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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • VeriFone Reports A $1.9M Loss 0 comments
    Sep 6, 2013 9:43 AM | about stocks: PAY

    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.

    Stocks: PAY
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