|By Business Wire||
|January 8, 2013 07:30 AM EST||
USA Technologies, Inc. (NASDAQ: USAT) (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced that it expects to celebrate a major milestone on January 29 when USAT reports its financial results for the second quarter of fiscal 2013. USAT expects to achieve non-GAAP net income—for the first time—for its second fiscal quarter ended December 31, 2012 (see Non-GAAP Financial Measure below for definition), following aggressive actions taken by management throughout 2012 to accelerate USAT’s “path to profitability”.
In addition, USAT released the following preliminary financial results with respect to the second quarter of fiscal 2013.
- Total revenues for the second quarter are expected to be in the range of $8.8 to $8.9 million, reflecting an approximate increase of 29% compared to the same period in the prior year.
- Recurring revenues for the second quarter are expected to be approximately 83% of total revenues for the second quarter. Recurring revenues are comprised primarily of ePort Connect® license fees and transaction processing fees per connection.
- Total net connections added in the second quarter, which contribute to future recurring revenues, are expected to be approximately 12,000, an increase of 71% from the same period a year ago. These preliminary net connections for the quarter would bring USAT’s total connected base to 186,000, a 37% increase from the same period one year ago.
“Achieving profitability was the cornerstone of our turnaround plan communicated to shareholders almost a year ago,” said Stephen P. Herbert, chairman and chief executive officer of USA Technologies. “As a result, we are extremely excited about delivering on this important promise to shareholders and achieving this important milestone in our growth story. The USAT team has played a pivotal role in bringing cashless payment to the unattended market and this diligence is now paying off.
“A year ago, we took a number of aggressive actions to strengthen revenue, improve margins and reduce expenses to accelerate our path toward profitability,” added Herbert. “We also pushed through the challenges of the Durbin Amendment, a leadership transition and a proxy contest all the while growing connections to our service and bringing the business to scale. At the same time, as part of a comprehensive turnaround plan, we positioned the business for the future by expanding our customer base and driving innovation with customer-focused offerings that reflect our service commitment and leadership. We also made across-the-board improvements in corporate governance, including the composition of our board and improved investor transparency. Given these results and the recurring nature of the majority of our revenues, we believe non-GAAP net income is sustainable; therefore, as we have previously stated, we expect to achieve non-GAAP net income for the full fiscal year as well,” concluded Herbert.
The second quarter fiscal 2013 financial results included in this release are preliminary and subject to finalization of USAT’s quarterly financial and accounting procedures. USAT intends to hold a conference call and Webcast to review its second quarter fiscal 2013 financial results on January 29, 2013. Details will be released approximately two weeks prior to the call.
Non-GAAP Financial Measure
This press release includes the following financial measure which is defined as a non-GAAP (Generally Accepted Accounting Principles) financial measure by the Securities and Exchange Commission: non-GAAP net income. As used herein, non-GAAP net income for fiscal 2013 represents GAAP net income (loss) excluding costs relating to the proxy contest, any adjustment for fair value of warrant liabilities and any charges for impairment of intangible assets. For the second quarter of fiscal 2013, non-GAAP net income represents GAAP net income (loss) excluding only any adjustment for fair value of warrant liabilities.
Management believes that non-GAAP net income is an important measure of USAT's business. We believe that this non-GAAP financial measure serves as a useful metric for our management and investors because it enables a better understanding of the performance of our core business and facilitates comparisons of our operating results over multiple periods.
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of the small ticket, self-service retail industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G8, ePort Mobile™ for customers on the go, and QuickConnect™, an API Web service for developers. USA Technologies has been granted 84 patents; and has agreements with Verizon, Visa, Elavon and major customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the business strategy and the plans and objectives of USAT's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to USAT's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, the incurrence by us of any unanticipated or unusual non-operational expenses, such as in connection with a proxy contest, which would require us to divert our cash resources from achieving our business plan; the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; whether USAT's customers would continue to add additional connections to our network in the future at levels currently anticipated by USAT; the ability of USAT to compete with its competitors to obtain market share; whether USAT's customers continue to utilize USAT's transaction processing and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days' notice; the ability of USAT to obtain widespread commercial acceptance of it products; the ability of USAT to raise funds in the future through the sales of securities in order to sustain its operations if an unexpected or unusual non-operational event would occur; and whether USAT's existing or anticipated customers purchase, rent or utilize ePort devices in the future at levels currently anticipated by USAT. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
Just last week a senior Hybris consultant shared the story of a customer engagement on which he was working. This customer had problems, serious problems. We’re talking about response times far beyond the most liberal acceptable standard. They were unable to solve the issue in their eCommerce platform – specifically Hybris. Although the eCommerce project was delivered by a system integrator / implementation partner, the vendor still gets involved when things go really wrong. After all, the vendo...
