Veritec, Inc. Reports Earnings Results for the Third Quarter Ended March 31, 2020
May 04, 2020 at 01:52 pm EDT
Share
Veritec, Inc. announced earnings results for the third quarter ended March 31, 2020. For the third quarter, the company announced total revenue was USD 117,713 compared to USD 74,140 a year ago. Operating loss was USD 97,488 compared to USD 139,411 a year ago. Net loss was USD 181,940 compared to USD 214,958 a year ago. Basic eps - continuing operations was USD 0 compared to basic loss per share from continuing operations of USD 0.01 a year ago. For the nine months, total revenue was USD 343,760 compared to USD 227,246 a year ago. Operating loss was USD 281,533 compared to USD 418,077 a year ago. Net loss was USD 366,021 compared to USD 640,101 a year ago. Basic loss per share from continuing operations was USD 0.01 compared to USD 0.02 a year ago.
Veritec, Inc. is engaged in the development, sales, and licensing of products and providing services related to its mobile banking solutions. It provides back-end cardholder transaction processing services for Visa-branded card programs on behalf of its sponsoring bank. Its Mobile Banking Technology is used to offer Prepaid Card Programs to sponsor banks and approved applicants/cardholders. Its products and solutions include MTC Debit Card - Visa Prepaid Card Programs, blinx ON-OFF Debit Card - Visa Prepaid Card Programs, Custom Branded Debit Card Programs and blinxPay Mobile Wallet App. The blinx ON-OFF card is based on the Mobile Banking Technology platform and offers the same features and functions as the MTC branded card but with different pricing for bank-sponsored cards. The blinxPay is a secure payment processing system and mobile app that enables customers to make purchases. Its Mobile Banking Technology resides within a Payment Card Industry compliant data processing center.