LML Payment Systems Inc. announced Tuesday results from its 3rd quarter of fiscal 1999, ended December 31, 1998. During the quarter, the Company continued to introduce its “Electronic Checking” product to the retail point of sale market. Based upon our proprietary operating system, and supported by the legal protections embodied within our Electronic Checkwriting Patent, we continued to implement the first phase of our initial roll-out of “Electronic Checking”.
For the nine months ended December 31, 1998 we had revenues of $164,763, an increase of $38,971 from the corresponding period for the previous year. Operating and administrative expenses, exclusive of non cash items, were $973,485, an increase of $815,851 from the previous year. This increase is attributable to the operations of the Company’s ChequeMARK subsidiaries. There was an earnings before interest, income tax, depreciation and amortization (“EBITDA”) loss of $833,309 or $(0.0798) per share for the period ended December 31, 1998. This EBIDTA loss was consistent with the Company’s nine month projection as revised in December. There was a net loss of $1,190,927 or $(0.1141) per share for the period, which was again consistent with the revised projections.
The Company further announces that as of trading March 2, 1999 the “F” in its Nasdaq ticker symbol will be removed with the new symbol being: LMLA.
The Company owns U.S. Patent No. 5,484,988 with specific regard to a “Checkwriting Point of Sale System” and operates The ChequeMARK System, a central database and authorization system administering various consumer payment services, collectively referred to as “Electronic Checking.”Details