VeriFone Systems, Inc. (NYSE: PAY), the global leader in secure electronic payment solutions, today announced financial results for the three months ended July 31, 2014 ("Q3 FY14").
GAAP net revenues were $476 million, compared to $416 million a year ago, a 14% increase. Non-GAAP net revenues for Q3 FY14 were $476 million, compared to $418 million a year ago, a 14% increase. GAAP net loss per diluted share was $0.26, compared to a net loss of $0.02 a year ago. Non-GAAP net income per diluted share was $0.40, compared to $0.24 a year ago, a 67% increase.
"I'm pleased with our financial results and progress on our business initiatives," said Paul Galant, Chief Executive Officer of VeriFone. "We have now grown revenue and earnings sequentially for the last four quarters. At the same time, we have been architecting VeriFone's next chapter strategy, which will link our millions of powerful terminals and digital media screens into a commerce enablement network that helps our merchant clients acquire new consumers and increase sales with targeted offers, loyalty incentives, instant reward redemptions and other services. We are very excited about these opportunities."
Additional Financial and Business Highlights
- Launched partnership with Gilbarco Veeder-Root to offer next generation EMV-capable forecourt payment solutions and the largest at-pump interactive digital media network worldwide
- Upgraded 14 top U.S. retailers to MX 900 EMV-capable platform, including an order for 40,000 MX 900 terminals from one of the largest retailers in the world
- Added 10 new VeriShield Protect end-to-end encryption clients
- Partnered with Germany's second largest drugstore chain to deliver thousands of terminals over the next three years
- Expanded terminal business in China with winning a tender to provide more than 75,000 countertop, PIN pad and mobile devices to the world's largest bank
- Extended Payment-as-a-Service portfolio in Turkey with signing of a large home décor retailer
- Continued Payment-as-a-Service momentum in the U.S.
- Announced plans to expand taxi and media services to Istanbul and throughout Mexico's Mayan Riviera
- Refinanced existing debt which extends maturities, lowers interest rates, and provides more financial liquidity
Guidance for the fourth fiscal quarter of 2014 is as follows:
- Non-GAAP net revenues of $478 million to $483 million
- Non-GAAP net income per diluted share of $0.39 to $0.40
Guidance for the full fiscal year 2014 has been raised to the following:
- Non-GAAP net revenues of $1,858 million to $1,863 million
- Non-GAAP net income per diluted share of $1.46 to $1.47
Read the full statement here