USTT - just a small update.....
USA TECHNOLOGIES REPORTS THIRD-QUARTER FINANCIAL RESULTS
Revenues increased 82 percent for the quarter; nine-month
revenue exceeded $3 million, an increase of 161 percent
WAYNE, Pa., May 18 /PRNewswire/ -- USA Technologies Inc. (OTC Bulletin
Board: USTT), the leader in public access business services, announced
today that revenues for the three months ended March 31, 1999, were
$997,436, an increase of 82 percent, compared with revenues of $548,208
for the same period last year. The Company also reported a net loss of
$(758,643), or a net loss of ($0.03) per share, for the three months
ended March 31, 1999, compared with a net loss of $(643,317), or a net
loss of $(0.03) per share, for the same period last year.
For the nine months ended March 31, 1999, the Company reported revenues
of $3,340,282, an increase of 161 percent, compared with revenues of $1,
280,012 for the same period last year. The Company also reported a net
loss of $(2,138,780), or a net loss of $(0.08) per share, for the third
quarter ending March 31, 1999, compared with a net loss of
$(2,046,813), or a net loss of $(0.11) per share, for the same period
last year.
"We are pleased to report that revenues for the 1999 third quarter
substantially increased over the same quarter last year," said George
R. Jensen, Jr., chairman and chief executive officer of USA
Technologies. "At the end of the third quarter, over 1,200 points of
distribution nationwide offered USA's patented credit card-activated
business services, an increase of 140 percent as compared to
approximately 500 locations at this time last year. This substantial
growth, fueled by the strong sales of our Business Express(TM) family
of products, is further evidence that the hospitality industry is
embracing our credit card-activated office equipment as a solution to
the demands of the business traveler.
"Our top priority is to make USA Technologies a profitable enterprise,
and we have made great strides toward that goal. We remain extremely
bullish for the remainder of this year," Jensen noted. "E-Port(TM), our
next generation credit card payment terminal, will be introduced
sometime next month. This new terminal contains all of the
functionality of our existing TransAct(TM) terminal for credit card
processing, control and data management, and in addition, offers the
capability for public access electronic commerce and advertising.
Simply put, while conducting routine purchases at vending machines, in
convenience stores and other retail locations, consumers could have an
unprecedented opportunity to make e-commerce transactions via millions
of retail point-of-sale devices, away from their home computer.
"In addition, we anticipate several positive announcements in the
short- term, including new strategic accounts in the hospitality
industry, as well as the unveiling of a business center solution for
limited service hotel properties, who may not have the traffic to
justify a full-service business center. This product, like all of our
products, will be installed, serviced and maintained by IBM Global
Services," Jensen concluded.
USA's entire product line utilizes the patented TransAct(TM) system, a
networked solution that allows for low-value, secure credit card
transactions to occur in an unattended setting.
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 home page 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 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,
1999 1998 1999 1998
Total revenues $997,436 $548,208 $3,340,282 $1,280,012
Net loss ($758,643) ($643,317) ($2,138,780) ($2,046,813)
Loss per common share ($0.03) ($0.03) ($0.08) ($0.11)
Weighted avg. 41,321,074 36,094,736 40,595,401 34,160,761
number of common
shares outstanding
SOURCE USA Technologies Inc.
-0- 05/18/99 /CONTACT: Jon Siegal or Steve
Danehy, Associates of Ronald Trahan Associates Inc., 617-332-0101, or
George R. Jensen, Jr., Chairman & CEO or Stephen P. Herbert, Chief
Operating Officer of USA Technologies Inc., 800-633-0340/
/Company News On-Call: prnewswire.com or
fax, 800-758-5804, ext. 124471/
/Web site: usatech.com (USTT)
CO: USA Technologies Inc. ST: Pennsylvania IN: CPR FIN SU: ERN
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