differ materially from plans and projections. 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 the Company or any other person that the Company's objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to the Company's management. The Company assumes no obligation to update any forward-looking statements, except as required by law.
Source:Payment Data Systems, Inc.