SAN ANTONIO, Texas, April 1, 2013 (GLOBE NEWSWIRE) -- Payment Data Systems (OTCQB:PYDS), an integrated electronic payments solutions provider, today announced the financial results for the year ended December 31, 2012.
Revenues for the fiscal year ended December 31, 2012 increased 53% to $7,345974 from $4,813,257 for the year ended December 31, 2011. The increase of $2,532,717 was primarily a result of higher transaction volumes in credit card and debit card business lines. Gross profit for the year ended December 31, 2012 increased 84% to $3,159,011 from $1,719,366 for the year ended December 31, 2011.
Operating income for the year ended December 31, 2012 increased to $1,390,988 from an operating gain of $372,999 for the year ended December 31, 2011. Excluding the effect of non-cash expenses associated with stock-based compensation of $251,830 and depreciation expenses of $6,860, operating income for the year ended December 31, 2012 was $1,649,678.
Net income for the year ended December 31, 2012 was $1,275,218 as compared to net income $351,848 for the year ended December 31, 2011.
While other selling, general and administrative expenses increased for the year ended December 31, 2012 to $1,509,333 from $993,877 for the year ended December 31, 2011, the 52% increase was very near the 53% growth in revenue that occurred for the year ending December 31, 2012.
Michael Long, Chief Executive Officer of Payment Data Systems, said, "We were certainly pleased with the year end results and we look forward to a strong 2013. We will continue to see cycles in our business, such as our typical seasonal influences. However as we look at pipelines and projections we are very confident in the coming year as we continue to bring new products, services, and innovations to the market."
Please review our annual report on Form 10K which will be filed today with the Securities and Exchange Commission for complete financials of the Company.
|PAYMENT DATA SYSTEMS, INC.|
|CONSOLIDATED BALANCE SHEETS|
|December 31,||December 31,|
|Cash and cash equivalents||$ 3,759,791||$ 3,678,688|
|Accounts receivable, net||403,303||376,070|
|Prepaid expenses and other||114,699||32,164|
|Total current assets||4,277,793||4,086,922|
|Property and equipment, net||91,330||4,234|
|Related party receivable||702,337||702,337|
|Total other assets||786,497||818,817|
|Total Assets||$ 5,155,620||$ 4,909,973|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable||$ 203,066||$ 43,375|
|Customer deposits payable||2,115,122||3,429,135|
|Line of credit||--||300,000|
|Total current liabilities||3,017,265||4,298,666|
|Common stock, $0.001 par value, 200,000,000 shares authorized; 147,721,077 and 142,721,077 issued and 142,725,833 and 137,725,833 outstanding||147,721||142,721|
|Additional paid-in capital||56,873,423||56,328,423|
|Treasury stock, at cost; 4,995,244 and 4,995,244 shares||(238,158)||(238,158)|
|Total stockholders' equity||2,138,355||611,307|
|Total Liabilities and Stockholders' Equity||$ 5,155,620||$ 4,909,973|
|The accompanying notes are an integral part of these consolidated financial statements.|
|PAYMENT DATA SYSTEMS, INC.|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|Year ended||Year ended|
|December 31,||December 31,|
|Revenues||$ 7,345,974||$ 4,813,257|
|Cost of services||4,186,963||3,093,891|
|Selling, general and administrative:|
|Total operating expenses||5,954,986||4,440,258|
|Other income (expense):|
|Other income (expense)||(39,761)||(2,782)|
|Other income (expense), net||(39,761)||(2,782)|
|Income before income taxes||1,351,227||370,217|
|Net Income||$ 1,275,218||$ 351,848|
|Earnings Per Share|
|Basic and diluted earnings per common share:||$ 0.01||$ 0.00|
|Weighted average common shares outstanding|
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. These statements include, but may not be limited to, all statements regarding our 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.