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Tuesday, June 18, 2013 11:26:14 AM
Dear Shareholders,
I am pleased to share with you our second quarter unaudited results to end February 28, 2013 for the current fiscal year to end August 2013.
The loss for the first half of fiscal 2013 was $588,000 as compared to the prior year comparable period loss, which was $1,090,000, an improvement of $502,000, or 46%. Revenue for the first half of fiscal 2013 was approximately $1,790,000 as compared to approximately $1,658,000 for the first half of our prior fiscal year, an increase of $132,000, or 8%.
The loss for the fiscal quarter ended February 28, 2013 was approximately $218,000 as compared to approximately $370,000 for the prior quarter ended November 30, 2012, an improvement of $152,000, or 41%. Revenue for the fiscal quarter ended February 28, 2013 was approximately $877,000 as compared to approximately $914,000 for the prior quarter ended November 30, 2012, a decrease of $37,000, or 4%, due to the traditionally quieter months of January and February.
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.
Very truly yours,
Raymond Goldsmith
Chairman & CEO
T + 1 678 805 2500
F + 1 678 805 2501
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