LML Payments Systems Inc. (LMLP) Posts Solid Q3 and Nine-month Financials

By @ibtimes on

LML Payments Systems Inc., a leading technology provider of financial payment solutions for e-commerce and traditional businesses, yesterday posted its results for its third quarter and nine month-period ended December 31, 2010.The company attributes its positive performance to growth in various segments and its ability to cater to clients.

“We are pleased to announce these results for the third quarter and first nine-month period of our fiscal year. All three of our business segments reported increased revenue and profitable results. Our Transaction Payment Processing segment continued to grow impressively at 30 percent. Our check business increased revenue by 22 percent and our Intellectual Property segment grew revenue by 350 percent during the last quarter. We are encouraged by these results and the impact of aligning our business segments; our products and services; and our customers’ needs, as an increasing number of payments transition to electronic forms and are increasingly conducted over the Internet,” Patrick H. Gaines, CEO of LML stated in the press release.

The company posted revenue for the third quarter at $11.06 million, an increase of 133 percent over the $4.74 million in revenue reported for the third quarter ended December 31, 2009.

GAAP net income for the quarter was $2.11 million, or $0.08 per share, compared to a GAAP net loss of $396,000, or $(0.02) per share, for the third quarter ended December 31, 2009, an improvement of $2.51 million or $0.10 per share.

Non-GAAP net income was $2.67 million, or $0.10 per share, compared to $87,000, or $0.00 per share, for the comparable quarter of last year. Non-GAAP net income excludes stock-based compensation, depreciation and amortization, and other non-cash items.

Revenue for the nine months ended December 31, 2010, increased 96 percent to $22.01 million, up from revenue of $11.23 million for the nine-month period ended December 31, 2009.

GAAP net income for the same period was $3.01 million, or $0.11 per share, compared to GAAP net income of $59,000 or $0.00 per share, for the same period during fiscal 2009, an improvement of $2.96 million or $0.11 per share.

Non-GAAP net income for the nine-month period ended December 31, 2010, was $4.58 million, or $0.16 per share, compared to $1.44 million,, or $0.05 per share, for the same period last year.

For more information visit www.lmlpayment.com

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