USA Technologies, Inc. at its annual meeting of shareholders announced that revenues for the fourth quarter of fiscal year 2011 (ending June 30, 2011) are expected to be $7 million. In addition, the company announced that customers on its ePort Connect Service will reach approximately 2,000 in its fiscal fourth quarter, up from 1,050 a year ago.
Addressing shareholders at the meeting, Chairman and Chief Executive Officer George Jensen said that “based on the April 2011 revenues of $2.372 million, you will be pleased to know we would be on an annualized total revenue run rate of $28 million. Let me put that into perspective … just five years ago, our annual total revenue was $6.4 million, the growth to $28 million represents a 56 percent average annual growth rate.” Jensen further said “Even more impressive, based on results to date this quarter we would be on an annualized recurring revenue run rate of $ 20 million in license and transaction fee revenue, which five years ago was only $ 1.2 million, this growth represents an astounding 257 percent average annual growth rate.”
At the meeting, Mr. Jensen also addressed the growing interest in near field communication (NFC) technology. Jensen added, “We intend for USA Technologies to be an important leader in the acceptance of NFC payments through cellular phones and other PDAs. When it comes to the very latest NFC payment trend, we were there from the beginning, innovating and pioneering, offering customers the capacity for another unique cashless solution, this time using a cell phone. We are ideally positioned and ready to capitalize on the anticipated move to NFC payment and have worked with partners in developing NFC cell phone payment methods. As more advanced contactless and NFC payment methods emerge, and bring greater operator and consumer convenience, efficiency and security, we believe that mobile commerce will grow to mainstream usage."