Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
SYS-CON.TV
Top Links You Must Click On


VersaPay Announces 2012 Third Quarter and Year Results

TORONTO, ONTARIO -- (Marketwire) -- 11/27/12 -- VersaPay Corporation (TSX VENTURE:VPY) ("VersaPay" or the "Company"), a provider of merchant credit and debit card payment processing and electronic money transfer (EMT) and electronic invoice presentment and payment (EIPP) solutions, today announced its financial and operational results for the three and nine month ended September 30, 2012. All amounts are in Canadian dollars unless otherwise noted.

Q3 2012 Highlights


--  Grew year over year revenues by 7% and grew recurring revenues by 8%
    
    
--  Adjusted EBITDA(1) was $(0.09) million, as the Company continued
    investment in its cloud based electronic invoice presentment and payment
    platform
    
    
--  Launched the electronic invoicing feature on its proprietary platform,
    creating a cloud based electronic invoice presentment and payment
    solution for businesses.
    
    
--  Announced, after the quarter, a strategic marketing partnership with
    MasterCard International Incorporated to increase MasterCard volumes in
    the B2B market. 

Q3 2012 Financial Summary(2)                                                
                                                                            
----------------------------------------------------------------------------
                                 Three months ending      Nine months ending
                                        September 30            September 30
                            ------------------------------------------------
                                    2012        2011        2012        2011
----------------------------------------------------------------------------
Recurring Revenues (3)             $4.6M       $4.2M      $12.7M      $11.2M
----------------------------------------------------------------------------
Non-recurring revenue (4)         $0.03M      $0.08M      $0.06M       $0.2M
----------------------------------------------------------------------------
TOTAL Revenue                      $4.2M       $3.8M      $12.7M      $11.4M
----------------------------------------------------------------------------
Cash Operating Expenses (5)        $1.1M       $1.0M       $3.5M       $2.9M
----------------------------------------------------------------------------
Adjusted EBITDA (1)             $(0.09)M       $0.1M     $(0.6)M     $(0.2)M
----------------------------------------------------------------------------
Income(loss) from continuing                                                
 operations                      $(0.2)M      $0.01M     $(1.0)M     $(0.6)M
----------------------------------------------------------------------------
                                  September 30, 2012                        
----------------------------------------------------                        
Cash                                          $1.7 M                        
----------------------------------------------------                        

"Our financial results in the third quarter of 2012 were driven primarily by our credit card processing business," said Bill McGill, CEO of VersaPay. "We continue to invest in our proprietary platform to drive future growth, and while this investment has negatively impacted on our near term earnings, we are very encouraged by the recent achievement of critical milestones. As a result, we are optimistic about our ability to earn an attractive return on this investment."

Q3 and Year to Date 2012 Financial Review

Total revenues for Q3 2012 increased 7% to $4.6 million from $4.3 million in Q3 2011. Of this amount, recurring revenues for Q3 2012 increased 8% to $4.6 million from $4.2 million in Q3 2011. Total revenue for the nine months ended September 30, 2012 increased 12% to $12.7 million from $11.4 million for the same period in 2011. Of this amount, recurring revenues for the nine months ended September 30, 2012 increased 13% to $12.7 million from $11.1 million in 2011. The year-over-year improvement was driven primarily by growth in the Company's transaction processing fees.

Cash operating expense (excluding amortization and share-based payments) increased to $1.1 million from $0.9 million in Q3 2012 from the same period 2011. Cash operating expense for the nine months ended September 30, 2012 increased 20% to $3.5 million from $2.9 million in 2011.

Adjusted EBITDA for Q3 2012 was $(0.09) million, compared to $0.1 million in Q3 2011. For the nine months ended September 30, 2012, Adjusted EBITDA was $(0.6) million, compared to $(0.2) million in 2011.

Loss from continuing operations for Q3 2012 was $(0.2) million. This compares to an income from continuing operations of $0.01 million for Q3 2011. For the nine months ended September 30, 2012, loss from continuing operations was $(1.0) million, compared to $(0.6) million in 2011.

