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Acies Corporation
Announces Fiscal 2006 First Quarter Financial Results
NEW YORK- (BUSINESS WIRE) - August 15, 2005 - Acies
Corporation (OTCBB: ACIE):
Acies Corporation (OTCBB: ACIE), a
financial services company that specializes in providing payment
processing and online banking services to small, medium, and
large-size merchants across the United States, today announced
financial results for its fiscal first quarter ended June 30,
2005.
For the first quarter, Acies reported net revenues of
$1,648,521, which represents a 133 percent increase over net
revenues of $708,227 reported in the year-ago first quarter, and
a 40 percent sequential increase over $1,180,560 in the fourth
quarter ended March 31, 2005.
Operating loss for the fiscal first quarter of 2006 was $168,339
compared to an operating loss of $217,046 for the year-ago
period.
Net loss for the quarter was $195,338, or $(0.00) per share,
compared to a net loss of $217,024, or $(0.01) per share, for
the three months ended June 30, 2004.
Gross margin increased to $294,470 for the three months ended
June 30, 2005, representing a 173 percent increase over the
$107,843 for the three months ended June 30, 2004.
Oleg Firer, Chairman, President and Chief Executive Officer of
Acies Corp., said, "We continue to build substantial traction in
our business, marked by strong sequential and year-over-year
sales growth this quarter. Moreover, compared to June of last
year, we more than doubled the size of our merchant portfolio
and processing volumes, significantly building on our foundation
for future revenue growth."
Mr. Firer said, "These results illustrate the strong market for
payment processing services among small- to mid-sized merchants,
as customers increasingly use credit and debit cards instead of
cash for everyday purchases. These results also illustrate our
ability to effectively scale the business, as we accelerate
sales efforts, grow our recurring revenue stream and continually
improve gross margins."
"Furthermore, our performance this quarter is a result of our
efforts during the past 12 months as we established the
necessary operational infrastructure and cultivated key
strategic alliances that have enabled us to grow. Today, we are
well positioned in our market and well capitalized to execute
our growth strategy," added Mr. Firer.
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ACIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended June 30, 2005 and 2004
Three Months Ended June 30
---------------------------
2005
2004
------------- -------------
Net revenues
$ 1,648,521 $ 708,227
Cost of revenues
1,354,051 600,384
------------- -------------
Gross margin
294,470 107,843
General, administrative and selling
462,809 324,889
------------- -------------
Operating loss
(168,339) (217,046)
Loss on extinguishment of debt
(28,453)
-
Interest expense
(1,000)
-
Interest income
2,454
22
------------- -------------
Net loss
$ (195,338) $ (217,024)
========= ========
Net income (loss) per share
$ (0.00)
$ (0.01)
Weighted average shares outstanding
48,055,207 18,716,868 |
About Acies Corporation
Acies Corporation (OTCBB: ACIE) is a financial services company
that, through its wholly owned subsidiary, Acies, Inc.,
specializes in providing payment processing and online banking
services to small, medium, and large-size merchants across the
United States. Acies' payment processing services enable
merchants to process Credit, Debit, Electronic Benefit Transfer
(EBT), Check Conversion, and Gift & Loyalty transactions. Acies
also offers traditional and next-generation point-of-sale (POS)
terminals, which enable merchants to utilize Acies' payment
processing services. Acies' banking services offer customers
traditional banking services and the ability for customers to
apply for an on-line bank account and pay bills electronically.
For more information, visit http://www.aciesinc.com.
Forward-looking Statements
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains or may contain
forward-looking statements such as statements regarding the
Company's growth and profitability, growth strategy, liquidity
and access to public markets, operating expense reduction, and
trends in the industry in which the Company operates. The
forward-looking statements contained in this press release are
also subject to other risks and uncertainties, including those
more fully described in the Company's filings with the
Securities and Exchange Commission. The Company assumes no
obligation to update these forward-looking statements to reflect
actual results, changes in risks, uncertainties or assumptions
underlying or affecting such statements, or for prospective
events that may have a retroactive effect.
Contact:
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