International trade association Prepaid International Forum (PIF) today announced that Robert Courtneidge, who will shortly join US law firm Locke Lord as Global Head of Cards & Payments, has been elected as Chairman of the forum and will join the Board of Directors. 322 views 0 comments It further announced the appointment of four new…
USA Technologies cashless payment and M2M telemetry solutions for self-serve, small ticket retail industries, has been named to Deloitte 2011 Technology FAST 500 list of the fastest growing technology companies in North America. USA Technologies ranked 22 in the Greater Philadelphia area and 480 in North America based on percentage fiscal-year revenue growth during the period from 2006 to 2010. USA Technologies ranked 5th among the leading POS shippers in the United States and 19th in the world in 2010.
Robbins Umeda shareholder rights litigation firm has announced its investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at NetSpend Holdings reloadable prepaid debit cards. Robbins Umeda LLP’s investigation focuses on whether the directors and officers of NetSpend harmed the company by breaching their fiduciary duties to shareholders by causing or permitting the company to engage in deceptive and unfair practices. On May 19, 2011, the Florida Attorney General announced an investigation of NetSpend for failing to disclose certain prepaid debit card fees to consumers. The announcement stated that in certain instances, every transaction a consumer makes using a prepaid debit card may be subject to a hidden fee. Within twenty-four hours of this announcement, the value of NetSpend shares dropped by over 10%.
USA Technologies wireless non-cash transactions has reported a total revenue for 3Q/10 having increased by 16% to $4.4 million, compared to $3.8 million in the year ago period. Also since the year ago period, gross profit was up 32% to $1.4 million from $1.0 million from last year’s fiscal first quarter; gross profit margin expanded to 30.5%, compared to 26.9% a year ago; while EBITDA improved to a loss of $1.4 million for the quarter, and improvement from the year ago loss of $2.5 million. The Company also increased the number of devices connected to its network by 54% to approximately 88,000 from 57,000 as of 3Q/09; the number of cashless transactions processed during the quarter increased by 89% to 13.9 million to $24.5 million for a 68% increase. USA Technologies was named to Deloitte LLP’s 2010 “FAST (News – Alert) 500” List of the Fastest Growing Companies in North America and expects the total number of connections to its service to exceed 100,000 by December 31, 2010.
USA TECH EARNINGS
Net Loss $ (2,089,803) (1,886,614)
Interest Income (48,281) 25,310
Interest Expense 12,184 12,658
EBITDA $ (1,6 million) (1.4 million)
SOURCE: USA Technologies
USA Technologies cashless networking services has been named to Deloitte’s 2010 “FAST 500” List of the
Fastest Growing Companies in North America. Having ranked 23 in the Greater Philadelphia Area and 482
in North America of the fastest-growing technology companies as determined by Deloitte, USA Technologies
grew revenues 157% since 2005. This is a direct result of new product introductions, increased market share,
and additional customer wins. Also, over the past 12 months, USA Technologies has achieved 82,000 device
connections as of June 30, 2010 and expects to achieve 100,000 devices connected to its network by the
end of 2010.
Mobile banking is gaining acceptance, with 19% of U.S. consumers have conducted banking transactions on a mobile device, compared to only 9% 18 months ago. Moreover, 33% of U.S. consumers age 16-24 conducted mobile banking, the highest age group concentration, while 52% of all consumers who have not used this type of service are most concerned about privacy. This, according to KPMGâs fourth annual Global Consumers and Convergence survey, also shows those comfortable using their mobile devices for financial transactions grew to 16%, 6% higher than 18 months ago; those uncomfortable with such usage declined to 55%, 11% lower than 18 months ago; over 10% used their mobile device to buy something from a retailerâs mobile site while 10% conducted an investment transaction on their mobile device.
A new poll of senior business leaders in the banking and
financial services industry found that most predict 2010 as the start of the recovery. Yesterday retailers reported lower year-on-year sales in July, have now written off the fourth quarter and do not expect to see an improvement until mid-2010. In the KPMG survey, slightly more than a third of the banking and financial services executives thought their industry would fully recover from the current economic crisis ahead of the overall U.S. economy. Yet, while expecting a comparatively slower recovery, 78% of banking and financial services executives expect the business conditions for their industry to improve in 2010 with 72% of them expecting much stronger revenue and 68% expecting improved profitability. When asked to identify the top three triggers they think will spur an economic recovery, 46% cited a stabilized real estate market, 45% said an increase in jobs, and 43% said improved consumer confidence. The three triggers cited least frequently included effective regulations (6%), government stimulus spending (3%), and government bailouts (2%).