1 Adjusted EBITDA is defined as Earnings Before Interest, Taxes, Depreciation, Amortization and Share-based payments. See table A.

2 Condensed interim financial statements and MD&A for the three and nine months ended September 30, 2012 will be available on the Company's website at www.versapay.com and on SEDAR.

3 Defined as Transaction processing fees + VersaCard/EMT fees

4 Defined as Product sales (point-of-sale devices) and other

5 Defined as operating expense excluding amortization and share-based payments


Table A                                                                     
                                                                            
----------------------------------------------------------------------------
                              Three months ending        Nine months ending 
                                     September 30              September 30 
                        ----------------------------------------------------
                                2012         2011         2012         2011 
----------------------------------------------------------------------------
Adjusted EBITDA (1)          (85,720)     146,979     (599,563)    (169,046)
----------------------------------------------------------------------------
Stock-based compensation     (76,581)     (48,271)    (133,669)    (151,420)
----------------------------------------------------------------------------
Interest expense             (39,229)     (38,272)    (117,992)    (112,019)
----------------------------------------------------------------------------
Amortization                 (42,177)     (46,378)    (129,991)    (127,929)
----------------------------------------------------------------------------
Loss from continuing                                                        
 operations                 (243,707)      14,058     (981,215)    (560,414)
----------------------------------------------------------------------------

About VersaPay

VersaPay's financial technology enables businesses and consumers across Canada to accept and process credit, debit and gift card transactions. As a payment services and financial technology company serving more than 2,500 Canadian businesses, VersaPay, in conjunction with its partners, provides the hardware, technology, infrastructure and support services that businesses of all types require to accept and process electronic payments from their consumers and clients.

While its core business is payment processing services, VersaPay also provides enhanced financial technology solutions such as VersaPay EMT - the Company's proprietary Electronic Bill Presentment and Payment solution - which enables merchants and consumers to easily transact with one another.

VersaPay is headquartered in Toronto, Canada and has operations in Montreal, Vancouver and New York. To learn more about VersaPay, visit http://www.versapay.com.

Forward Looking and Other Cautionary Statements

This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology, are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks relating to the speculative nature of the Company's business, the Company's formative stage of development and the Company's financial position. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward looking statements if these beliefs, estimates and opinions or other circumstances should change.

Investors are cautioned against attributing undue certainty to forward-looking statements. There are a number of important factors that could cause the Company's actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others, risks related to following: the Company's financial position and the potential need for future financings, the ability of the Company to maintain its relationship with its strategic partner for payment processing, the efforts and abilities of the senior management team, the ability of the Company to attract and retain skilled management, competition in the payment processing industry, and the Company's ability to respond to technological change and protect its intellectual property rights.

The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. There can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.


----------------------------------------------------------------------------
                                      September 30, 2012  December 31, 2011 
                                                       $                  $ 
----------------------------------------------------------------------------
                                                                            
ASSETS                                                                      
Current                                                                     
Cash and cash equivalents                      1,666,258            559,497 
Funds held for merchants                       1,221,688            443,005 
Receivables                                      443,583            417,154 
Prepaid expenses                                  22,425             28,685 
----------------------------------------------------------------------------
                                               3,353,954          1,448,341 
Non-current                                                                 
Equipment                                        355,752            397,530 
Intangible assets                                 53,649             97,564 
----------------------------------------------------------------------------
                                               3,763,355          1,943,435 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
LIABILITIES                                                                 
Current                                                                     
Accounts payable and accrued                                                
 liabilities                                     335,592            535,741 
Funds due to merchants                         1,221,688            443,005 
Current portion of obligations under                                        
 finance lease                                    41,750             53,026 
----------------------------------------------------------------------------
                                               1,599,030          1,031,772 
Non-current                                                                 
Obligations under finance lease, net                                        
 of current portion                               36,666             52,872 
Promissory note                                  615,512            576,569 
----------------------------------------------------------------------------
Total liabilities                              2,251,208          1,661,213 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
EQUITY                                                                      
Share capital                                  9,981,720          7,891,062 
Reserve                                        1,449,037          1,010,525 
Warrants                                         372,261            690,291 
Deficit                                      (10,290,871)        (9,309,656)
----------------------------------------------------------------------------
Total equity                                   1,512,147            282,222 
----------------------------------------------------------------------------
Total liabilities and equity                   3,763,355          1,943,435 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
                     Three months ended, Sept 30 Nine months ended, Sept 30 
                              2012          2011         2012          2011 
                                 $             $            $             $ 
----------------------------------------------------------------------------
                                                                            
