Acies Corporation Announces Fiscal 2006 First Quarter Financial Results.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Acies Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ACIE ACIE Association of Charity Independent Examiners ACIE Association of the Cement Industries Employers (Iran) ) --Fiscal 2006 First Quarter Revenues Grow 133% Over Last Year --Sequential Revenues Rise 40% from Fiscal Fourth Quarter of 2005 Acies Corporation (OTCBB: ACIE), a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company that specializes in providing payment processing and online banking services to small, medium, and large-size merchants across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , today announced financial results for its fiscal first quarter ended June 30, 2005. For the first quarter, Acies reported net revenues of $1,648,521, which represents a 133 percent increase over net revenues of $708,227 reported in the year-ago first quarter, and a 40 percent sequential increase over $1,180,560 in the fourth quarter ended March 31, 2005. Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the fiscal first quarter of 2006 was $168,339 compared to an operating loss of $217,046 for the year-ago period. Net loss for the quarter was $195,338, or $(0.00) per share, compared to a net loss of $217,024, or $(0.01) per share, for the three months ended June 30, 2004. Gross margin increased to $294,470 for the three months ended June 30, 2005, representing a 173 percent increase over the $107,843 for the three months ended June 30, 2004. Oleg Firer, Chairman, President and Chief Executive Officer of Acies Corp., said, "We continue to build substantial traction in our business, marked by strong sequential and year-over-year sales growth this quarter. Moreover, compared to June of last year, we more than doubled the size of our merchant portfolio and processing volumes, significantly building on our foundation for future revenue growth." Mr. Firer said, "These results illustrate the strong market for payment processing services among small- to mid-sized merchants, as customers increasingly use credit and debit cards instead of cash for everyday purchases. These results also illustrate our ability to effectively scale the business, as we accelerate sales efforts, grow our recurring revenue stream and continually improve gross margins." "Furthermore, our performance this quarter is a result of our efforts during the past 12 months as we established the necessary operational infrastructure and cultivated key strategic alliances that have enabled us to grow. Today, we are well positioned in our market and well capitalized to execute our growth strategy," added Mr. Firer. About Acies Corporation Acies Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: ACIE.OB) is a financial services company that, through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Acies, Inc., specializes in providing payment processing and online banking services to small, medium, and large-size merchants across the United States. Acies' payment processing services enable merchants to process Credit, Debit, Electronic Benefit Transfer (EBT EBT See: Earnings Before Taxes ), Check Conversion, and Gift & Loyalty transactions. Acies also offers traditional and next-generation point-of-sale (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) terminals, which enable merchants to utilize Acies' payment processing services. Acies' banking services offer customers traditional banking services and the ability for customers to apply for an on-line bank account and pay bills electronically. For more information, visit http://www.aciesinc.com. Forward-looking Statements "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a effect.
ACIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended June 30, 2005 and 2004
Three Months Ended June 30
---------------------------
2005 2004
------------- -------------
Net revenues $ 1,648,521 $ 708,227
Cost of revenues 1,354,051 600,384
------------- -------------
Gross margin 294,470 107,843
General, administrative and selling 462,809 324,889
------------- -------------
Operating loss (168,339) (217,046)
Loss on extinguishment of debt (28,453) -
Interest expense (1,000) -
Interest income 2,454 22
------------- -------------
Net loss $ (195,338) $ (217,024)
============= =============
Net income (loss) per share $ (0.00) $ (0.01)
Weighted average shares outstanding 48,055,207 18,716,868
|
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion