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VeriFone expects Q4 results to miss estimates

21 November 2008  |  2295 views  |  0 Source: VeriFone

VeriFone Holdings (NYSE: PAY), a provider of secure electronic payment solutions, said today that based on preliminary financial results, net revenue for the fourth quarter ended October 31, 2008 is expected to be in the range of $244 million to $246 million, or below the range provided as guidance on September 9, 2008.

Net revenue for the full fiscal year ended October 31, 2008 is expected to be in the range of $922 million to $924 million.

"Toward the end of the fourth quarter, uncertainty and turmoil in the global economy and financial markets impacted demand for our products across all geographies. We experienced higher-than-expected foreign exchange losses, and the volatility of exchange rates resulted in product costs, expressed in local currencies, adversely moving faster than could be reflected in local-currency pricing," commented Robert R. Dykes, Chief Financial Officer of VeriFone. "We expect a period of uncertainty to persist until financial confidence returns to the market. Accordingly, we are carefully controlling all aspects of our business to minimize expenditures and are making significant reductions in operating expenses."

"We will focus on continuing to provide our customers with industry-leading products and services and making calculated strategic investments for future growth," added Douglas G. Bergeron, Chief Executive Officer of VeriFone. "We remain confident that the key elements of our growth strategy -- product upgrades to meet security standards and the need for payment solutions in emerging markets -- remain intact despite the recent turmoil."

The company expects non-GAAP net income, per share, for the fourth quarter to be in the range of $0.18 to $0.20. For the full fiscal year 2008, non-GAAP net income per share, is expected to be in the range of $0.73 to $0.75. The company also anticipates that there will be a goodwill impairment charge and is currently performing a valuation in order to determine the amount and timing of such charge.

These expected fourth quarter and fiscal 2008 operating results are preliminary and subject to management completing its closing review procedures.

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