Hypercom Announces Availability of First Quarter 2011 Financial Results
09 Maggio 2011 - 10:13PM
Business Wire
Hypercom Corporation (NYSE: HYC), the high security electronic
payment and digital transactions solutions provider, today
announced the availability of its financial results for the first
quarter ended March 31, 2011.
Net revenue for the three months ended March 31, 2011 was $119.3
million, up $20.5 million or 20.7% compared to $98.8 million in the
first quarter of 2010.
“I am extremely pleased with the Company’s revenue growth during
the quarter. Global demand for Hypercom products and services
continued to be strong and we expect demand to continue after the
closing of our merger with VeriFone Systems, Inc.,” said Philippe
Tartavull, Chief Executive Officer and President. “We continue to
see a transformation of the payments industry driven by mobile
payments and supported by our NFC capabilities. Hypercom continues
to develop strong strategic partnerships with the key entrants into
this rapidly developing NFC ecosystem. I am also pleased that the
planned merger is on schedule for the second half of the year.”
As previously announced, Hypercom has entered into a definitive
merger agreement pursuant to which VeriFone Systems, Inc. will
acquire Hypercom in an all-stock transaction. The transaction,
which was approved by Hypercom stockholders on February 24, 2011,
is anticipated to close in the second half of 2011, subject to the
satisfaction of applicable regulatory approvals and other customary
closing conditions.
Due to the pending merger with VeriFone, Hypercom will not hold
a conference call to discuss its first quarter financial results.
We direct your attention to the Company's Form 10-Q which it filed
with the Securities and Exchange Commission today that contains
Hypercom’s financial results for the first quarter ended March 31,
2011, as well as other material information.
Additional Information and Where You Can Find It
A copy of Hypercom's 10-Q filing may be obtained without charge
from Hypercom at Hypercom's website (www.hypercom.com) or by
directing a request in writing to Hypercom Corporation, Attention:
Investor Relations, 8888 East Raintree Drive, Suite 300,
Scottsdale, Arizona 85260, by phone to (480) 642-5000 or by email
to stsujita@hypercom.com.
About Hypercom
Global payment technology leader Hypercom Corporation delivers a
full suite of high security, end-to-end electronic payment
products, software solutions and services. The Company's solutions
address the high security electronic transaction needs of banks and
other financial institutions, processors, large scale retailers,
smaller merchants, quick service restaurants, and users in the
transportation, petroleum, healthcare, prepaid, self-service and
many other markets. Hypercom solutions enable businesses in more
than 100 countries to securely expand their revenues and profits.
Hypercom is a founding member of the Secure POS Vendor Alliance
(SPVA) and is the second largest provider of electronic payment
solutions and services in Western Europe and third largest provider
globally.
Forward-Looking Statements
This press release includes statements that constitute
forward-looking statements that are subject to the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section
21G of the Securities Exchange Act of 1934, as amended. The words
"believe," "expect," "anticipate," "estimate," "will," "intend,"
"project," and other similar expressions identify such
forward-looking statements. These forward-looking statements
include, among other things, statements regarding Hypercom's
anticipated financial performance; projections regarding future
revenue, gross margins, operating expenses, product and service
margins, operating income, net income, cash flows, and gains or
losses from discontinued operations; the timing, performance,
certifications, and market acceptance of new products; the benefits
realized from the utilization of contract manufacturers of the
Company's products; and the development and success of broader
distribution channels. Readers are cautioned that these
forward-looking statements are only predictions and may differ
materially from actual future events or results. Readers are
referred to documents filed by Hypercom with the Securities and
Exchange Commission, specifically the most recent reports on Forms
10-K, 10-Q, and 8-K, each as it may be amended from time to time,
which identify important risk factors that could cause actual
results to differ from those contained in the forward-looking
statements.
Among the important factors or risks that could cause actual
results to differ from those contained in the forward-looking
statements in this press release are: the severity and duration of
the current economic and financial conditions; the state of the
electronic payments industry and competition within the industry;
the level of demand and performance of the major industries we
serve, including but not limited to the banking sector; the
commercial feasibility and acceptance of new products, services and
market development initiatives; our ability to successfully
penetrate the vertical and geographic markets that we have
targeted; our ability to improve our cost structure, including
reducing our product and operating costs; our ability to develop
more recurring revenue streams; our ability to successfully manage
our contract manufacturers and our joint development manufacturing
model, including the impact on inventories; our ability to allocate
research and development resources to new product and service
offerings; our ability to remain compliant with and provide
transaction security as required by relevant industry standards and
government regulations; our ability to increase market share and
our competitive strength; the adequacy of our current facilities
and management systems infrastructure to meet our operational
needs; the status of our relationship with and condition of third
parties upon whom we rely in the conduct of our business; the
sufficiency of reserves for assets and obligations exposed to
revaluation; our ability to successfully expand our business and
increase revenue; our ability to manage increased costs, maintain
or grow our revenue, and other risks associated with the Company
being merged with and into VeriFone Systems, Inc. as contemplated
by a definitive merger agreement between the two companies; our
ability to effectively manage our exposure to foreign currency
exchange rate fluctuations; our ability to sustain our current
income tax structure; the impact of current and future litigation
matters on our business; our ability to fund our projected
liquidity needs and pay down outstanding debt obligations from cash
flow from operations and our current cash reserves; and future
access to capital on terms that are acceptable, as well as
assumptions related to the foregoing.
Any forward-looking statements or projections in this press
release are based on limited information currently available to
Hypercom, which is subject to change. Although any such
forward-looking statements or projections and the factors
influencing them will likely change, Hypercom is under no
obligation, nor do we intend to, update this information, since
Hypercom will only provide guidance at certain points, if at all
during the year. Such information speaks only as of the date of
this press release.
Hypercom does not endorse any projections regarding its future
performance that may be made by third parties.
Hypercom is a registered trademark of Hypercom Corporation. All
other products or services mentioned in this document are
trademarks, service marks, registered trademarks or registered
service marks of their respective owners. HYCP
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