Payment Data Systems, Inc. (OTCBB: PYDS) an integrated
electronic payments solutions provider, today announced financial
results for the quarter ended June 30, 2010.
Revenues decreased from $834,993 for the second quarter of 2009
to $601,184 for the second quarter of 2010 due primarily to the
loss of a significant customer as previously reported in November
2009. However, operating loss for the quarter ended June 30, 2010
improved to $152,388, from an operating loss of $332,892 for the
second quarter of 2009. Excluding the effect of non-cash expenses
associated with stock-based compensation of $133,650 and
depreciation expenses of $5,792, the operating loss for the second
quarter of 2010 was only $12,896. Net loss for the quarter ended
June 30, 2010 improved to $55,174 from a net loss of $335,892 for
the second quarter of 2009. Excluding the effect of non-cash
expenses associated with stock-based compensation of $133,650 and
depreciation expenses of $5,792, net income for the second quarter
of 2010 was $84,268.
In the first quarter of 2010, we implemented a plan to cut over
half of our selling, general and administrative expenses, not
including our non-cash expenses associated with stock-based
compensation. The second quarter was the first full quarter under
the new expense structure. This resulted in our selling, general
and administrative expenses, other than stock-based compensation,
decreasing from $345,676 for the second quarter of 2009 to $157,867
in the second quarter of 2010, which was also a 6% improvement from
the first quarter of 2010.
Commenting on the results for the quarter, Michael R. Long,
Chairman and Chief Executive Officer of Payment Data Systems, said,
“We are pleased to see the sequential improvement in the second
quarter results, especially that our operating losses have declined each month since February 2010 and
the operating loss for the month of June 2010 was less than
$2,000 after adding back
non-cash stock-based compensation expenses and depreciation.
Consequently, I am also pleased to see that our operations are
poised to enter a cash flow generation stage. With the continued
improvement in our monthly operating losses, and with the new
revenue sources coming into play in the third quarter, we expect to
generate positive cash flow in the third quarter. While I am
pleased with the growth of our existing revenue sources, I am
excited to see the launch of the RedPack Mi Promesa Card and the
Corporate Incentive card programs. We expect to add at least one
new corporate customer for the incentive program in each week of
the third quarter. Our ability to print cards on demand is turning
into a competitive advantage for us. ”
PAYMENT DATA SYSTEMS,
INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Three Months Ended June 30, Six Months
Ended June 30,
2010
2009
2010
2009
Revenues $ 604,184 $ 834,993 $ 1,206,672 $ 1,653,809
Operating expenses: Cost of services 459,213 679,076 945,789
1,373,661 Selling, general and administrative: Non Cash Stock-based
compensation 133,650 133,650 267,300 267,300 Other expenses 157,867
345,676 326,635 759,855 Depreciation 5,792
9,483 13,631 19,372 Total
operating expenses 756,522 1,167,885
1,553,355 2,420,188 Operating
loss (152,338 ) (332,892 ) (346,683 ) (766,379 ) Other
income (expense): Interest income - - - - Interest expense - - - -
Other income (expense) 100,000 -
160,000 - Total other income (expense), net
100,000 - 160,000
- Loss before income taxes (52,338 ) (332,892 )
(186,683 ) (766,379 ) Income taxes 2,836 3,000
8,545 6,000 Net loss $
(55,174 ) $ (335,892 ) $ (195,228 ) $ (772,379 )
Basic and diluted net loss per common
share:
$ 0.00 $ 0.00 $ 0.00 $ (0.01 ) Weighted average common shares
outstanding
123,162,063 111,513,842 117,004,514 112,016,255
For further information regarding our financial results for the
quarter ended June 30, 2010, please read our 10-Q that was filed on
August 16, 2010.
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.
For additional information, visit www.paymentdata.com. Contact
Michael Long for Investor Relations information at 210.249.4040 or
email at ir@paymentdata.com.
Website: http://www.paymentdata.com, www.ficentive.com,
www.zbill.com
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FORWARD-LOOKING STATEMENTS DISCLAIMER
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. Those
statements include, but may not be limited to, all statements
regarding our and 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.
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