USA Technologies Again Named to Deloitte's Fast 500 List of Fastest Growing Technology Companies in North America
Five-Year Revenue Growth of 146% Drives Recognition for Leader in Cashless Micropayments Industry
MALVERN, PA, October 20, 2011 -- USA Technologies, Inc. (NASDAQ: USAT), leader of wireless, cashless payment and M2M telemetry solutions for self-serve, small ticket retail industries, has again been named to Deloitte LLP's prestigious 2011 Technology FAST 500™ list of the fastest growing technology companies in North America. USA Technologies ranked 22 in the Greater Philadelphia area and 480 in North America based on percentage fiscal-year revenue growth during the period from 2006 to 2010.
"We believe that our recognition as one of the fastest growing technology companies in North America is a testament to our leadership in the small-ticket, unattended retail market and highlights the growth that we have experienced as a company," said Stephen P. Herbert, Interim Chairman and CEO, USA Technologies. "And we are pleased that the growth trends continue. For example, during the past fiscal year, we saw a 45% increase in connections, 45% increase in revenues and a 59% increase in gross profit while our selling, general and administrative expenses decreased by 23%."
The Deloitte Technology Fast 500 is the pre-eminent technology awards program in North America with 2011 being the seventeenth anniversary. In order to be eligible, companies must own proprietary intellectual property or proprietary technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base year operating revenues of at least $50,000 and current year operating revenues of at least $5 million, be headquartered in North America, and have been in business for a minimum of five years.
"USA Technologies, like all 2011 Technology Fast 500™ companies, has excelled in fostering innovation and channeling it into spectacular growth -- against the backdrop of one of the most a challenging economies in history," said Eric Openshaw, vice chairman and U.S. technology, media and telecommunications leader, Deloitte LLP. "Deloitte recognizes USA Technologies for its remarkable accomplishment."
"We are pleased to honor USA Technologies as a 2011 Technology Fast 500 company," said Mark Jensen, managing partner, technology and venture capital services, Deloitte LLP. "As one of the fastest growing tech companies in North America, USA Technologies has demonstrated excellence in technological innovation, entrepreneurship and rapid growth."
Herbert concluded, "We believe that the numerous financial and operational milestones that we have achieved indicate that we are leading the way in the wireless, small-ticket cashless transaction and telemetry marketplace. The entire USA Technologies team has worked hard to retain our leadership position. We are enthusiastic about the growth opportunity in the markets we serve. We thank Deloitte for including us on the 2011 Technology Fast 500 list, and all of our USA Technologies team members for their role in making our success and this recognition possible."
USA Technologies recently announced that it had improved its ranking among the world's leading shippers of point-of-sale (POS) terminals, according to The Nilson Report, a leading source of research on consumer payment systems worldwide. USA Technologies ranked 5th among the leading POS shippers in the United States and 19th in the world in 2010.
"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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