VANCOUVER, British Columbia, Jun 22, 2000 /PRNewswire via COMTEX/ -- LML
PAYMENT SYSTEMS, INC. (the "Company") (Nasdaq: LMLP) today released preliminary
results for the fourth quarter of the 2000 fiscal year ended March 31, 2000.
Fourth quarter revenue was $2,455,651 compared to $69,521 for the same period
last year, an increase of over 3,400%. This revenue also represents an increase
of over 600% from third quarter revenue of $338,217. There was an EBITDA loss of
$149,587 or $0.01 per share compared to a loss of $387,672 or $0.037 per share
for the corresponding period last year. (All figures are stated in US Dollars.)
"This increase in revenue is on target with our plans for the Company," said LML
President & CEO Patrick Gaines. "This is the first reporting period where our
recent business acquisitions have had a chance to show an impact. We are pleased
with these results and the corresponding confirmation of our business model. We
expect continued revenue growth and profitability as the next phases of our
acquisition and growth strategies are deployed."
The Company acquired CIF Data Corp. in December of 1999, and subsequently Check
Center in January of 2000. Together, these acquisitions earned the company an
independent ranking as the 10th largest check verification company in the United
States, and provided an infrastructure that allows LML Payment Systems to offer
a significant range of check processing services.
"As our fourth quarter results indicate, a significant portion of our
growth-focused financial foundation is in place and is beginning to yield
results. We believe we are now prepared to quickly and easily incorporate future
acquisitions into a proven integrated infrastructure, and to realize certain
economies of scale," Gaines continued. "This is the first of many encouraging
milestones we expect to pass as we gather momentum and propel our business
forward from a growing position of strength."
LML Payment Systems is a financial payment processor specializing in providing
end-to-end check processing solutions for national, regional and local retail
merchants. The company's processing services include traditional check
verification and collection along with electronic processing services including
Electronic Check Re-presentment (whereby returned paper checks are represented
for payment electronically) and Electronic Check Conversion (whereby paper
checks are converted into electronic transactions right at the point of sale).
The Company's intellectual property estate will include a recently allowed
patent application regarding internet checking transactions, in addition to U.S.
Patent No. 5,484,988. U.S. Patent No. 5,484,988 describes a "Checkwriting point
of sale system," which, through a centralized database and authorization system,
is capable of providing and administering various electronic payment services
for customers and businesses.
SOURCE LML Payment Systems, Inc.
CONTACT: Patrick Gaines, President & CEO, 604-689-4440, or Investor
Relations, 800-888-2260, both of LML Payment Systems, Inc. |
