USA Technologies, Inc. (USAT), a wireless non-cash transaction provider, reported fourth quarter revenue that doubled from the prior year on a 160% increase in transaction volume.
Fourth quarter revenue for Malvern-based USA Tech more than doubled to $5.02 million from $2.45 million in the prior-year quarter.
During the fourth quarter, the company processed about 3.9 million transactions totaling approximately $10.4 million in value for customers, up 160% from 1.5 million transactions totaling approximately $6.7 million in the year-ago quarter.
George Jensen, Chief Executive Officer, said, "I am delighted to announce that USA Technologies is continuing its pattern of turning in record revenue quarters, and for the first time revenues for a quarter have topped $5 million. We have taken steps to streamline and reduce our operating costs. We are expanding our business, nationally and internationally"
For fiscal 2008, revenues were up 76% to $16.01 million from $9.16 million in the same quarter a year ago.
USAT is currently trading at $4.63, up $0.13 or 2.89%, on a volume of 9,167 shares.
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