Veritec, Inc. Reports Earnings Results for the Third Quarter Ended March 31, 2020
May 04, 2020 at 01:52 pm
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Veritec, Inc. announced earnings results for the third quarter ended March 31, 2020. For the third quarter, the company announced total revenue was USD 117,713 compared to USD 74,140 a year ago. Operating loss was USD 97,488 compared to USD 139,411 a year ago. Net loss was USD 181,940 compared to USD 214,958 a year ago. Basic eps - continuing operations was USD 0 compared to basic loss per share from continuing operations of USD 0.01 a year ago. For the nine months, total revenue was USD 343,760 compared to USD 227,246 a year ago. Operating loss was USD 281,533 compared to USD 418,077 a year ago. Net loss was USD 366,021 compared to USD 640,101 a year ago. Basic loss per share from continuing operations was USD 0.01 compared to USD 0.02 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. 
