Payment Data Systems, Inc., an integrated electronic payments solutions provider, announced financial results for the year ended December 31, 2006.
Revenues increased 114% to $2,522,572 for the year ended December 31, 2006 from $1,180,753 for 2005. Operating loss improved to $1,251,725 for 2006 from $1,639,982 in 2005. Net loss for the year ended December 31, 2006 was $1,396,338, or $0.03 per share, compared to net loss of $1,195,690, or $0.04 per share, for 2005. The change in net loss from the prior year was primarily attributable to a gain of $911,350 in December 2005 on the sale of our bills.com domain name and trademark.
Commenting on the results for the year, Michael R. Long, Chairman and Chief Executive Officer of Payment Data Systems, said, “We are pleased to see the triple-digit growth in revenue and the improvement in our operating results. As announced previously, we are now debt-free and poised to continue the progress we have been making.”
Long added, “A more detailed discussion of our significant accomplishments during 2006 was included in my recent letter to shareholders, which is available for viewing online at http://www.paymentdata.com/2006ShareholderLetter.htm.”
For further information regarding our financial results for 2006, please read our 10-KSB, 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.
Payment Data’s intellectual property includes U.S. Patent Number 7,021,530 that relates to bill payments made with debit and stored value cards.
For additional information, visit www.paymentdata.com. Contact Michael Long for Investor Relations information at 210.249.4040 or email at [email protected]
Website: http://www.paymentdata.com
