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verifone systems inc (PAY) Key Developments

First Data and Verifone Partner to Combat Consumer Payment Data Theft

First Data and Verifone announced a partnership to help U.S. merchants reduce exposure to large-scale consumer payment data breaches and expedite merchant acceptance of EMV-enabled credit and debit cards. Large-scale theft of consumer payment data from merchants' integrated point-of-sale systems is among the biggest challenges facing the payments industry. This partnership with Verifone furthers objective of working with the payment technology providers to benefit merchants and their customers. First Data will now offer Verifone's Secure Commerce Architecture (SCA) solution to its U.S. merchant clients who use Verifone equipment within an integrated point of sale (IPOS) system. SCA helps to solve the difficulties of EMV compliance by eliminating the flow of consumer payment data into the IPOS. Payment data will also now flow through First Data's TransArmor data protection solution, enabling encrypted delivery directly to First Data from the Verifone payment terminal.

VeriFone Systems, Inc. Reports Consolidated Earnings Results for the Fourth Quarter of Fiscal Year 2014; Provides Earnings Guidance for the First Quarter and Full Year of Fiscal 2015

VeriFone Systems, Inc. reported consolidated earnings results for the fourth quarter of fiscal year 2014. For the fourth fiscal quarter 2014, the company reported net revenues of $491 million, exceeding its guidance of $478 million to $483 million. Non-GAAP earnings per share were $0.44, exceeding its guidance of $0.39 to $0.40 per share. This compares to non-GAAP earnings per share last quarter of $0.40 and $0.27 a year ago. The company's net debt was reduced to $633 million. Cash flow from operations was $51 million, and free cash flow was $29 million. Capital expenditures were $22 million. For the full fiscal year 2015, the company expects revenues in the range of $2.02 billion to $2.04 billion, earnings per share of $1.85 to $1.90 and free cash flow generation to be approximately $150 million. For the first quarter of fiscal year 2015, the company expects non-GAAP revenues in the range of $480 million to $485 million and non-GAAP earnings of $0.40 per share.

VeriFone Seeks Acquisitions

VeriFone Systems, Inc. (NYSE:PAY) is looking for acquisition opportunities. Paul Galant, Chief Executive Officer of VeriFone said, “So what I plan to do is certainly evaluate opportunities to let this team shine. And if that involves tuck-in acquisitions to enhance our capabilities, products and services that our clients value, that's fine.”

Verifone Systems, Inc. Reports Earnings Results for the Second Quarter Ended April 30, 2014; Provides Earnings Guidance for the Third Quarter Ending July 31, 2014 and Year Ending October 31, 2014

VeriFone Systems, Inc. reported earnings results for the second quarter ended April 30, 2014. For the period, the company's net revenues were $466.4 million against $426.3 million a year ago. Operating loss was $13.5 million against $69.6 million a year ago. Net loss was $23.9 million or $0.22 basic and diluted per share against $58.4 million or $0.54 basic and diluted per share a year ago. Non-GAAP net Revenue was $466.8 million against $429.8 million a year ago. Non-GAAP operating income was $60 million against $66.5 million a year ago. Non-GAAP net income was $41.6 million or $0.37 basic and diluted per share against $46.8 million or $0.42 basic and diluted per share a year ago. GAAP net cash provided by operating activities was $56.5 million against $79.2 million a year ago. GAAP capital expenditures were $21.0 million against $21.4 million a year ago. Net debt was $710 million. For the third quarter ending July 31, 2014, the company expects GAAP net revenues to be $454.6 million to $459.6 million. Non-GAAP net revenues to be $455 million to $460 million. Non-GAAP EPS to be $0.33 to $0.34. Free cash flow to be $20 million to $25 million. Non-GAAP effective tax rate to be $14% - 15%. Capital expenditures to be $25 million. For the year ending October 31, 2014, the company expects GAAP net revenues to be $1,822.6 million to $1,832.6 million. Non-GAAP net revenues to be $1825 million to $1835 million. Non-GAAP EPS to be $1.42 - $1.44. Free cash flow to be $95% of Non-GAAP Net Income, excluding first quarter litigation settlement. Non-GAAP effective tax rate to be $14% - 15%. Capital expenditures to be $95 million.

Turkish Airlines Boards Payment as a Service from Verifone

Verifone announced that its complete Payment as a Service solution has been selected by Turkish Airlines to meet the needs of its 6,000 ticketing offices and agencies. The company will provide a single-source solution, including help desk, field services, hosting, and hardware and software services. Payment as a Service from the company provides Turkish Airlines maximum flexibility while alleviating the burden of integration, management and cost volatility. Turkish Airlines originally leveraged the platform in its own ticketing offices before expanding the deployment to its agencies this past summer. The initial deployment of 1,000 offices is expected to grow to a total of more than 6,000. The company 's integrated platform enables Turkish Airlines to securely accept cards from 12 different banks, process installment payments, simplify reporting across its SAP accounting systems and streamline PCI management. It also sets the stage for the airline to enhance customer service by supporting loyalty programs offered by cardholders' banks. Payment as a Service from the company combines world-class hardware, software, and services in a flexible and robust managed services suite with a cost-predictable subscription model to ensure simplicity and deliver an optimal customer experience. Additional Resources: Payment-as-a-Service from the company; and Rise above payment complexities.

 

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