USA TECH INC
SymbolUSAT

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USA Technologies, Inc. Reports First Quarter Fiscal 2010 Financial Results

2009-11-09 07:00 ET - News Release

-- Increased Revenue, Gross Profits and Reduced SG & A --


Company Website: http://www.usatech.com
MALVERN, Pa. -- (Business Wire)

USA Technologies (NASDAQ:USAT), a leading provider of technology-enabled solutions that facilitate payment transactions within the wireless unattended Point of Sale (“POS”) market, reported financial results for its first fiscal quarter ended September 30, 2009.

Highlights for the First Quarter Ended September 30, 2009

  • Increased the installed base by 36%, with 57,000 devices connected to its USALive® network as compared to approximately 42,000 devices as of the year before;
  • Increased the number of transactions processed during the quarter by 57% to 7.4 million, compared with 4.7 million transactions processed during the prior year’s quarter;
  • Increased the dollar volume of transactions processed to $14.6 million, compared with $11.6 million in the year-ago quarter, an increase of 26%;
  • $3.8 million quarterly revenue represents highest level in five quarters;
  • Improved gross margin percentage on equipment sales to 32% from 30% in the quarter a year ago;
  • Reduced SG & A for the quarter by 20% compared with last year’s first quarter;
  • Quick Start Program made up approximately 52% of ePort® equipment revenues for the quarter;
  • During the month of October 2009, the number of cashless transactions processed by the Company exceeded an average of 100,000 transactions per day

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