Microservices Expo Authors: Elizabeth White, Pat Romanski, Gordon Haff, John Katrick, Mehdi Daoudi

News Feed Item

USA Technologies Announces Results of Annual Meeting of Shareholders

USA Technologies, Inc. (NASDAQ: USAT), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced the results of its Annual Meeting of Shareholders, held earlier today.

At the meeting:

  • all USA Technologies’ director nominees (Deborah G. Arnold, Steven D. Barnhart, Joel Brooks, Stephen P. Herbert, Albin F. Moschner, William J. Reilly, Jr., and William J. Schoch) were re-elected for an annual term;
  • USA Technologies’ 2014 Stock Option Incentive Plan was approved;
  • USA Technologies’ advisory vote on named executive officer compensation was approved; and
  • the appointment of McGladrey LLP as the independent registered public accounting firm of USA Technologies for fiscal year ending June 30, 2014 was ratified.

In addition, USA Technologies’ chairman and chief executive officer, Stephen P. Herbert, provided an overview of USA Technologies’ financial progress, strategic priorities and growth strategies. His overview included the following information:

  • Steps taken that USA Technologies’ believes would position USA Technologies to achieve its targets over the next three to four years of approximately 500,000 connections to its ePort Connect® service, $100 million in revenues and double digit operating margins;
  • Achievement of a milestone 250,000 connections to the ePort Connect service during the June 30, 2014 quarter. Herbert indicated that, assuming the full realization in revenues of all related billings for these connections, USA Technologies anticipates that these connections would contribute to an annualized total revenue run rate of approximately $50 million, thus marking a halfway point with respect to the three to four year goals described above;
  • Achievement of six consecutive quarters of non-GAAP net income through its latest fiscal quarter ended March 31, 2014. Non-GAAP net income, as used by USA Technologies during this period, represents GAAP net income (loss) excluding any benefit from reduction of the deferred tax asset valuation allowance and any adjustment for fair value of warrant liabilities; and
  • Achievement of what USA Technologies anticipates will be sustainable cash flows from operations.

Mr. Herbert indicated that USA Technologies’ strategy for growth has been straightforward and consistent—to continue to increase the number of new connections to its ePort Connect service and, to continue to create more value for every connection to its service, for both customers and shareholders. Interested parties may view the slide presentation on the investor relations section of USA Technologies’ website www.usatech.com, under Events and Presentations.

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 small ticket, self-service retailing industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile™ for customers on the go, and QuickConnect, an API Web service for developers. USA Technologies has been granted 87 patents; and has agreements with Verizon, Visa, Elavon and customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.

Forward-looking Statements:

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements, other than statements of historical fact included in this release, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to USA Technologies or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USA Technologies’ management, as well as assumptions made by and information currently available to USA Technologies’ 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, business, financial market and economic conditions; the incurrence by us of any unanticipated or unusual non-operating expenses which would require us to divert our cash resources from achieving our business plan; the ability of USA Technologies to predict or estimate its future quarterly or annual revenues and expenses given the developing and unpredictable market for its products; the ability of USA Technologies to retain key customers from whom a significant portion of its revenues are derived; the ability of a key customer to reduce or delay purchasing products from USA Technologies; whether USA Technologies’ suppliers would increase their prices, reduce their output or change their terms of sale; whether, and the promptness with which, customers install new connections; whether, and the extent to which, new connections will generate new revenues for USA Technologies in future quarters; the ability of USA Technologies to accurately predict the level of cashless usage on connections that have not yet commenced revenue generation; whether USA Technologies’ customers continue to utilize USA Technologies’ transaction processing and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days' notice; the ability of USA Technologies to accurately predict future market conditions and customer behavior; and whether customers will increase their purchases of USA Technologies’ products and services in the future. 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, USA Technologies 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.


