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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
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Date of report (Date of earliest, event reported): January 7, 2004
USA TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 33-70992 23-2679963
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation or organization) Identification No.)
100 Deerfield Lane, Suite 140
Malvern, Pennsylvania 19355
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 610-989-0340
Item 12. Results of Operations and Financial Condition.
On January 7, 2004, USA Technologies, Inc. issued a press release
announcing its revenues for the month of December 2003 and the quarter ended
December 31, 2003. The full text of the press release is attached as Exhibit
99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K and the exhibit
attached shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933 or the Exchange Act, as amended,
except as expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant to the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
USA TECHNOLOGIES, INC.
By: /s/ George R. Jensen, Jr.
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George R. Jensen, Jr.
Chief Executive Officer
Dated: January 7, 2004
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press release dated January 7, 2004
Exhibit 99.1
NEWS RELEASE
For Immediate Release
USA Technologies Contact: Investor Relations Contact:
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George R. Jensen, Jr., Chairman & CEO Ken Sgro
Stephen P. Herbert, President & COO CEOcast, Inc.
Phone: (800) 633-0340 Phone: (212) 732-4300
e-mail: sherbert@usatech.com
USA TECHNOLOGIES REPORTS RECORD REVENUES FOR DECEMBER
COMPANY GENERATES OVER $1 MILLION IN DECEMBER;
SECOND QUARTER REVENUES HIGHEST EVER
MALVERN, PA, JANUARY 7, 2004 -- USA Technologies (OTC Bulletin Board: USTT)
announced today that revenues for the month of December 2003, were in excess of
$1 million, the Company's highest monthly sales revenues since its inception and
a 400% increase versus December 2002. The December 2003 revenues contributed to
a record second quarter ended December 31, 2003, for which the Company expects
to report unaudited revenues in excess of $1.8 million.
"These results reflect growing demand for many of our technologies," said George
R. Jensen Jr., Chairman and CEO, USA Technologies. "With a 230% increase in
quarterly revenues versus the previous year, we believe the Company is
approaching the revenues that we need to generate positive cash flow. The
Company is squarely focused on continued revenue growth."
The record second quarter follows a record $1.7 million in revenues for the
quarter ended September 30, 2003. Both represent USA Technologies' biggest
quarterly increases in revenue.
A significant portion of the revenue growth for the quarter ended December 31,
2003 occurred in three key business areas -- sales of the Company's energy
management solutions, VendingMiser(R) and CoolerMiser(TM), Business Express(R)
Business Center offerings, and e-Port(TM) cashless solutions. USA Technologies
estimates it sold nearly 6,000 units of its VendingMiser(R), CoolerMiser(TM),
Business Express(R), and e-Port(TM) products during the month of December. This
is in addition to associated network services contracts, which accompany many of
the sales.
"As of September 30, 2003, USA Technologies had its strongest balance sheet in
history, with positive shareholder equity of $17.5 million and 50 issued
patents. We are anticipating continuing increases in sales in the months and
quarters ahead," said Mr. Jensen.
About USA Technologies:
USA Technologies is a leader in the networking of distributed assets, wireless
non-cash and m-commerce transactions, associated financial/network services and
interactive media technology and energy management. USA Technologies provides
networked credit card and other non-cash/mobile commerce systems in the vending,
commercial laundry, hospitality and digital imaging industries. USA Technologies
is an IBM Business Partner and an inaugural member of the Sprint Enabling
Application Service Provider Program for e-commerce. The Company has marketing
agreements with the Sprint, Motient, MEI and the ZiLOG Corporation.
http://www.usatech.com
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this release, the
matters described herein contain forward-looking statements that involve risk
and uncertainties that may individually or mutually impact the matters herein
described, including but not limited to the ability of the Company to increase
revenues in the future, the ability to achieve a positive cash flow, the ability
to obtain orders for its products, the ability to obtain new customers or cash
flow, which could cause actual results or revenues to differ materially from
those contemplated by these statements.