USA Technologies Continues Positive Operating Trends for Its Fourth Quarter
MALVERN, PA, July 7, 2010 --USA Technologies, Inc. (NASDAQ: USAT) a leading supplier of networked devices and wireless non-cash transactions, associated financial/network services and energy management, announced today significant growth across all of its operating performance metrics for the fourth quarter ended June 30, 2010.
- Increased the number of devices connected to its network by approximately 9,000 during the quarter ended June 30, 2010, bringing the total number of devices connected at quarter end to over 82,000, compared to approximately 52,000 as of June 30, 2009.
- The number of cashless transactions processed during the quarter increased by 73% to 11,655,000, compared to 6,736,000 transactions processed during the prior year's fiscal fourth quarter.
- The dollar value of transactions processed during the fiscal fourth quarter increased by 54% to $20,805,000, compared to $13,501,000 during the fiscal fourth quarter last year.
- Approximately 150 new customers were added to its USALive® Network during the three months ended June 30, bringing the total number of such customers to approximately 1,050 as of June 30. By comparison, the company had 525 customers as of June 30, 2009, representing a 100% increase during fiscal 2010.
"By all measures of USA Technologies' operating performance, our fourth quarter ending June 30 capped a very successful fiscal 2010," said George Jensen, Chairman and CEO of USA Technologies. "As the pioneers of cashless payment technology for vending machines, kiosks and unattended POS terminals, USA Technologies has been persistent in driving adoption in this emerging market. We have continued to evolve our offering of products and secured critical credit card company sponsorships to sustain our leadership position as lower hardware and network costs and positive regulatory change spurred demand. In fiscal 2010 our efforts have paid off."
Added Jensen, "Our fourth quarter operating results take us closer to achieving our strategic business objectives of having 100,000 devices connected to our network by December 31, 2010 and positive EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) for the quarter ending December 31, 2010. We remain highly focused on driving demand for cashless payment solutions and delivering unmatched services to our customers."
Forward-looking Statements:
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the financial position, anticipated connections to our network, business strategy and the plans and objectives of the Company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business, financial market and economic conditions, including but not limited to, the ability of the Company to retain key customers from whom a significant portion of its revenues is derived; the ability of the Company to compete with its competitors to obtain market share; the ability of the Company to obtain widespread commercial acceptance of it products; and whether the Company's existing or anticipated customers purchase ePort devices in the future at levels currently anticipated by the Company. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, the Company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
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