Revenue                                                                     
  Transaction                                                               
   processing fees       4,505,703     4,164,288   12,491,462    10,978,346 
  Product sales and                                                         
   other                    28,056        80,315       55,690       212,663 
  VersaCard/EFT and                                                         
   EMT Fees                 69,214        71,311      182,373       201,082 
----------------------------------------------------------------------------
                         4,602,973     4,315,914   12,729,525    11,392,091 
----------------------------------------------------------------------------
                                                                            
Expenses                                                                    
  Cost of services       3,670,306     3,329,372   10,069,478     8,801,314 
  Cost of products                                                          
   sold and other           30,506        31,494       50,641       148,153 
  VersaCard/EFT and                                                         
   EMT costs                41,728        39,363      117,909       102,171 
  Depreciation and                                                          
   amortization             42,177        46,378      129,991       127,929 
  Bank charges and                                                          
   interest                 39,229        38,272      117,992       112,019 
  Consulting fees           58,660        51,339      224,229       115,089 
  General and                                                               
   administrative           94,086        76,544      335,360       252,199 
  Marketing and                                                             
   promotion                10,182        42,475       44,515       126,719 
  Professional fees         96,681        35,480      300,853       231,636 
  Rent and occupancy        73,228        72,109      241,743       215,789 
  Research and                                                              
   development              91,069        21,293      274,174        44,013 
  Salaries and                                                              
   benefits                453,430       362,602    1,435,524     1,227,602 
  Share based                                                               
   payments                 76,581        48,271      133,669       151,420 
  Telecom and                                                               
   wireless                                                                 
   connection fees          61,019        78,869      182,895       214,443 
  Travel                     7,798        27,995       51,767        82,009 
----------------------------------------------------------------------------
                         4,846,680     4,301,856   13,710,740    11,952,505 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Net Income (loss) and                                                       
 comprehensive income                                                       
 (loss) for the                                                             
 period                   (243,707)       14,058     (981,215)     (560,414)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Income (loss) per                                                           
 share                                                                      
Basic                 $      (0.02) $       0.00 $      (0.07) $      (0.04)
Diluted               $      (0.02) $       0.00 $      (0.07) $      (0.04)
                                                                            
Weighted average                                                            
 number of common                                                           
 shares outstanding,                                                        
 basic and diluted      15,337,498    13,009,044   14,587,852    12,977,291 
                                                                            
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
                    Issued                                            Total 
                   Capital    Reserve    Warrants       Deficit      Equity 
----------------------------------------------------------------------------
As at December                                                              
 31, 2011       $7,891,062 $1,010,525  $  690,291  $ (9,309,656) $  282,222 
Net loss for                                                                
 the period              -          -           -      (981,215)   (981,215)
Shares Issued    1,780,202          -      54,270             -   1,834,472 
Exercise of                                                                 
 options           310,456    (67,456)          -             -     243,000 
Share based                                                                 
 payments                -    133,668           -             -     133,668 
Warrants                                                                    
 expired                 -    372,300    (372,300)            -           - 
----------------------------------------------------------------------------
At September                                                                
 30, 2012       $9,981,720 $1,449,037  $  372,261  $(10,290,871) $1,512,147 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
                    Issued                                            Total 
                   Capital    Reserve    Warrants       Deficit      Equity 
----------------------------------------------------------------------------
As at December                                                              
 31, 2010       $7,819,002 $  865,644  $  696,619  $ (8,386,233) $  995,032 
Net loss for                                                                
 the period              -          -           -      (560,414)   (560,414)
Exercise of                                                                 
 options            72,060    (55,060)          -             -      17,000 
Share based                                                                 
 payments                -    151,420           -             -     151,420 
Warrants                                                                    
 expired                 -      6,328      (6,328)            -           - 
----------------------------------------------------------------------------
At September                                                                
 30, 2011       $7,891,062 $  968,332  $  690,291  $ (8,946,647) $  603,038 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
                                            Nine months ended, September 30 
                                                      2012             2011 
                                                         $                $ 
----------------------------------------------------------------------------
                                                                            
