Business
Usio Announces Record Fiscal 2019 Financial Results
For Third Consecutive Year Company Reports Record Revenues - $28 Million - and Record Transaction Processing Volume - $3.54 Billion PayFac Processing Volumes
About this update from Usio, Inc.
[{"type":"text","content":"For Third Consecutive Year Company Reports Record Revenues - $28 Million - and Record Transaction Processing Volume - $3.54 Billion\n PayFac Processing Volumes more than Double sequentially over Third Quarter, leading to Fastest Revenue Growth Rate of Year in Fourth Quarter SAN ANTONIO, March 30, 2020 (GLOBE NEWSWIRE) -- Usio, Inc: (Nasdaq:USIO), an integrated electronic payment solutions provider, today announced financial results for the fourth quarter and fiscal year 2019, which ended December 31, 2019. Louis Hoch, President and Chief Executive Officer of Usio, said, “Revenue growth accelerated to 15% in the fourth quarter compared to the fourth quarter of 2018, the highest quarterly rate of revenue growth this year, as PayFac transaction processing volumes significantly increased. As a result of the strong fourth quarter, we reported our third consecutive year of record transaction processing volume and record revenues. Our strategy to invest the cash flow generated by our strong ACH business into our PayFac and Prepaid growth initiatives is now beginning to provide anticipated returns, which we expect to further improve in the future.” “Headed into the new year Usio is ideally positioned to capitalize on the growing demand for comprehensive electronic payments solution that can provide users access to issuing (prepaid), acquiring and ACH payment enablement capabilities all from Usio. We anticipate revenues to grow in the first quarter as compared to the fourth quarter of 2019. This reflects our continued development of innovative, proprietary technology that is meeting the demand of our target market. We also believe we are well positioned to opportunistically capitalize on accretive acquisitions which would provide incremental growth and cash flow. Our expectations are tempered by the COVID-19 pandemic, which has become a threat to overall economic growth worldwide. Our first concern, of course, is for the safety of our employees as well as those of our customers, and we are implementing actions as prescribed by government health officials to provide them with the highest degree of protection and information. The crisis is rapidly evolving and has created uncertainty. Fortunately, Usio has limited exposure to retail (face-to-face) processing, and we are hopeful that any decrease in our processing volume precipitated by COV...