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Q Comm International Reports Solid Growth in Third Quarter 2004

Friday 12 November 2004 13:05 CET | News

Q Comm International has reported revenues for the three months ended September 30, 2004, of $10.9 million, a 62 % increase from revenues of $6.7 million for the same period in 2003, and a 22 % sequential increase from revenues of $8.9 million in Q2 2004.

For the nine months ended September 30, 2004, revenues were $28.3 million, a 53% increase from revenues of $18.4 million for the same period in 2003. Net loss for the three months ended September 30, 2004, was $890,000 or $0.19 per share, compared to a net loss of $1.5 million, or $0.39 per share, for the same period in 2003. In July 2004, Q Comm completed the acquisition of a Canadian company, Point de Vente (PDV). For the quarter, PDV provided approximately $1.1 million in gross revenues and $75 thousand in gross margin. The figures above include the effects of this acquisition. Excluding PDV, Q Comm experienced the following in this third quarter: - Sequential quarterly revenue growth of 11%. - Margin (after commissions and fees) increased by 30% from last quarter, excluding one-time items. - Made strategic hire to fully staff the sales organization and launched an upgraded website. - Closed $880,000 in equipment lease financing. - Appointed point of sale industry leader, Harry Hargens, to the board. - Completed acquisition of approximately 330 merchant accounts from POSA Tech. - Selected by Checkmate for installation in over 80 locations that serve over 2 million customers annually. - 1675 active units resulting in average monthly margin per unit of $75. - Net activations of 288 for the third quarter. - Breakeven guidance adjusted to 7000 activated leased broker units plus 1000-2000 international service bureau units and 1000- 2000 customer owned VeriFone units in service.


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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce