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Shares of USA Technologies (NASDAQ: USAT), a provider of payment processing technology, soared on Tuesday after the company said it expects to report record revenues for the second quarter.

"This year’s fiscal second quarter is expected to be our best quarter ever,” said George Jensen, CEO of USA Technologies.

"Our operating results continue to improve as our products continue to gain market acceptance. The proliferation of our cashless payment devices drives additional marketplace adoption and new customer installs, while our existing installed customer base continues to deliver recurring revenue."

During the second quarter ended December 31, the Pennsylvania-based company processed $26.2 million worth of transactions, compared to $15 million in the year-ago period.

Also, the number of connections on the company’s payment network increased 73% year-over-year to in excess of 109,000.

Meanwhile, the number of cashless transactions processed (such as debit and credit) during the second quarter almost doubled from last year to 15.9 million.

"We believe that we are poised for additional growth as cell phones evolve into a new cashless payment mechanism,” Jensen added.

As of 1:29 pm EST Tuesday, the company’s shares have shot up 21% to trade at $1.31.

The company said its second quarter results will be available by February 14.

Source: USA Technologies Jumps on Expectations of Record Revenues for Q2