Mint Technology posts Q1 losses on prepiad card roll-out

Source: Mint Technology

Mint Technology Corp. (Vancouver:MIT.V) reports its financial results for the first quarter ending November 30th, 2005.

All figures stated are in Canadian dollars.

The first fiscal quarter of 2006 marked a number of important milestones for Mint's introduction of prepaid credit cards in Canada. During this quarter, Mint commercially launched two of the Company's co-branded prepaid credit card programs in Canada, while working on a number of other launches that are expected to bear returns in the upcoming quarters. Mint also signed agreements to establish a national distribution and reload network that will facilitate in sales of the Company's prepaid credit cards and include retail locations across the country that will allow cardholders to reload funds onto their cards. In addition, Mint announced a successful market trial of the prepaid MasterCard PayPass (Radio Frequency Identification) card at the Rogers Communications campus. Initial sales of the cards during this period reflect a positive trend in consumer acceptance.

Revenues for the quarter were $253,946, a decrease of 19% compared to revenues of $314,356 for the same period in 2004. Operating expenses totaled $1,113,516, a decrease of 11% over operating expenses for the same quarter of 2004 which totaled $1,247,131. The quarterly net loss decreased in the first quarter by 8% from $932,775 in 2004 to $859,570 in 2005.

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