May. 28, 2016 11:15 PM EDT Reads: 1,463
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
May. 28, 2016 11:00 PM EDT Reads: 2,365
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
May. 28, 2016 10:00 PM EDT Reads: 2,562
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
May. 28, 2016 10:00 PM EDT Reads: 2,580
While there has been much ado about interoperability, there are still no real solutions, same as last year and the year before that. The large EHR vendors who continue to dominate the market still maintain that interoperability is all but solved, still can't connect EHRs across the continuum causing frustration by providers and a disservice to patients. The ONC pays lip service to the problem, but that is about it. It is time for the healthcare industry to consider alternatives like middleware w...
May. 28, 2016 08:45 PM EDT Reads: 1,676
I have an article in the recently released “DZone Guide to Building and Deploying Applications on the Cloud” entitled “Fullstack Engineering in the Age of Hybrid Cloud”. In this article I discuss the need and skills of a Fullstack Engineer with relation to troubleshooting and repairing complex, distributed hybrid cloud applications. My recent experiences with troubleshooting issues with my Docker WordPress container only reinforce the details I wrote about in this piece. Without my comprehensive...
May. 28, 2016 07:15 PM EDT Reads: 1,950
SYS-CON Events announced today BZ Media LLC has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and Commercial Drone markets.
May. 28, 2016 07:00 PM EDT Reads: 3,601
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
May. 28, 2016 06:45 PM EDT Reads: 2,873
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
May. 28, 2016 01:00 PM EDT Reads: 2,348
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
May. 28, 2016 01:00 PM EDT Reads: 2,006
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
May. 28, 2016 11:00 AM EDT Reads: 4,060
Agile teams report the lowest rate of measuring non-functional requirements. What does this mean for the evolution of quality in this era of Continuous Everything? To explore how the rise of SDLC acceleration trends such as Agile, DevOps, and Continuous Delivery are impacting software quality, Parasoft conducted a survey about measuring and monitoring non-functional requirements (NFRs). Here's a glimpse at what we discovered and what it means for the evolution of quality in this era of Continuo...
May. 28, 2016 10:15 AM EDT Reads: 1,626
Last week I had the pleasure of speaking on a panel at Sapphire Ventures Next-Gen Tech Stack Forum in San Francisco. Obviously, I was excited to join the discussion, but as a participant the event crystallized not only where the larger software development market is relative to microservices, container technologies (like Docker), continuous integration and deployment; but also provided insight into where DevOps is heading in the coming years.
May. 28, 2016 09:45 AM EDT Reads: 1,533
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 28, 2016 09:45 AM EDT Reads: 2,273
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 28, 2016 09:00 AM EDT Reads: 2,443
You might already know them from theagileadmin.com, but let me introduce you to two of the leading minds in the Rugged DevOps movement: James Wickett and Ernest Mueller. Both James and Ernest are active leaders in the DevOps space, in addition to helping organize events such as DevOpsDays Austinand LASCON. Our conversation covered a lot of bases from the founding of Rugged DevOps to aligning organizational silos to lessons learned from W. Edwards Demings.
May. 28, 2016 07:45 AM EDT Reads: 1,501
Earlier this week, we hosted a Continuous Discussion (#c9d9) on Continuous Delivery (CD) automation and orchestration, featuring expert panelists Dondee Tan, Test Architect at Alaska Air, Taco Bakker, a LEAN Six Sigma black belt focusing on CD, and our own Sam Fell and Anders Wallgren. During this episode, we discussed the differences between CD automation and orchestration, their challenges with setting up CD pipelines and some of the common chokepoints, as well as some best practices and tips...
May. 28, 2016 07:15 AM EDT Reads: 1,404
When I talk about driving innovation with self-organizing teams, I emphasize that such self-organization includes expecting the participants to organize their own teams, give themselves their own goals, and determine for themselves how to measure their success. In contrast, the definition of skunkworks points out that members of such teams are “usually specially selected.” Good thing he added the word usually – because specially selecting such teams throws a wrench in the entire works, limiting...
May. 28, 2016 06:15 AM EDT Reads: 1,609
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 28, 2016 06:00 AM EDT Reads: 2,269
Automation is a critical component of DevOps and Continuous Delivery. This morning on #c9d9 we discussed CD Automation and how you can apply Automation to accelerate release cycles, improve quality, safety and governance? What is the difference between Automation and Orchestration? Where should you begin your journey to introduce both?
May. 28, 2016 05:45 AM EDT Reads: 1,436