Courtesy of Benzinga.
Shares of VeriFone Systems (NYSE: PAY) are trading lower in the after-hours following the release of the company’s Q1 earnings results. Currently, shares are lower by 1.35%, trading at $45.92; they ended the regular session lower by 2.41%, at $46.55.
VeriFone Systems reported Q1 EPS of $0.58 on revenues of $425 million; on a GAAP basis EPS was ($0.03) on revenues of $420 million. Non-GAAP revenues increased 50% year over year.
“We are delighted with our strong start to fiscal year 2012. We reported record revenues and non-GAAP EPS, the highest non-GAAP operating margin in over five years and continued double-digit organic growth,” said Douglas G. Bergeron, Chief Executive Officer.
“The Point business is performing ahead of plan. Their ‘payment-as-a-service’ model is positioned to serve as the new North American paradigm for quickly deploying and maintaining advanced EMV software and mobile wallet software updates for Visa, Isis, Google, PayPal and others.”
VeriFone has updated its guidance. For the second fiscal quarter ending April 30, 2012, VeriFone expects to report non-GAAP net revenues in the range of $465 million to $470 million. Non-GAAP net income per diluted share is projected to range from $0.59 to $0.60.
For the full year of fiscal 2012, VeriFone expects to report non-GAAP net revenues in the range of $1.900 billion to $1.925 billion. Non-GAAP net income per diluted share is expected to range from $2.60 to $2.66 in FY12.
VeriFone Systems, Inc., formerly VeriFone Holdings, Inc., is a holding company for VeriFone, Inc. The company is engaged in the secure electronic payment solutions.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
