FDTC news July 15, 2013
Dear Shareholders,
I am pleased to share with you our third quarter unaudited results to end May 31, 2013 for the current fiscal year to end August 2013.
Revenue for the first nine months of fiscal 2013 was approximately $2,622,000 as compared to approximately $2,524,000 for the first nine months of our prior fiscal year, an increase of $98,000, or 4%. The loss for the nine months ended May 31, 2013 was $868,000 as compared to the prior year comparable period loss of $1,644,000, an improvement of $776,000, or 47%, due to a decrease of approximately $427,000 in salaries and benefits expense and approximately $138,000 in technical and processing expense.
Revenue for the fiscal quarter ended May 31, 2013 was approximately $833,000 as compared to approximately $877,000 for the prior quarter ended February 28, 2013, a decrease of $44,000, or 5%. The loss for the fiscal quarter ended May 31, 2013 was approximately $256,000 as compared to approximately $218,000 for the prior quarter ended February 28, 2013, an increase of $38,000, or 17%.
We have recently renewed our Sponsor Bank Agreement with Mercantile Bank and, in having Nedbank as our Sponsor Bank for our General Purpose Reloadable cards (“GPR”); we have secured this essential support enabling us to offer the full range of prepaid debit cards in the South African market. With completion of our own new platform at the end of this month we are in a stronger position to continue to expand our card business in the market.
New initiatives in marketing and product development are currently being implemented with a focus on attracting new customers, whilst satisfying our existing customers’ demands for new and improved product features.
Very truly yours,
Raymond Goldsmith
Chairman & CEO
T + 1 678 805 2500
F + 1 678 805 2501
AI
