USA Technologies Inc. (USAT, Financial) filed Quarterly Report for the period ended 2012-03-31.
Usa Tech Inc has a market cap of $59.3 million; its shares were traded at around $1.15 with and P/S ratio of 2.6.
Gross profit (“GP”) for the quarter ended March 31, 2012 was $2,795,220 compared to GP of $1,553,132 for the previous corresponding quarter, an increase of $1,242,088, of which $132,800 represents increased equipment sales GP and an increase of $1,109,288 attributable to license and transaction fees. Overall percentage based GP increased from 28% to 37% due to license and transaction fees GP having increased from 26% to 37% and by equipment sales GP having increased from 35% to 36%. License and transaction fee GP increased due to improved efficiencies stemming from recent partnership agreements, such as Verizon Wireless and Elavon, a larger ePort Connect service base, as well as having a larger number of JumpStart rental units with fees in the quarter versus a year ago when a larger number of JumpStart units had not yet had monthly fees commence. The increase in equipment sales GP was mainly due to increased activation fees, which have no direct costs associated with them.
Revenues for the nine month period ended March 31, 2012 were $21,114,397, consisting of $16,988,179 of license and transactions fees and $4,126,218 of equipment sales, compared to $15,980,159, consisting of $11,413,665 of license and transaction fees and $4,566,494 of equipment sales for the nine month period ended March 31, 2011. The increase in total revenue of $5,134,238, or 32%, was primarily due to an increase in license and transaction fees of $5,574,514, or 49%, from the prior period, and a decrease in equipment sales of $440,276, or 10%, from the prior corresponding period.
The $440,276 decrease in equipment sales was due to a decreases of approximately $331,000 related to ePort® products, approximately $77,000 in Energy Miser products and approximately $33,000 in other products. The $331,000 decrease in ePort products is attributable to a decrease of approximately $479,000 in activation fee revenue, of which approximately $157,000 is related to fewer ePort® units shipped in the nine months ended March 31, 2012 versus the nine months ended March 31, 2011, and approximately $322,000 is related to activation fees earned on non-USAT, third party devices and other activation services performed during the nine months ended March 31, 2011. Also contributing to the decrease of $331,000 in ePort products were revenues recorded in the period ended March 31, 2011 of $225,000 of Visa support funding and approximately $73,000 of revenue recognized under our May 2008 agreement with a customer. These decreases were offset by increases of approximately $446,000, consisting of equipment sales of ePort devices and ePort parts of $231,000 and $215,000, respectively. The decrease in Energy Miser and other equipment sale revenue is due to fewer units sold during the nine months ended March 31, 2012 when compared to the nine months ended March 31, 2011.
As a result of the connections added during the most recent fiscal quarters, recurring revenue from license and transaction fees increased from $4,313,503 for the three months ended March 31, 2011 to $5,985,052 for the three months ended March 31, 2012, an increase of 39%. In addition, total GP dollars have increased from $1,553,132 for the three months ended March 31, 2011 to $2,795,220 for the three months ended March 31, 2012, an increase of 80%. Our average monthly cash GP during the three months ended March 31, 2012, excluding non-cash depreciation expense included in cost of sales during the quarter of approximately $498,000, approximates $1,100,000 and is expected to increase in the next fiscal quarter due to recognizing recurring revenue on JumpStart units shipped during the quarter ended March 31, 2012. Our average monthly SG&A expenses during the three months ended March 31, 2012 were approximately $1,014,000. This includes charges of approximately $61,000 related to the SEC s investigation, and other non-cash net charges of approximately $80,000. Excluding these charges, our average monthly cash-based SG&A expenses during the three months ended March 31, 2012 was approximately $967,000. With positive adjusted EBITDA achieved during the recent quarter, and as shown by the reconciliation of net loss to adjusted EBITDA set forth above, the Company did not utilize cash to fund losses during the quarter. Assuming our average monthly cash-based SG&A expenses incurred during the March 31, 2012 quarter, calculated above, would continue, and since the Company has the ability to reduce the cash it uses for ePort units purchased for the JumpStart Program, the Company believes its existing cash and cash equivalents as of March 31, 2012, would provide sufficient funds to meet its cash requirements, including the potential costs which may arise in connection with the 2012 annual meeting of shareholders, capital expenditures and repayment of long-term debt through at least July 1, 2013.
Read the The complete Report
Usa Tech Inc has a market cap of $59.3 million; its shares were traded at around $1.15 with and P/S ratio of 2.6.
Highlight of Business Operations:
Revenues for the quarter ended March 31, 2012 were $7,527,051, consisting of $5,985,052 of license and transactions fees and $1,541,999 of equipment sales, compared to $5,522,977, consisting of $4,313,503 of license and transaction fees and $1,209,474 of equipment sales for the quarter ended March 31, 2011. The increase in total revenue of $2,004,074, or 36%, was primarily due to an increase in license and transaction fees of $1,671,549, or 39%, from the prior period, and an increase in equipment sales of $332,525 or 27%, from the prior period.Gross profit (“GP”) for the quarter ended March 31, 2012 was $2,795,220 compared to GP of $1,553,132 for the previous corresponding quarter, an increase of $1,242,088, of which $132,800 represents increased equipment sales GP and an increase of $1,109,288 attributable to license and transaction fees. Overall percentage based GP increased from 28% to 37% due to license and transaction fees GP having increased from 26% to 37% and by equipment sales GP having increased from 35% to 36%. License and transaction fee GP increased due to improved efficiencies stemming from recent partnership agreements, such as Verizon Wireless and Elavon, a larger ePort Connect service base, as well as having a larger number of JumpStart rental units with fees in the quarter versus a year ago when a larger number of JumpStart units had not yet had monthly fees commence. The increase in equipment sales GP was mainly due to increased activation fees, which have no direct costs associated with them.
Revenues for the nine month period ended March 31, 2012 were $21,114,397, consisting of $16,988,179 of license and transactions fees and $4,126,218 of equipment sales, compared to $15,980,159, consisting of $11,413,665 of license and transaction fees and $4,566,494 of equipment sales for the nine month period ended March 31, 2011. The increase in total revenue of $5,134,238, or 32%, was primarily due to an increase in license and transaction fees of $5,574,514, or 49%, from the prior period, and a decrease in equipment sales of $440,276, or 10%, from the prior corresponding period.
The $440,276 decrease in equipment sales was due to a decreases of approximately $331,000 related to ePort® products, approximately $77,000 in Energy Miser products and approximately $33,000 in other products. The $331,000 decrease in ePort products is attributable to a decrease of approximately $479,000 in activation fee revenue, of which approximately $157,000 is related to fewer ePort® units shipped in the nine months ended March 31, 2012 versus the nine months ended March 31, 2011, and approximately $322,000 is related to activation fees earned on non-USAT, third party devices and other activation services performed during the nine months ended March 31, 2011. Also contributing to the decrease of $331,000 in ePort products were revenues recorded in the period ended March 31, 2011 of $225,000 of Visa support funding and approximately $73,000 of revenue recognized under our May 2008 agreement with a customer. These decreases were offset by increases of approximately $446,000, consisting of equipment sales of ePort devices and ePort parts of $231,000 and $215,000, respectively. The decrease in Energy Miser and other equipment sale revenue is due to fewer units sold during the nine months ended March 31, 2012 when compared to the nine months ended March 31, 2011.
As a result of the connections added during the most recent fiscal quarters, recurring revenue from license and transaction fees increased from $4,313,503 for the three months ended March 31, 2011 to $5,985,052 for the three months ended March 31, 2012, an increase of 39%. In addition, total GP dollars have increased from $1,553,132 for the three months ended March 31, 2011 to $2,795,220 for the three months ended March 31, 2012, an increase of 80%. Our average monthly cash GP during the three months ended March 31, 2012, excluding non-cash depreciation expense included in cost of sales during the quarter of approximately $498,000, approximates $1,100,000 and is expected to increase in the next fiscal quarter due to recognizing recurring revenue on JumpStart units shipped during the quarter ended March 31, 2012. Our average monthly SG&A expenses during the three months ended March 31, 2012 were approximately $1,014,000. This includes charges of approximately $61,000 related to the SEC s investigation, and other non-cash net charges of approximately $80,000. Excluding these charges, our average monthly cash-based SG&A expenses during the three months ended March 31, 2012 was approximately $967,000. With positive adjusted EBITDA achieved during the recent quarter, and as shown by the reconciliation of net loss to adjusted EBITDA set forth above, the Company did not utilize cash to fund losses during the quarter. Assuming our average monthly cash-based SG&A expenses incurred during the March 31, 2012 quarter, calculated above, would continue, and since the Company has the ability to reduce the cash it uses for ePort units purchased for the JumpStart Program, the Company believes its existing cash and cash equivalents as of March 31, 2012, would provide sufficient funds to meet its cash requirements, including the potential costs which may arise in connection with the 2012 annual meeting of shareholders, capital expenditures and repayment of long-term debt through at least July 1, 2013.
Read the The complete Report
