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USA Technologies Reports Record Second Quarter Revenue; December Represents First $1 Million Sales Month in Company's History 2/14/2006
MALVERN, Pa., Feb 14, 2006 (BUSINESS WIRE) -- USA Technologies (OTCBB:USTT) announced today record revenue for its second quarter ended December 31, 2005. The Company reported revenue of approximately $1.96 million, a 72.4% increase compared to $1.14 million for the same period a year ago. For the six months ended December 31, 2005, USA Technologies reported revenue of $3.32 million, a 53.2% increase compared to $2.17 million for the first six months of fiscal 2005.
The strong revenue growth came from all four of the Company's key business units, including Miser(TM) products for energy management solutions, e-Port(R) for cashless transaction solutions, unattended Business Express(R) services, and online e-Suds(TM) laundry services.
"Our record second quarter results and key accomplishments have positioned the Company for a strong second half of its fiscal year," said George R. Jensen, Chairman and CEO, USA Technologies. "We rapidly grew revenue and enhanced key relationships with Pepsi ,a Fortune 50 Retailer and MasterCard. In addition, we have improved our capital structure through the recently announced 1 for 100 reverse stock split which shall become effective on February 17, 2006. As a result of the reverse split, the Company intends to submit a listing application for its common stock on a National Exchange."
Some of the highlights contributing to the Second Fiscal Quarter include:
-- Record Revenue month. The Company achieved $1 million in gross revenue for December, the highest in its history.
-- Nationwide Miser launch with Pepsi. 100 Pepsi bottlers, to date, have installed VM2IQ(TM) devices nationwide.
-- Penetration of the University market. More than 2000 washers and dryers, to date, have been connected to the e-Suds network at universities and college campuses.
-- Developed offshore production. The Company lowered its production costs through offshore manufacturing. The move is expected to improve operating margins to 50 percent on the Company's highest revenue producing product line, the Miser line.
-- Completed $4 million private placement. The Company completed a private placement of its common stock with a leading institutional investor.
About USA Technologies:
USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. USA Technologies is an IBM Business Partner. The Company has marketing agreements with Cingular Wireless, Honeywell, MEI, and ZiLOG Corporation. For further information on USA Technologies, please visit 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, the ability of the Company to increase revenues in the future due to the developing and unpredictable markets for its products, the ability to achieve a positive cash flow, the ability to obtain orders for its energy management products, the ability to obtain new customers and the ability to commercialize its products, which could cause actual results or revenues to differ materially from those contemplated by these statements.
SOURCE: USA Technologies
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USA Technologies Announces Change in Ticker Symbols Friday February 17, 11:56 am ET
MALVERN, Pa.--(BUSINESS WIRE)--Feb. 17, 2006--USA Technologies, Inc. (OTCBB:USAT - News) announced that effective today, as a result of the reverse stock split of its common stock, the Company's common stock is now trading under the ticker symbol USAT on the Nasdaq Over-The-Counter Bulletin Board. As a result of the reverse stock split, the Company now has approximately 5 million shares of common stock outstanding, and is trading at approximately $11.00 per share.
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USA Technologies Reports Record Second Quarter Revenue; December Represents First $1 Million Sales Month in Company's History
