VeriFone swings to Q2 profit

Source: VeriFone

VeriFone Holdings, (NYSE: PAY), the global leader in secure electronic payment solutions, today announced financial results for the three months ended April 30, 2009.

Net revenues for the three months ended April 30, 2009, were $201.6 million, 14% lower than the net revenues of $233.0 million for the comparable period of 2008. Net revenues from VeriFone's North America business decreased 17% while net revenues from VeriFone's International business decreased 11%.

Non-GAAP gross margins were 33.8%, for the three months ended April 30, 2009, compared to 35.0% for the comparable period of 2008. GAAP gross margins for the three months ended April 30, 2009, were 32.2% compared to 31.5% for the three months ended April 30, 2008.

Non-GAAP operating expenses for the three months ended April 30, 2009, were $44.8 million compared to $53.7 million for the comparable period of 2008. GAAP operating expenses for the three months ended April 30, 2009, were $52.6 million, compared to $78.0 million for the comparable period of 2008.

Non-GAAP net income, for the three months ended April 30, 2009, was $0.17 per diluted share, compared to $0.19 per diluted share, for the comparable period in 2008.

GAAP net income per share for the three months ended April 30, 2009, was $0.22 per diluted share, compared to a loss of $(0.21) per diluted share, for the comparable period of fiscal 2008.

"Our revenue results continued to be challenged by the difficult global economic environment," said Douglas G. Bergeron, Chief Executive Officer. "It is still too early to predict when VeriFone's revenue will rebound, but we remain confident of our earnings and cash generation capabilities."

Guidance - Third Quarter 2009 and Full Year

For the third quarter ending July 31, 2009, VeriFone expects to report net revenues that are relatively flat to our second quarter results of $202 million. Non-GAAP net income per share is projected to be in the range of $0.15 to $0.18.

For the full year of fiscal 2009, VeriFone expects net revenues to be in the range of $810 million to $830 million. Non-GAAP net income per share is expected to be in the range of $0.65 to $0.70, for the same time period.

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