verifone systems inc (PAY) Key Developments
VeriFone Systems, Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended July 30, 2014; Provides Earnings Guidance for the Fourth Quarter of Fiscal 2014; Raises Earnings Guidance for Fiscal 2014
Sep 4 14
VeriFone Systems, Inc. announced unaudited consolidated financial results for the third quarter and nine months ended July 30, 2014. For the quarter, the company’s net revenues were $475.9 million compared to $416 million a year ago. Operating loss was $7.5 million compared to $2.7 million a year ago. Loss before income taxes was $22.3 million compared to $14.8 million a year ago. Net loss attributable to company stockhoders was $29 million or $0.26 per basic and diluted share compared to $1.9 million or $0.02 per basic and diluted share a year ago. Non-GAAP net revenues were $476.4 million compared to $417.5 million a year ago. Non-GAAP operating income was $62.9 million compared to $43.6 million a year ago. Net income attributable to company stockholders was $45.3 million or $0.40 per basic and diluted share compared to $26.4 million or $0.24 per basic and diluted share a year ago. Net cash provided by operating activities was $58.9 million compared to $49 million reported a year ago. Third quarter ended with net debt of $660 million. The company reduced net debt by $50 million from second quarter. Free cash flow was $38 million. Capital expenditures were $21 million, including $15 million from revenue-generating assets, mainly equipment for Payment-as-a-Service, taxi and media businesses.
For the nine months, Net revenues were $1,378.4 million compared to $1,271 million a year ago. Operating loss was $27.6 million compared to $50.6 million a year ago. Loss before income taxes was $69.6 million compared to $79.1 million a year ago. Net loss attributable to company stockhoders was $69.2 million or $0.62 per basic and diluted share compared to $48.4 million or $0.45 per basic and diluted share a year ago. Non-GAAP net revenues were $1,380.3 million compared to $1,276.9 million a year ago. Non-GAAP operating income was $176.1 million compared to $188.4 million a year ago. Net income attributable to company stockholders was $121.7 million or $1.07 per diluted share compared to $129.5 million or $0.45 per basic and diluted share a year ago. Net cash provided by operating activities was $147.4 million compared to $181.5 million reported a year ago. Capital expenditures were $62.8 million compared to $60.3 million reported a year ago.
For the fourth quarter of fiscal 2014, the company expects Non-GAAP net revenues of $478 million to $483 million, non-GAAP net income per diluted share of $0.39 to $0.40. The company expects free cash flow generation to be approximately $25 million, excluding the $61 million litigation payment the company made in first quarter.
For fiscal 2014, the company has raised earnings guidance. The company expects non-GAAP net revenues of $1,858 million to $1,863 million, and non-GAAP net income per diluted share of $1.46 to $1.47. The company expects free cash flow generation to be approximately $171 million for full year 2014, excluding the $61 million litigation payment the company made in first quarter.
VeriFone Systems, Inc. to Expand Taxi & Media Services to Turkey and Mexico
Aug 20 14
VeriFone Systems, Inc. announced that it plans to expand its taxi and media services to Istanbul and throughout Mexico's Mayan Riviera. Through this expansion, VeriFone stands to provide more than 20,000 additional taxis with secure, in-taxi and mobile payments, mobile hailing and booking, and interactive multimedia content during passenger rides. VeriFone's Way2ride mobile taxi app will be available to Istanbul taxi passengers beginning in late 2015 as the company expands international deployment of its taxi and media services. In association with Mexicar, VeriFone's taxi and media services will also be available to more than 3,000 taxis operating in Mexico's Mayan Riviera --Cancun and Playa Del Carmen--through VeriFone's partnership with one of the large financial institutions in Mexico. Mexicar has been selected by the Mayan Riviera's taxi drivers' unions to supply member taxis with payment, advertising and media solutions, which Mexicar has agreed to obtain exclusively from VeriFone. VeriFone Launches Way2ride Mobile App for New York City Taxis.
Airtel Partners with VeriFone Mobile Money to Roll Out Tap 'N' Pay Services in Africa
Aug 20 14
Bharti Airtel and VeriFone Mobile Money announced a deal to offer VeriFone Mobile Money's merchant enablement applications for mobile Tap n Pay across Airtel's 17 operating countries in Africa. VeriFone Mobile Money's Tap n Pay applications are a smart, secure and fast way for customers to pay, buy, bank, bill and remit money with their mobile phone at the point of sale. The partnership will enable the two firms to work together with banks, insurance and transport companies to expand access to mobile financial tools and services for Airtel Money customers. VeriFone Mobile Money has signed a group master agreement for the delivery of its merchant enablement solutions to Airtel Africa. As part of the deal, VeriFone Mobile Money will implement a full suite of Retail Enablement applications integrated to VeriFone's range of payment devices across the group, enabling the deployment of Mobile POS (mPOS), POS and Biometrics for International Remittance to Airtel Money customers, the solution will enable fast and secure transaction processing at the agents point of sale.
Gilbarco and VeriFone Systems Join Forces to Offer Payment Solutions and Services and Digital Media to Convenience and Fuel Retailers
Aug 13 14
Gilbarco Veeder-Root and VeriFone Systems, Inc. announced that they are partnering to offer next generation forecourt payment solutions and to create the large at-pump interactive digital media network worldwide. Gilbarco Veeder-Root and VeriFone are collaborating on fuel dispenser payment platforms and creating the large at-pump interactive digital media network. The VeriFone Digital Network (VNET) will reach over 115 million consumers monthly through advanced pump dispensers like this. The two companies will collaborate on future fuel dispenser payment platforms to be developed and supplied by VeriFone. The solutions will meet convenience and fuel retailers' functionality and regulatory needs in an increasingly complex payment ecosystem, as well as offer at-pump media advertising and entertainment. Gilbarco will become the software and solutions integration lead and sales and service provider for forecourt payment systems developed under the partnership. The companies will work together to transition the payment electronics in Gilbarco's global dispenser product lines to VeriFone technology. However, both companies will continue to develop and market their point of sale systems for the petroleum and convenience market independently. In addition, Outcast Media, Gilbarco's forecourt media business, and Applause TV, Gilbarco's gas station TV network, will be merged with VeriFone's digital media and VeriFone Digital Network (VNET) businesses.
VeriFone Systems, Inc. to Report Q3, 2014 Results on Sep 04, 2014
Aug 1 14
VeriFone Systems, Inc. announced that they will report Q3, 2014 results at 9:00 AM, Eastern Standard Time on Sep 04, 2014