Net 1 files 2019 Form 10-K with SEC and cures Nasdaq delinquency

About this update from Lesaka Technologies, Inc.

JOHANNESBURG, South Africa, Oct. 25, 2019 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE: NT1) today announced that it has filed its Annual Report on Form 10-K with the United States Securities and Exchange Commission for the year ended June 30, 2019. Filing of the Form 10-K cures the Nasdaq delinquency reported on October 3, 2019. We do not need to file a plan of compliance with Nasdaq and believe that we are now in compliance with Nasdaq’s continued listing requirements. Final results amended as a result of September 30, 2019 Supreme Court ruling: Our preliminary results released on September 26, 2019, have been updated for the impact of the Supreme Court ruling on September 30, 2019. The Supreme Court ruling declined our subsidiary, Cash Paymaster Services (Pty) Ltd’s (“CPS”), appeal of the refund of ZAR 317.0 million plus interest to the South Africa Social Security Agency (“SASSA”) related to the recovery of additional implementation costs incurred by CPS during the beneficiary re-registration process in fiscal 2012 and 2013. CPS is liable to repay SASSA ZAR 317.0 million, plus interest from June 2014 to date of payment. As a result, we recorded the liability at June 30, 2019, of $34.0 million (ZAR 479.4 million, translated at exchange rates applicable as of June 30, 2019, comprising a revenue refund of $19.7 million (ZAR 277.6 million), accrued interest of $11.4 million (ZAR 161.0 million), unclaimed indirect taxes of $2.8 million (ZAR 39.4 million) and estimated costs of $0.1 million (ZAR 1.4 million)). Below is a summary of the changes to our audited consolidated financial statements for Q4 2019 and full year 2019, as a result of the liability recorded compared with our preliminary results (“Prelim”) reported on September 26, 2019: Q4 2019 F2019 Final Prelim Mvt Final Prelim Mvt(All figures in USD ‘000s except per share data) Revenue51,472 71,181 (19,709) 360,990 380,699 (19,709)GAAP operating (loss) income(49,646) (15,607) (34,039) (113,508) (79,469) (34,039)Adjusted (negative) EBITDA(1)(749) (749) - (12,621) (12,621) - GAAP net (loss) income(183,694) (149,655) (34,039) (307,618) (273,579) (34,039)Fundamental (loss) earnings (1)(173,128) (139,089) (34,039) (256,906) (222,867) (34,039)GAAP (loss) earnings per share ($)(3.23) (2.63) (0.60) (5.42) (4.82) (0.60)Fundamental (loss) earnings per share ($)(1)(3.05) (2.45) (0.60) (4....

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