Veritec, Inc. Reports Earnings Results for the Third Quarter Ended March 31, 2019
May 10, 2019 at 04:08 pm
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Veritec, Inc. announced earnings results for the third quarter ended March 31, 2019. For the third quarter, the company announced total revenue was USD 74,140 compared to USD 66,358 a year ago. Operating loss was USD 139,411 compared to USD 127,212 a year ago. Net loss was USD 214,958 compared to USD 377,315 a year ago. Basic loss per share from continuing operations was USD 0.01 compared to USD 0.01 a year ago.
For the nine months, total revenue was USD 227,246 compared to USD 300,968 a year ago. Operating loss was USD 418,077 compared to USD 333,583 a year ago. Net loss was USD 640,101 compared to net income of USD 4,990 a year ago. Basic loss per share from continuing operations was USD 0.02 compared to basic earnings per share from continuing operations of USD 0 a year ago.
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. 