Earnings! Huge jump in revenue. Is it time to finally start turning things around?? Also note at the bottom: today's conference call DOES have a replay number.
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USA Technologies Reports Third-Quarter Financial Results
Revenues Soared 279 Percent For The Quarter; Nine-Month Revenue Exceeded $1 Million, An Increase Of 355 Percent
WAYNE, Penn., May 14 /PRNewswire/ -- USA Technologies Inc. (OTC Bulletin Board: USTT - news) announced today that revenues for the three months
ended March 31, 1998, were $548,208, compared with revenues of $144,536 for the same period last year. The company also reported a net loss of $(643,317),
or a net loss of ($0.03) per share, for the three months ended March 31, 1998, compared with a net loss of $(627,014), or a net loss of $(0.05) per share, for the
same period last year.
For the nine months ended March 31, 1998, the company reported revenues of $1,280,012, compared with revenues of $280,994 for the same period last year.
The company also reported a net loss of $(2,046,813), or a net loss of $(0.11) per share, for the third quarter ending March 31, 1998, compared with a net loss of
$(2,313,492), or a net loss of $(0.17) per share, for the same period last year.
''We are pleased with the substantial revenue growth that USA has attained over the past nine months,'' said George R. Jensen, Jr., president and chief executive
officer of USA Technologies. ''The company has achieved several major milestones over the past several months, such as the addition of several well-known
corporate partners, including Mail Boxes Etc., IBM, Marriott Hotels, Resorts & Suites, Promus, Best Western, Choice Hotels and Prime Hospitality.
''Now that we have what we believe is a strong foundation in place, we anticipate a sustained period of revenue growth leading into profitability,'' said Jensen. ''Our
MBE Business Express(TM) credit card-activated business centers are establishing themselves in the hospitality industry as the automated alternative to
conventional staffed business centers. Future locations for the MBE Business Express(TM) include mass merchandise outlets as well as convenience stores,
convention centers, airports, colleges, universities, military bases, supermarkets and banks.''
USA Technologies' flagship product is MBE Business Express(TM), a joint venture product with Mail Boxes Etc. MBE Business Express(TM), using USA's
patented technology and previously marketed by USA as Business Express(TM), provides credit card-activated self-service office systems for business travelers
and consumers who need to access the internet or e-mail or use personal computers, printers, copiers and fax machines while they are away from their office or
home. Each unit features IBM personal computers as well as the world-renowned IBM service and support network, as well as a dial through telephone to a
nearby Mail Boxes Etc. location for additional services and support such as color copying projects, binding and packing and shipping. A simple swipe of any major
credit card activates the office equipment and computer stations which offer many popular software programs as well as access to the internet and e-mail. To
maintain security, MBE Business Express(TM) is equipped with TransAct(TM), USA Technologies' proprietary payment and management system that processes
secure, real-time credit card transactions, billing customers for actual services used while ensuring timely payments to the business center owner.
USA Technologies is a leading owner and licensor of networked credit card- activated control systems for the personal computer, photocopier, facsimile and laptop
printing capabilities. The company's proprietary technologies make available unattended, point-of-sale control systems for credit card payments.
Statement Under the Private Securities Litigation Reform Act
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risk and
uncertainties that may individually or mutually impact the matters herein described, including but not limited to product acceptance, economic, competitive,
governmental, results of litigation, technological and/or other factors, which are outside the control of the Company.
USA Technologies
Condensed Statement of Operations
(unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
1998 1997 1998 1997
Total revenues $548,208 $144,536 $1,280,012 $280,994
Net loss ($643,317) ($627,014) ($2,046,813) ($2,313,492)
Loss per common share ($0.03) ($0.05) ($0.11) ($0.17)
Weighted avg. number
of common shares
outstanding 36,094,736 21,960,852 34,160,761 20,114,083
Balance Sheet
March 31, June 30,
1998 1997
Current assets $1,443,636 $ 1,211,572
Other assets 126,639 198,707
Total assets 1,570,275 1,410,279
Total liabilities 989,722 564,138
Shareholders equity 580,553 846,141
Total liabilities &
shareholders equity 1,570,275 1,410,279
!BULLETIN! !BULLETIN! !BULLETIN! !BULLETIN!
USA Technologies Inc. will hold a telephone conference call today (5/14/98) starting at 11:00 A.M. (EST). The following Company officials will discuss
issues/answer questions relating to this news release: Mr. George Jensen, president and chief executive officer, Stephen Herbert, chief operating officer and Leland
Maxwell, chief financial officer. Those wishing to participate should call 800-329-0171 at approximately 10:50 A.M. (EST) (RESERVATION # 4262831).
Outside of the U.S., participants must call 303-446-5368. A replay of today's conference call will be available one hour after the conclusion of today's conference
call until 5:00 P.M. (EST) Friday, May 15. Replay callers in the U.S. must dial 800-633-8284. International participants must call 303-248-1201. |
