Veritec, Inc. Reports Earnings Results for the First Quarter Ended September 30, 2020
November 09, 2020 at 04:30 pm
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Veritec, Inc. announced earnings results for the first quarter ended September 30, 2020. For the first quarter, the company announced total revenue was USD 80,000 compared to USD 154,000 a year ago. Operating loss was USD 232,000 compared to USD 57,000 a year ago. Net loss was USD 325,000 compared to net income of USD 30,000 a year ago. Basic loss per share from continuing operations was USD 0.01.
Veritec, Inc. is engaged in the development, sales, and licensing of products and providing services related to its mobile banking solutions. It provides back-end cardholder transaction processing services for Visa-branded card programs on behalf of its sponsoring bank. Its Mobile Banking Technology is used to offer Prepaid Card Programs to sponsor banks and approved applicants/cardholders. Its products and solutions include MTC Debit Card - Visa Prepaid Card Programs, blinx ON-OFF Debit Card - Visa Prepaid Card Programs, Custom Branded Debit Card Programs and blinxPay Mobile Wallet App. The blinx ON-OFF card is based on the Mobile Banking Technology platform and offers the same features and functions as the MTC branded card but with different pricing for bank-sponsored cards. The blinxPay is a secure payment processing system and mobile app that enables customers to make purchases. Its Mobile Banking Technology resides within a Payment Card Industry compliant data processing center.
VERITEC, INC. 
