Originally published at www.seclive.com
Filing in Focus: VeriFone 8-K, September 5, 2013
VeriFone Systems, Inc. (NYSE:PAY) announced its third quarter financial results for fiscal year 2013, reporting a net loss of $1.9M. This quarter last year the company earned $37.7M, or $0.34 per share, while this quarter it reported a loss of $1.9M, or $0.02 per share. The company's gross margin tightened from 42.4% to 37.3% while its revenue fell 15% to $416M. The card-payment systems company remains optimistic and continues to project fourth quarter earnings of $0.25 per share on revenue between $418M and $422M. VeriFone has experienced a loss in market share due to a new initiative to try and improve profits by providing machines with a monthly service fee. These changes had the unintended consequence of permitting its largest competitor, Ingenico, to gain market share.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.