About 67% of senior financial executives said that their company’s
working capital is flat or has deteriorated compared to three years
ago as their access to credit has been curtailed. According to a recent
KPMG survey, which polled more than 550 companies across the U.S. and
Europe, 83% of executives said managing working capital was the highest
or a high priority at their companies. Only 37% of those surveyed had a
working capital improvement program in place during the past five years.
In addition to deficient working capital management programs, an
overwhelming number of companies fail to produce reliable cash
forecasts. Although almost all respondents (95%) report forecasting
their cash flows, only 14% of respondents report achieving accurate
forecasts in the last 12 months. Last month the American Express “OPEN
Economic Pulse” found that businesses are feeling the pinch of
tightening credit and weakened cash flow, with 63% being impacted in
October versus 50% in August. Overall, credit tightening is having the
greatest impact on sales, where almost eight-in-ten business owners
indicate a decrease. Over the next 12 â 18 months, 46% of small business
owners believe economic conditions will worsen, while 34% think the
economy will get better. (CF Library 11/12/08)
Wireless POS provider ExaDigm has appointed Jack McDonnell, previously
with PayLinx, as CEO. McDonnell was CEO of PayLinx, a payment software company which was later sold to CyberSource. In 1990 he founded TNS, Inc., a worldwide provider of data communications services for the financial and telecommunications industries which he took public. He served as Chairman and CEO of the company from 2001 to 2006. McDonnell is a founder of the Electronic Funds Transfer Association
(EFTA). McDonnell will succeed Michael Mulcahy, who resigned as CEO effective October 9, 2008.
Hypercom is in final negotiations to acquire the e-Transactions business line of Thales. The Company also announced the promotion of Philippe Tartavull to CEO from COO. Under terms of the Thales deal Hypercom would purchase the French firm’s e-Transaction business line for $120 million in cash with a potential earn out of up to $30 million. Thales Group’s Security Solutions & Services Division posted consolidated revenues for the first three quarters of 2007 of $142 million. The proposed combination would represent the third largest global provider of electronic payment solutions and services. Hypercom said it plans to finance the transaction with $60 million of the Company’s existing cash on hand, combined with a $60 million investment from Francisco Partners. Meanwhile, Hypercom confirmed that Tartavull will now serve as CEO and President and member of the Board. Norman Stout has been elected Chairman of the Board, replacing Daniel Diethelm who will remain as a member of the Board. Johann Dreyer, CEO and Director of S1 Corporation, has been appointed to the Board. Upon the closing of the Thales deal, Keith Geeslin, Partner of Francisco Partners, and Jack McDonnell, Jr., retired Chairman, CEO and founder of TNS, are expected to be appointed to the Hypercom Board.
Hypercom is in final negotiations to acquire the e-Transactions
business line of Thales. The Company also announced the promotion of
Philippe Tartavull to CEO from COO. Under terms of the Thales deal
Hypercom would purchase the French firm’s e-Transaction business line
for $120 million in cash with a potential earn out of up to $30 million.
Thales Group’s Security Solutions & Services Division posted
consolidated revenues for the first three quarters of 2007 of $142
million. The proposed combination would represent the third largest
global provider of electronic payment solutions and services. Hypercom
said it plans to finance the transaction with $60 million of the
Company’s existing cash on hand, combined with a $60 million investment
from Francisco Partners. Meanwhile, Hypercom confirmed that Tartavull
will now serve as CEO and President and member of the Board. Norman
Stout has been elected Chairman of the Board, replacing Daniel Diethelm
who will remain as a member of the Board. Johann Dreyer, CEO and
Director of S1 Corporation, has been appointed to the Board. Upon the
closing of the Thales deal, Keith Geeslin, Partner of Francisco
Partners, and Jack McDonnell, Jr., retired Chairman, CEO and founder of
TNS, are expected to be appointed to the Hypercom Board.
Sub-prime credit card specialist, Applied Card Bank, f/k/a Cross Country Bank, and Applied Card Systems have won a key victory after the New York Supreme Court – Appellate Division, Third Department reversed in part the January 2006 decision of the trial court ordering Cross Country Bank to pay $9 million in restitution and penalties. In addition, the Appellate Division held that the Attorney General was not entitled to obtain restitution under the New York General Business Law on behalf of individuals who were members of a nationwide settlement class in an earlier action in California. The Appellate Division’s decision modified the trial court’s order in two notable respects by placing limits on the AG’s ability to obtain restitution. The Appellate Division held that, in order for the AG to obtain restitution on behalf of an individual, the AG had to establish that the injury suffered by the individual was attributable to the deceptive conduct. NY AG Elliott Spitzer attempted to obtain restitution for all residents of New York who had obtained credit cards from Cross Country Bank. Arnold & Porter represented Applied Card.