With the help of acquisitions and new ventures, VeriFone Systems Inc. posted a 31% increase in fourth-quarter year-over-year earnings Dec. 14, marking the sixth consecutive quarter with a revenue gain of 20% or more.
The San Jose, Calif.-based payment-terminal maker reported revenues of $416 million for the three-month period ended Oct. 31, up from $317 million during the same period last year.
With a partnership in Google Inc.’s Google Wallet and the acquisition of Hypercom Corp.’s non-U.S. assets, net income for the quarter rose dramatically at 302.4%, to $198.8 million from $49.4 million.
In addition, the company has estimated the acquisition of Hypercom (now called Equinox Payments LLC) could contribute another $350 million to company revenue during fiscal 2012.
“We finished 2011 with another year of record revenues and record profit,” VeriFone CEO Douglas G. Bergeron stated in a press release. “Looking to 2012, we are very encouraged by the opportunities at hand throughout our growing, global marketplace.”
VeriFone continued to supply terminals for the Google Wallet through the fourth quarter after first supplying them for the wallet’s tests before the product’s official launch in June (
VeriFone completed the purchase in early August. Private equity firm Gores Group LLC acquired Scottsdale, Ariz.-based Hypercom’s U.S. properties (
