Courtesy of Benzinga.
USA Technologies, Inc. (NASDAQ: USAT) today announced the following preliminary information for the third quarter of fiscal year 2012 ended March 31, 2012.
Total Revenues for the third quarter are expected to be approximately $7.5 million, reflecting an increase of approximately 36% from the same period in the prior year.
Recurring revenues for the third quarter are expected to be approximately $5.9 million, an increase of approximately 39% from the third quarter of fiscal 2011. Recurring revenues, which represented approximately 79% of total revenues for the third quarter, are comprised of ePort Connect® license fees and transaction processing fees per connection as well as rental revenues from USA Technologies’ JumpStart program.
Total connections added in the quarter, which contribute to future recurring revenues, were approximately 12,000, an increase of 304% from the same period a year ago. The growth in connections was fueled by USAT’s JumpStart program, expansion into vertical markets such as kiosk and continued demand for cashless payment solutions to meet consumer’s desire for non-cash options. Based on preliminary additional connections of 12,000 for the quarter, USAT’s total connected base now stands at approximately 148,000, a 32% increase from the same period one year ago. Adjusted EBITDA is expected to be approximately $300,000 for the third quarter of fiscal 2012, compared to an Adjusted EBITDA loss of $(940,170) for the third quarter of fiscal 2011.
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