Rahaxi Inc., an international card payments processor and technology company, today reported financial results for the three month period ended September 30, 2009. The company reported a significant increase in hardware-related revenues during that three month period. These revenues came in at $397,193 versus $163,273 in the prior period, an increase of about 143%.
The company also reported a much smaller loss in the three month period ended September 30, 2009. Net losses came in at $1,132,279 for that three month period as compared to $3,351,972 for the same period last year, a decrease of approximately 66%. The decrease in losses can be attributed to a reduction in Rahaxi’s costs of transaction processing, along with cutbacks in selling, administrative and general expenses.
However, Rahaxi experienced a small 1% decline in overall revenues. The revenue decline was due to a drop in consulting services which occurred because of weakness in the local Irish economy as well as the relative strength of the Euro versus the US dollar.
Pual Egan, CEO of Rahaxi, commenting on the results said, “The significant increase in hardware and related revenue demonstrates the trend of continuing high demand for Rahaxi’s products and services offering in the marketplace. We plan to capitalize on these gains with stronger growth from our transaction processing and hardware…We expect this momentum to continue through the remainder of fiscal 2009 and beyond.”