USA Technologies Announces Preliminary Estimated Results For Fourth Quarter And Fiscal Year 2017
Source USA Technologies
MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ:USAT), a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, today announced preliminary estimated financial results for the fourth quarter and fiscal year ended June 30, 2017.
The company's financial closing procedures for the quarter and fiscal year ended June 30, 2017 are not yet complete. Its consolidated financial statements for the fiscal year ended June 30, 2017 are not yet available and the company's independent registered public accounting firm has not completed its audit of the consolidated financial statements for such period. Set forth below are certain estimates that the company expects to report for the quarter and fiscal year ended June 30, 2017. The company's actual results may differ materially from these estimates.
The following are estimates for the quarter ended June 30, 2017:
- Revenues of between $32 million to $34 million, representing an increase of between 46% to 55% over revenues for the fourth quarter ended June 30, 2016;
- Net income (loss) of between $(400,000) to $400,000, representing an improvement of between 54% to 146% over net loss for the fourth quarter ended June 30, 2016;
- Adjusted EBITDA of between $2.3 million to $3.1 million, representing an increase of between 267% and 395% over Adjusted EBITDA for the fourth quarter ended June 30, 2016; and
- Net new connections of 64,000, representing an increase of 129% over net new connections during the company's fiscal quarter ended June 30, 2016. The number of net new connections added to the company's service during the fiscal fourth quarter ended June 30, 2017 reflected a significant order received from an existing customer related to the customer's efforts to attain a 100% cashless presence in the marketplace.
The following are estimates for the fiscal year ended June 30, 2017:
- Revenues of between $102 million to $104 million, representing an increase of between 32% to 34% over revenues during the company's fiscal year ended June 30, 2016;
- Net loss of between $(2.5) million to $(1.7) million representing an improvement of between 63% to 75% over net loss for the company's fiscal year ended June 30, 2016;
- Adjusted EBITDA of between $6.5 million to $7.3 million, representing an increase of between 9% and 22% over Adjusted EBITDA for the fiscal year ended June 30, 2016; and
- Net new connections of 139,000, representing an increase of 45% over net new connections during the company's fiscal year ended June 30, 2016, reflecting the significant order referred to above.