More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@MicroservicesExpo Stories
"We started a Master of Science in business analytics - that's the hot topic. We serve the business community around San Francisco so we educate the working professionals and this is where they all want to be," explained Judy Lee, Associate Professor and Department Chair at Golden Gate University, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
We call it DevOps but much of the time there’s a lot more discussion about the needs and concerns of developers than there is about other groups. There’s a focus on improved and less isolated developer workflows. There are many discussions around collaboration, continuous integration and delivery, issue tracking, source code control, code review, IDEs, and xPaaS – and all the tools that enable those things. Changes in developer practices may come up – such as developers taking ownership of code ...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Cloud Governance means many things to many people. Heck, just the word cloud means different things depending on who you are talking to. While definitions can vary, controlling access to cloud resources is invariably a central piece of any governance program. Enterprise cloud computing has transformed IT. Cloud computing decreases time-to-market, improves agility by allowing businesses to adapt quickly to changing market demands, and, ultimately, drives down costs.
For over a decade, Application Programming Interface or APIs have been used to exchange data between multiple platforms. From social media to news and media sites, most websites depend on APIs to provide a dynamic and real-time digital experience. APIs have made its way into almost every device and service available today and it continues to spur innovations in every field of technology. There are multiple programming languages used to build and run applications in the online world. And just li...
The general concepts of DevOps have played a central role advancing the modern software delivery industry. With the library of DevOps best practices, tips and guides expanding quickly, it can be difficult to track down the best and most accurate resources and information. In order to help the software development community, and to further our own learning, we reached out to leading industry analysts and asked them about an increasingly popular tenet of a DevOps transformation: collaboration.
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
How is DevOps going within your organization? If you need some help measuring just how well it is going, we have prepared a list of some key DevOps metrics to track. These metrics can help you understand how your team is doing over time. The word DevOps means different things to different people. Some say it a culture and every vendor in the industry claims that their tools help with DevOps. Depending on how you define DevOps, some of these metrics may matter more or less to you and your team.
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We are an integrator of carrier ethernet and bandwidth to get people to connect to the cloud, to the SaaS providers, and the IaaS providers all on ethernet," explained Paul Mako, CEO & CTO of Massive Networks, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Grape Up leverages Cloud Native technologies and helps companies build software using microservices, and work the DevOps agile way. We've been doing digital innovation for the last 12 years," explained Daniel Heckman, of Grape Up in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"NetApp's vision is how we help organizations manage data - delivering the right data in the right place, in the right time, to the people who need it, and doing it agnostic to what the platform is," explained Josh Atwell, Developer Advocate for NetApp, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Let's do a visualization exercise. Imagine it's December 31, 2018, and you're ringing in the New Year with your friends and family. You think back on everything that you accomplished in the last year: your company's revenue is through the roof thanks to the success of your product, and you were promoted to Lead Developer. 2019 is poised to be an even bigger year for your company because you have the tools and insight to scale as quickly as demand requires. You're a happy human, and it's not just...
The enterprise data storage marketplace is poised to become a battlefield. No longer the quiet backwater of cloud computing services, the focus of this global transition is now going from compute to storage. An overview of recent storage market history is needed to understand why this transition is important. Before 2007 and the birth of the cloud computing market we are witnessing today, the on-premise model hosted in large local data centers dominated enterprise storage. Key marketplace play...
Cavirin Systems has just announced C2, a SaaS offering designed to bring continuous security assessment and remediation to hybrid environments, containers, and data centers. Cavirin C2 is deployed within Amazon Web Services (AWS) and features a flexible licensing model for easy scalability and clear pay-as-you-go pricing. Although native to AWS, it also supports assessment and remediation of virtual or container instances within Microsoft Azure, Google Cloud Platform (GCP), or on-premise. By dr...
With continuous delivery (CD) almost always in the spotlight, continuous integration (CI) is often left out in the cold. Indeed, it's been in use for so long and so widely, we often take the model for granted. So what is CI and how can you make the most of it? This blog is intended to answer those questions. Before we step into examining CI, we need to look back. Software developers often work in small teams and modularity, and need to integrate their changes with the rest of the project code b...
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...