MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc. (NASDAQ:USAT) ("USAT"), a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, announced that it added 20,000 net new connections and achieved revenue of approximately $18 million in the second quarter of fiscal 2016. The resulting increases represent net new connection growth of 66 percent from net new connections added during the same quarter of last fiscal year and revenue growth of 40 percent from revenues during the same quarter of last fiscal year.
“USA Technologies continues to achieve company records for revenue and is steadily increasing connections as the self-service retail market moves toward the widespread acceptance of cashless and mobile payments,” said Stephen P. Herbert, chairman and chief executive officer of USA Technologies. “Total connections as of December 31, 2015 of 369,000 grew 28 percent from total connections as of December 31, 2014, indicating that we are on the way to our Q4 FY 17 goal of 500,000 total connections. We believe that these growth rates indicate that our strategy to capture this large market is working, and provide confidence that we are on track to reach our revenue and connection targets for Q4 of the 2017 fiscal year.”
USAT has driven growth in total connections of 24 percent or more every quarter for the past eight quarters, and has achieved progressively increased revenue. $18 million in revenue for the quarter surpasses the company’s previous record of $17.6 million in the fourth quarter 2015.
Herbert continued, “In order to aggressively capture the market, we look for ways to expand our product offering, including our recent acquisition of VendScreen. Further, we continue to pursue our goals of increasing profitability and enhancing shareholder value.”
Webcast and Conference Call
USA Technologies also announced today that it will report its second quarter fiscal 2016 financial results on February 12, 2016 before the opening of the financial markets. Management will host a conference call and webcast the event beginning at 8:30 a.m. Eastern Time the same day.
To participate in the conference call, please dial (866) 393-1608 approximately 10 minutes prior to the call. International callers should dial (224) 357-2194. Please reference conference ID # 42182812.
A live webcast of the conference call will be available at http://investor.usatech.com/events.cfm. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.
A telephone replay of the conference call will be available from 11:30 a.m. Eastern Time on February 12, 2016 until 11:59 p.m. Eastern Time on February 15, 2016 and may be accessed by calling (855) 859-2056 (domestic dial-in) or (404) 537-3406 (international dial-in) and reference conference ID # 42182812. An archived replay of the conference call will also be available in the investor relations section of the company's website.
About USA Technologies
USA Technologies, Inc. is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market. The company 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, Chase Paymentech and customers such as Compass, AMI Entertainment and others. The company recently acquired Portland, Oregon based VendScreen, the industry’s leading manufacturer of retrofit touchscreen devices for vending machines. For more information please 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 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 ability of management to accurately predict or forecast future financial results, including revenues, earnings or taxable income of USAT; the incurrence by us of any unanticipated or unusual non-operational expenses 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; 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 raise funds in the future through the sales of securities or debt financings in order to sustain its operations if an unexpected or unusual non-operational event would occur; the ability to prevent a security breach of our systems or services or third party services or systems utilized by us; whether any patents issued to USAT or its intellectual property will provide USAT with any competitive advantages or adequate protection for its products, or would be challenged, invalidated or circumvented by others; the ability of USAT to operate without infringing the intellectual property rights of others; whether USAT would be able to sell sufficient ePort hardware to third party leasing companies as part of the QuickStart program in order to significantly increase cash flows from operations; and whether USAT's existing or anticipated customers purchase, rent or utilize ePort devices or our other products or services 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.
F-USAT