USA Technologies Announces Preliminary Estimated Results for Fourth Quarter and Fiscal Year 2017
The company's financial closing procedures for the quarter and fiscal
year ended
The following are estimates for the quarter ended
-
Revenues of between
$32 million to$34 million , representing an increase of between 46% to 55% over revenues for the fourth quarter endedJune 30, 2016 ; -
Net income (loss) of between
$(400,000) to$400,000 , representing an improvement of between 54% to 146% over net loss for the fourth quarter endedJune 30, 2016 ; -
Adjusted EBITDA of between
$2.3 million to$3.1 million , representing an increase of between 267% and 395% over Adjusted EBITDA for the fourth quarter endedJune 30, 2016 ; and -
Net new connections of 64,000, representing an increase of 129% over
net new connections during the company's fiscal quarter ended
June 30, 2016 . The number of net new connections added to the company's service during the fiscal fourth quarter endedJune 30, 2017 reflected a significant order received from an existing customer related to the customer's efforts to attain a 100% cashless presence in the marketplace.
The following are estimates for the fiscal year ended
-
Revenues of between
$102 million to$104 million , representing an increase of between 32% to 34% over revenues during the company's fiscal year endedJune 30, 2016 ; -
Net loss of between
$(2.5) million to$(1.7) million representing an improvement of between 63% to 75% over net loss for the company's fiscal year endedJune 30, 2016 ; -
Adjusted EBITDA of between
$6.5 million to$7.3 million , representing an increase of between 9% and 22% over Adjusted EBITDA for the fiscal year endedJune 30, 2016 ; and -
Net new connections of 139,000, representing an increase of 45% over
net new connections during the company's fiscal year ended
June 30, 2016 , reflecting the significant order referred to above.
During the fiscal year ended
During the fiscal year ended
Adjusted EBITDA Description and Reconciliation
The company considers Adjusted EBITDA as net income (loss) before
interest income, interest expense, income taxes, depreciation,
amortization, non-recurring fees and charges that were incurred in
connection with the integration of the
Adjusted EBITDA is a non-GAAP financial measure which is not required by or defined under GAAP (Generally Accepted Accounting Principles). The company uses these non-GAAP financial measures for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. The company believes that these non-GAAP financial measures provide useful information about its operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by management in its financial and operational decision making. Adjusted EBITDA is presented because the company believes it is useful to investors as a measure of comparative operating performance. Additionally, the company utilizes Adjusted EBITDA as a metric in its executive officer and management incentive compensation plans.
The presentation of this financial measure is not intended to be considered in isolation or as a substitute for the financial measures prepared and presented in accordance with GAAP, including the company's net income or net loss or net cash used in operating activities. Management recognizes that non-GAAP financial measures have limitations in that they do not reflect all of the items associated with the company's net income or net loss as determined in accordance with GAAP, and are not a substitute for or a measure of the company's profitability or net earnings.
The following table reconciles estimated preliminary Adjusted EBITDA to
estimated preliminary net income (loss) for the three months and fiscal
year ended
Three months ended |
Twelve months ended |
|||||||||||||||
($ in thousands) |
|
|
|
|
||||||||||||
(Preliminary) | (Actual) | (Preliminary) | (Actual) | |||||||||||||
Net income (loss) | $ |
(400) - 400 |
|
$ | (872 | ) | $ |
(2,500) - (1,700) |
|
$ | (6,806 | ) | ||||
Less interest income | (100 | ) | (182 | ) | (500 | ) | (320 | ) | ||||||||
Plus interest expenses | 300 | 197 | 900 | 600 | ||||||||||||
Plus income tax provision / (Less income tax benefit) | 50 | (703 | ) | 150 | (615 | ) | ||||||||||
Plus depreciation expense | 1,850 | 1,272 | 5,400 | 5,135 | ||||||||||||
Plus amortization expense | 50 | 44 | 200 | 88 | ||||||||||||
EBITDA | 1,750 - 2,550 | (244 | ) | 3,650 - 4,450 | (1,918 | ) | ||||||||||
Plus loss on fair value of warrant liabilities / (Less gain on fair value of warrant liabilities) | - | (18 | ) | 1,500 | 5,674 | |||||||||||
Plus stock-based compensation | 550 | 198 | 1,200 | 849 | ||||||||||||
Plus intangible asset impairment | - | 432 | - | 432 | ||||||||||||
Plus |
- | 258 | 100 | 842 | ||||||||||||
Plus Litigation related professional fees | - | - | 50 | 105 | ||||||||||||
Adjustments to EBITDA | 550 | 870 | 2,850 | 7,902 | ||||||||||||
Adjusted EBITDA | $ | 2,300 - 3,100 | $ | 626 | $ | 6,500 - 7,300 | $ | 5,984 | ||||||||
About
Forward-Looking Statements
USAT cautions you that statements in this press release that are not a
description of historical facts are forward-looking statements. These
statements are based on the company's current beliefs and expectations.
The inclusion of forward-looking statements should not be regarded as a
representation by USAT that any of our plans will be achieved. Actual
results may differ from those set forth in this press release due to
conditions affecting the capital markets, general economic, industry, or
political conditions, and other risks described in our prior press
releases and in our filings with the
F-USAT
View source version on businesswire.com: http://www.businesswire.com/news/home/20170717005497/en/
Investor Contact:
mike@blueshirtgroup.com
Source:
News Provided by Acquire Media