MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ:USAT) ("USAT"), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today reported results for the fourth quarter and fiscal year ended June 30, 2014.
Fourth Quarter Financial Highlights:
- License and transaction fee revenue of $9.5 million, a year-over-year increase of 15.8%.
- Adjusted EBITDA of $1.3 million, a year-over-year decrease of 22.1%.
- GAAP net loss at breakeven, or $0.00 per share.
- Non-GAAP net loss of $0.1 million compared to non-GAAP net income of $0.2 million for fourth quarter of fiscal 2013.
Fourth Quarter Financial Results
For the fourth quarter total revenue was $11.2 million, an increase of 15.7% compared to $9.7 million in the fourth quarter of fiscal 2013. This increase was driven by an increase in year over year connections to our network. License and transaction fees were $9.5 million compared to $8.2 million in the year ago quarter, a 15.8% increase. These fees, which are comprised of recurring monthly service fees as well as transaction processing fees, accounted for approximately 84% of total revenue. Equipment sales were $1.7 million compared to $1.5 million in last year's fourth quarter, a 15.5% increase, reflecting the greater connection growth in the fourth quarter of fiscal 2014 compared to last year's comparable period.
Fiscal 2014 Financial Results
For the year ended June 30, 2014, revenue was $42.3 million compared to $35.9 million in fiscal 2013. License and transaction fee revenue totaled $35.6 million compared to $30.0 million, an 18.6% increase. Adjusted EBITDA was $6.5 million compared to $5.8 million last year. GAAP net income applicable to common shares was $26.9 million, or $0.78 per share, compared to $0.2 million, or $0.01 per share, for fiscal 2013. GAAP net income for fiscal 2014 included $26.7 million, or $0.75 per diluted share, related to the partial recognition of a deferred tax asset. Non-GAAP net income applicable to common shares was $0.1 million, or $0.00 per diluted share, compared to non-GAAP net income of $0.2 million, or $0.01 per diluted share, applicable to common shares for fiscal 2013. Full article.
