USA Technologies Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012; Provides Earnings Guidance for the Full Fiscal Year 2013
January 29, 2013 at 07:00 am EST
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USA Technologies Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2012. For the quarter, the company reported total revenues of $8,884,321 against $6,881,598 for the same period a year ago. Revenue growth was fueled by a 33% growth in license and transaction fees and a 14% increase in equipment sales compared to the second quarter of fiscal 2012. Operating income was $567,650 against operating loss of $1,937,034 for the same period a year ago. Income before provision for income taxes was $160,660 against loss before provision for income taxes of $1,821,061 for the same period a year ago. Net income applicable to common shares was $153,758 against net loss applicable to common shares of $1,821,061 for the same period a year ago. Net cash provided by operating activities was $1,922,175 against net cash used in operating activities of $2,527,097 for the same period a year ago. Purchase of property and equipment was $47,881 against $313,597 for the same period a year ago. Non-GAAP net income was $557,393 or $0.02 per diluted share against non-GAAP net loss of $997,820 or $0.03 per diluted share for the same period a year ago. Non-GAAP operating income was $567,650 against non-GAAP operating loss of $962,034 for the same period a year ago. Adjusted EBITDA was $1,752,721 against Adjusted LBITDA of $938,400 for the same period a year ago.
For the six months, the company reported total revenues of $17,274,599 against $13,587,346 for the same period a year ago. Operating income was $153,418 against operating loss of $3,759,300 for the same period a year ago. Income before provision for income taxes was $206,720 against loss before provision for income taxes of $1,900,014 for the same period a year ago. Net loss applicable to common shares was $139,329 against $2,232,240 for the same period a year ago. Net cash provided by operating activities was $2,600,185 against net cash used in operating activities of $3,023,886 for the same period a year ago. Purchase of property and equipment was $50,278 against $373,945 for the same period a year ago.
The company provided earnings guidance for the full fiscal year 2013. For the year, the company committed to achieving over 30% revenue growth for the year, as well as cash generated from operations in the $4-$5 million range. In addition, given the improved financial performance in the second quarter and the recurring nature of the majority of revenues, the company believes non-GAAP net income is sustainable; therefore, the company also expects to achieve non-GAAP net income for the full fiscal year as well.
Cantaloupe, Inc. is a global technology company. Its vertically integrated solutions fuel growth by offering micro-payments processing, enterprise cloud software, IoT technology, as well as kiosk and POS innovations. It offers a variety of solutions for self-service commerce, which enable the acceptance of digital payments and allow its customers to simplify inventory, analytics, warehouse, logistics, and back-office management. Its hardware includes Cantaloupe card readers, the Companyâs integrated payment device, as well as Cantaloupe Go POS kiosks, the Companyâs range of POS terminals, which are both deployed in self-service, applications, such as vending, micro-markets, amusement, arcade, commercial laundry, air/vacuum, car wash, and others. Its Cantaloupe Go product line provides a variety of self-checkout kiosks. Its solutions are used by a variety of consumer services in North America, Latin America, Europe, and Australia, including vending machines, laundromats and others.
USA Technologies Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012; Provides Earnings Guidance for the Full Fiscal Year 2013