Payment Data Systems Reports Net Income for First Quarter
Wednesday May 14, 5:30 pm ET
Revenue Increases 36% from Prior Year
SAN ANTONIO--(BUSINESS WIRE)--Payment Data Systems, Inc. (OTCBB: PYDS), an integrated electronic payments solutions provider, today announced financial results for the quarter ended March 31, 2008. Revenues increased 36% to $861,745 for the quarter ended March 31, 2008 from $633,196 for the first quarter of 2007. Net income for the quarter ended March 31, 2008 was $311,407 compared to a net loss of $611,555 for the prior year quarter. The profitability in the current quarter was due to the sale of certain bill payment patents in January 2008 for a gain of $750,000.
Commenting on the results for the quarter, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, “During the first quarter, we closed sales for 40 new payment processing agreements. We are pleased to see both transactions and revenue grow from the prior quarter, while we continue to remain debt-free.”
For further information regarding our financial results for the first quarter of 2008, please read our Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, which was filed today.
About Payment Data Systems, Inc.
Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments.
Payment Data is the owner of the electronic bill payment portal, http://www.billx.com, which has the ability to transmit payments to thousands of national billers.
Payment Data Systems Inc. (OTCBB: PYDS) is a registered ISO/MSP of MetaBank and a registered ISO/MSP and TPS/TPP of Merrick Bank Corp., South Jordan, UT.
Payment Data’s intellectual property includes a perpetual license of U.S. Patent Number 7,021,530 that relates to bill payments made with debit and stored value cards.
Payment Data holds the exclusive license to market the Natalie Gulbis Gift MasterCard (www.nataliegulbismastercard.com).
For additional information, visit www.paymentdata.com. Contact Michael Long for Investor Relations information at 210-249-4040 or email at ir@paymentdata.com.
Website: http://www.paymentdata.com ----- My firm Lebed Biz LLC has been compensated by PYDS $20,000 cash for a one-month investor relations contract. We were previously compensated by PYDS a total of $50,000 cash for past investor relations contracts which have since expired. Never invest into a stock we discuss unless you can afford to lose your entire investment. For our full disclaimer go to: www.lebed.biz/disclaimer.htm
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