Thanks Fate I see it was you that pointed out ustt ... I'm still waking up on Pacific Time..... LOL
Check out this news release from USTT confirms what I've been saying IMO:
USA Technologies Reports 1999 Second-Quarter Financial Results
Revenues in Excess of $1.5 Million, an Increase of 321 Percent Over Same Period Last Year
WAYNE, Pa., Feb. 17 /PRNewswire/ -- USA Technologies Inc. (OTC Bulletin Board: USTT - news), the leader in public access computing, announced today that revenues for the three months ended December 31, 1998 were $1,550,387, compared with revenues of $368,049 for the same period last year, an increase of 321 percent. The company also reported a net loss of $(709,656), or a net loss of ($0.03) per share, for the three months ended December 31, 1998, compared with a net loss of $(742,971), or a net loss of $(0.03) per share, for the same period last year.
''Our substantial revenue growth reflects the growing need for credit card- activated business equipment,'' said George R. Jensen, Jr., chairman and chief executive officer of USA Technologies. ''By the end of 1998, USA Technologies' installation base consisted of over 1,000 control systems, located at various hotels, libraries, convenience stores and service locations.''
USA's patented TransAct(TM) technology enables secure credit card activation of a variety of business products, including MBE Business Express(TM), a 24-hour self-service business center product of Mail Boxes Etc. and USA Technologies. Other USA credit card-activated business products include Laptop Dataport Express, a functional laptop/dataport connection and workstation, and USA's Public PC, a stand-alone IBM computer and printer. All of USA's business products are serviced and maintained by IBM Global Services.
''Our goal is to become profitable sometime during the summer of 1999, and we believe that goal is achievable,'' continued Jensen. ''In the hospitality markets alone, we are forecasting product line revenue in excess of $10 million over the next twelve months. In addition, we are nearing completion of our next-generation TransAct terminals. These unique, user- friendly, non-PC terminals will enable consumers to conduct electronic commerce and credit card transactions over the internet, without the use of a personal computer. The new terminals will be integrated into various types of host equipment, including for example, a vending machine.''
With patented technology and a rapidly expanding product line, USA Technologies is the leader in providing credit card-activated business services for professionals and consumers needing to communicate or conduct business outside the home or workplace. Visit the USA Technologies message board at www.ragingbull.com and USA's web site at www.usatech.com.
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 substantial risk and uncertainties in accordance with the Securities Litigation Reform Act of 1995. The following are important factors that may individually or mutually impact the forward-looking statements described above: product acceptance, economic, competitive, governmental, litigation, technological, development and ability to operate at a profit.
USA Technologies Inc.
Consolidated Statement of Operations
(unaudited)
Three Months Ended
December 31,
1998 1997
Total revenues $1,550,387 $368,049
Net loss (709,656) (742,971)
Loss per common share (0.03) (0.03)
Weighted avg. number of
common shares outstanding 40,268,647 34,734,876 |
