Malvern, Penn.-based USA Technologies, Inc. reported this week total revenue for its fiscal fourth quarter increased by 23 percent to $4.5 million, compared to $3.6 million in the fourth quarter of the prior year.
Gross profit more than doubled to a record $1.5 million, versus $690,000, from last year's fiscal fourth quarter. The company's fiscal fourth quarter and year ended on June 30, 2010.
USA Technologies provides wireless, cashless, microtransactions and networking services for unattended credit card payments for the vending, hospitality, commercial laundry and energy management industries.
During the fourth quarter the company increased the number of devices connected to its network by 58 percent to approximately 82,000, compared to approximately 52,000 as of June 30, 2009.
USA Technologies processed 11,655,000 cashless transactions during the quarter, a rise of 73 percent compared with 6,736,000 during the prior year's fiscal fourth quarter. The dollar value of transactions processed during the quarter increased by 54 percent to $20.8 million.
Total revenue for the fiscal year increased by 31 percent to $15.8 million, compared to $12.0 million for the prior fiscal year. Gross profit grew 64 percent to $4.9 million, versus $2.8 million, from last year's fiscal year.
During the fiscal year the number of cashless transactions processed increased by 65 percent to 36,878,000, compared with 22,361,000 transactions processed during the prior fiscal year. The dollar value of transactions processed during the fiscal year increased by 44 percent to $67.6 million, compared with $47.1 million during the prior fiscal year.
The Company's patented technology for unattended credit card operated equipment was first implemented in its Business Express product, enabling users of self-service business centers to activate and pay for the use of personal computers, copy machines, printers and fax machines using their credit card.
This technology was built on thin-client architecture, allowing centralized processing, storage and applications to occur on a server rather than at each end point. This allows for the networking of a wide variety of everyday devices, such as vending machines and commercial washers and dryers.
Customers include Marriott Hotels, Sony Electronics, Canteen, Aramark, PepsiCo, Coca-Cola, Best Western, Promus Hotel Corporation (Doubletree, Red Lion, Hampton, Embassy Suites) and Holiday Inn.
