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Thursday, September 18, 2008
EFT Canada Reports Profit and Record Revenues
Comtex
TORONTO, ONTARIO, Sep 18, 2008 (MARKET WIRE via COMTEX) ----EFT Canada Inc (TSX VENTURE: EFT), a publicly traded financial processing company that offers a complete solution to the collection and payment processing needs of small and medium sized business merchants in Canada and the United States, today announced its results for the year ended June 30, 2008.
The Company, for the year ended June 30, 2008, posted record revenue of $1,743,240, an increase of 72% versus the prior year, and a profit per share of $0.001 compared to a loss of ($0.01) . Gross margin was 59%, up from 51% in the prior year.
For the year ended June 30, 2008, EFT Canada registered over 136 new clients and processed 1,787,979 electronic transactions worth a total of $824,239,191.
"2008 was a year of tremendous progress for the Company and we are pleased with the results," said Jonathan Pasternak, EFT Canada's CEO. "We expect strong top and bottom line growth over the next year and will continue to focus on executing on our strategic plan."
Summary of operating results for the year ended June 30, 2008:
-------------------------------------------------------- 2008 2007 ---- ---- -------------------------------------------------------- Revenue $ 1,743,240 $ 1,014,353 -------------------------------------------------------- EBITDA (i) $ 418,531 ($30,626) -------------------------------------------------------- Net Profit (loss) $ 9,434 ($131,870) -------------------------------------------------------- Profit (loss) per share (basic) $ 0.001 ($0.01) --------------------------------------------------------
(i) The Company defines EBITDA as earnings before interest, taxes, depreciation, amortization, foreign exchange gains or losses, allowance for bad debts and stock based compensation.
The full text of the financial statements and Management Discussion & Analysis is available at www.sedar.com.
About EFT Canada
Founded in 2003, EFT Canada Inc. is a financial processing company that offers a complete solution to the collection and payment processing needs of small and medium sized business merchants, banks, credit unions, and other financial firms in Canada and the United States. The Company develops, maintains and delivers innovative electronic transaction processing technologies, such as customized electronic payment and collection processing solutions and gift and loyalty card services, by drawing on its operational and applications expertise.
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ significantly from those projected herein.
The TSX Venture Exchange has not reviewed and does not accept responsibility for adequacy or accuracy of the content of the information contained herein.
Contacts: EFT Canada Inc Jonathan Pasternak (416) 781-0666 Website: www.eftcanada.com
SOURCE: EFT Canada Inc.
http://www.eftcanada.com
Copyright 2008 Market Wire, All rights reserved.
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