Hypercom Corporation (NYSE: HYC), the high security electronic payment and digital transactions solutions provider, today announced the availability of its financial results for the first quarter ended March 31, 2011.
Net revenue for the three months ended March 31, 2011 was $119.3 million, up $20.5 million or 20.7% compared to $98.8 million in the first quarter of 2010.
"I am extremely pleased with the Company's revenue growth during the quarter. Global demand for Hypercom products and services continued to be strong and we expect demand to continue after the closing of our merger with VeriFone Systems, Inc.," said Philippe Tartavull, Chief Executive Officer and President. "We continue to see a transformation of the payments industry driven by mobile payments and supported by our NFC capabilities. Hypercom continues to develop strong strategic partnerships with the key entrants into this rapidly developing NFC ecosystem. I am also pleased that the planned merger is on schedule for the second half of the year."
As previously anounced, Hypercom has entered into a definitive merger agreement pursuant to which VeriFone Systems, Inc. will acquire Hypercom in an all-stock transaction. The transaction, which was approved by Hypercom stockholders on February 24, 2011, is anticipated to close in the second half of 2011, subject to the satisfaction of applicable regulatory approvals and other customary closing conditions.
Due to the pending merger with VeriFone, Hypercom will not hold a conference call to discuss its first quarter financial results. We direct your attention to the Company's Form 10-Q which it filed with the Securities and Exchange Commission today that contains Hypercom's financial results for the first quarter ended March 31, 2011, as well as other material information.