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Stung by a U.S. recession creeping into global markets, VeriFone Holdings Inc. Tuesday reported a fiscal fourth-quarter loss of $362 million and a fiscal 2008 loss of $421.2 million. VeriFone's fiscal year ends Oct. 31.
The San Jose, Calif.-based point-of-sale terminal maker cited a slowdown in new store openings in the United States and the difficulty many organizations had securing credit to buy terminals as primary reasons for the losses.
For the fourth-quarter of 2007, VeriFone reported net income of $18.9 million compared with a loss of $34 million for the same quarter the previous year. During this past quarter, VeriFone had revenue of $244.7 million, up 2.9% from $237.9 million during the fiscal 2007 fourth quarter.
Total 2008 revenue was $921.9 million, up 2.1% from $902.9 million in fiscal 2007. In North America, fiscal 2008 revenue totaled $359.1 million, down 10.3% from $400.4 million the previous fiscal year.
Richard A. McGinn, former CEO of Lucent Technologies Inc., also joined VeriFone's board of directors. ATM
