Verifone Inc., citing growing global demand for its electronic payment systems products, reported significantly higher revenues and profits for the fourth quarter and full year of 1994.
The Redwood City, Calif.-based maker of bank card point of sale terminals and networking equipment disclosed it had net income of $8.1 million, or 35 cents per share, for the three months ended Dec. 31. That compares with net income of $5.9 million, or 25 cents per share, in the fourth quarter of 1993.
Revenues for the latest quarter reached $84.7 million, up 23.6% from the last three months of 1993.
For the entire year, Verifone reported net income of $27.7 million, or $1.18 per share, on revenues of $309.1 million. Full-year net profit and revenues grew by 28.9% and 19.4%, respectively, from 1993.
"Our performance reflects the vitality of the transaction automation industry worldwide and the strength of Verifone's business mix," said Hatim A. Tyabji, chairman and chief executive officer.
Sales outside the United States were particularly impressive, rising 53.3% in 1994, to $100.1 million. U.S. revenues totaled $209.1 million, an increase of 8% from 1993.
Company officials said that operating expenses continued to decline.
The company also disclosed that it had repurchased 451,000 shares of common stock on the open market in 1994.