Cash Provided By (Used In) Operating                                        
 Activities                                                                 
  Net loss for the period                         (981,215)        (560,414)
    Items not affecting cash:                                               
    Depreciation of equipment                       86,076           85,799 
    Amortization of intangible assets               43,915           42,130 
    Interest accreted on promissory note            38,942           30,378 
    Share based payments                           133,669          151,420 
                                                                            
  Change in non-cash working capital items                                  
    Receivables                                    (26,429)         (35,079)
    Prepaid expenses                                 6,260             (935)
    Accounts payable and accrued                                            
     liabilities                                  (200,149)         (14,911)
----------------------------------------------------------------------------
                                                  (898,931)        (301,612)
                                                                            
Cash (Used in) in Investing Activities                                      
  Acquisition of equipment                         (25,424)         (79,862)
  Intangible assets                                      -           (5,000)
----------------------------------------------------------------------------
                                                   (25,424)         (84,862)
                                                                            
Cash Provided by (Used In) Financing                                        
 Activities                                                                 
  Issuance of common shares, net of                                         
   issuance costs                                2,077,472           17,000 
  Finance lease payments                           (46,356)         (42,437)
----------------------------------------------------------------------------
                                                 2,031,116          (25,437)
                                                                            
Increase (decrease) in cash and cash                                        
 equivalents                                     1,106,761         (411,911)
                                                                            
Cash and cash equivalents, beginning of                                     
 period                                            559,497        1,121,816 
                                                                            
----------------------------------------------------------------------------
Cash and cash equivalents, end of period         1,666,258          709,905 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
VersaPay Corporation
Bill McGill
CEO
1-647-258-9378
bill.mcgill@versapay.com

Hogan Mullally
Investor Relations
1-204-479-2516
hogan@sectorspeak.com

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Enterprise Open Source Magazine Latest Stories . . .
SYS-CON Events announced today that Grid Dynamics, the leading provider of scalable eCommerce technology solutions, will exhibit at DevOps Summit Silicon Valley, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Grid Dynamics is a le...
Appcore aims to simplify private cloud through Apache CloudStack solutions. Nate Gordon serves as the Des Moines, IA-based company's Director of Technology, in its effort to enhance Apache CloudStack and Citrix CloudPlatform for its customers. We had a few questions for him, and this i...
StackIQ offers a comprehensive software suite that automates the deployment, provisioning, and management of Big Infrastructure. With StackIQ’s software, you can spin up fully configured big data clusters, quickly and consistently — from bare-metal up to the applications layer — and ma...

Unless you have been living under a rock the last year, you have probably heard about Docker. Docker describes itself as an open platform for distributed applications for developers and sysadmins. That sounds great, but why does it matter? Wait, virtualization isn’t new!? Virt...

When I took my operating systems fundamentals course in college I was taught that an operating system provides very specific capabilities that provides users with access compute resources for building and running applications. Over time as networking capabilities and bandwidth increase...
There's fog coming to the world of IT. Some people are calling this "The Cloud." This fog turns everything inside out. It will take your monolithic applications, the guts of which are contained within large bodies of code, and break them apart so that discrete units of functionality a...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021




SYS-CON Featured Whitepapers
ADS BY GOOGLE