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     571  0 Kommentare Net 1 UEPS Technologies, Inc. Reports Second Quarter 2015 Results

    JOHANNESBURG, SOUTH AFRICA--(Marketwired - February 05, 2015) - Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) (JSE: NT1) today released results for the second quarter of fiscal 2015.

                         
    Summary Financial Metrics                    
       
        Three months ended December 31,  
                % change     % change  
        2014   2013   in USD     in ZAR  
    (All figures in USD '000s except per share data)                    
    Revenue   154,131   137,283   12 %   24 %
    GAAP net income   22,374   12,749   75 %   94 %
    Fundamental net income (1)   26,400   18,398   43 %   58 %
    GAAP earnings per share ($)   0.48   0.28   73 %   91 %
    Fundamental earnings per share ($) (1)   0.57   0.40   43 %   56 %
    Fully-diluted shares outstanding ('000's)   46,644   46,176   2 %      
    Average period USD/ ZAR exchange rate   11.22   10.16   10 %      
       
        Six months ended December 31,  
                % change     % change  
        2014   2013   in USD     in ZAR  
    (All figures in USD '000s except per share data)                    
    Revenue   310,572   260,777   19 %   30 %
    GAAP net income   46,463   24,345   91 %   108 %
    Fundamental net income (1)   54,522   35,174   55 %   69 %
    GAAP earnings per share ($)   0.99   0.53   86 %   102 %
    Fundamental earnings per share ($) (1)   1.16   0.77   51 %   65 %
    Fully-diluted shares outstanding ('000's)   46,990   45,919   2 %      
    Average period USD/ ZAR exchange rate   10.97   10.08   9 %      
                         
                         

    (1) Fundamental net income and earnings per share are non-GAAP measures and are described below under "Use of Non-GAAP Measures -- Fundamental net income and fundamental earnings per share." See Attachment B for a reconciliation of GAAP net income to fundamental net income and earnings per share.

    Factors impacting comparability of our Q2 2015 and Q2 2014 results

    • Unfavorable impact from the strengthening of the USD against the ZAR: The USD appreciated by 10% against the ZAR during the second quarter of fiscal 2015, which negatively impacted our reported results;
    • Increased contribution by KSNET: Our results were positively impacted by growth in our Korean operations;
    • Increase in the number of SASSA grants paid: Our revenue and operating income has increased as a result of the higher number of SASSA UEPS/EMV cardholders paid during fiscal 2015 compared with 2014; and
    • Continued growth in financial inclusion services: We continued to grow our financial inclusion services offerings during the second quarter of fiscal 2015, which has resulted in higher revenues and operating income from more sales of low-margin prepaid airtime and UEPS-based lending.

    Comments and Outlook

    "Our operational and financial performance once again speaks for itself as we continue to deliver meaningful growth in revenue and earnings," said Dr. Serge Belamant, Chairman and CEO of Net1. "Our prospects and pipeline are extremely exciting, particularly as they reflect opportunities in the mobile space, which is the payment paradigm of the future. We are globalizing, we have the technology, we have the dedicated staff, we have the financial resources and we have the passion. Carpe Diem! I believe that our efforts, innovations and lateral thinking will be noticed and appreciated by the market and enhance shareholder value," he concluded.

    "I am thrilled with the sustained top and bottom line growth generated by our core businesses," said Herman Kotzé, Chief Financial Officer of Net1. "Given our strategic and operational momentum, for fiscal 2015, we now expect fundamental earnings per share of at least $2.28, assuming a constant currency base of ZAR10.40/$1 and a share count of 46.5 million shares," he concluded.

    Results of Operations by Segment and Liquidity

    Our operating metrics will be updated and posted on our website (www.net1.com).

    South African transaction processing

    The South African transaction processing segment consists mainly of pension and welfare benefit distribution services provided to the South African government, and transaction processing for retailers, utilities, medical-related claim service customers and banks.

    Segment revenue was $58.4 million in Q2 2015, down 1% compared with Q2 2014 in USD and up 10% on a constant currency basis. In ZAR, the increase in segment revenues was primarily due to more low-margin transaction fees generated from beneficiaries using the South African National Payment System and more intersegment transaction processing activities. In addition, revenue from the distribution of social welfare grants grew modestly during the year and was in-line with the increase in unique welfare cardholder recipients, net of removal of invalid and fraudulent beneficiaries, partially offset by the loss of MediKredit revenue as a result of the sale of that business. Segment operating income margin in Q2 2015 and Q2 2014 was 22% and 12%, respectively, and has increased primarily due to more higher-margin intersegment transaction processing activities, the elimination of MediKredit losses and an increase in the number of beneficiaries paid in Q2 2015.

    International transaction processing

    The International transaction processing segment consists mainly of payment processing services for merchants and card issuers in South Korea. The segment also includes transaction processing of UEPS-enabled smartcards in Botswana and transaction processing of medical-related claims in the United States.

    KSNET contributes the majority of our revenues and operating income in this segment. Segment revenue was $40.5 million in Q2 2015, up 7% compared with Q2 2014 in USD and 18% on a constant currency basis. Revenue and operating income increased primarily due to higher transaction volume at KSNET during Q2 2015. However, operating income for Q2 2015, was adversely impacted by ad hoc incentives provided to staff due to the strong operating performance of KSNET during calendar 2014. Segment operating income margin during each of Q2 2015 and Q2 2014 was 14%, respectively.

    Financial inclusion and applied technologies

    The Financial inclusion and applied technologies segment includes our smart card accounts, lending and life insurance businesses. This segment also includes the economics from merchants and card holders using our merchant acquiring system, the sale of prepaid products (electricity and airtime) and the sale of hardware and software.

    Segment revenue was $67.5 million in Q2 2015, up 34% compared with Q2 2014 in USD and 48% on a constant currency basis. Revenue and operating income increased primarily due to higher prepaid airtime sales driven by the rollout of our prepaid airtime product, an increase in the number of UEPS-based loans as we rolled out our product nationally, and, in ZAR, an increase in intersegment revenues. Smart Life did not contribute to operating income in Q2 2015 and 2014 due to the FSB suspension of its license.

    Operating income margin for the Financial inclusion and applied technologies segment was 26% during each of the second quarter of fiscal 2015 and 2014, respectively.

    Corporate/eliminations

    Corporate/eliminations generally includes acquisition-related intangible asset amortization; expenditure related to compliance with the Sarbanes-Oxley Act of 2002; non-employee directors' fees; employee and executive bonuses; stock-based compensation; legal fees; audit fees; directors and officers insurance premiums; telecommunications expenses; property- related expenditures including utilities, rental, security and maintenance; and elimination entries.

    The decrease in our corporate expenses was primarily due to lower US government investigations-related and US lawsuit expenses, audit fees and other corporate head office-related expenses.

    Cash flow and liquidity

    At December 31, 2014, we had cash and cash equivalents of $71.0 million, up from $58.7 million at June 30, 2014. The increase in our cash balances from June 30, 2014, was primarily due to the expansion of our all of our core businesses during the quarter, and to a lesser extent due to the cash conservation resulting from the sale of loss-incurring businesses, offset by provisional tax payments and the scheduled Korean debt repayment in October 2014.

    Excluding the impact of interest received, interest paid under our Korean debt and taxes, the increase in cash from operating activities resulted from improved trading activity during fiscal 2015. Capital expenditures for Q2 2015 and 2014 were $9.1 million and $6.8 million, respectively, and have increased primarily due to the acquisition of more payment processing terminals in South Korea.

    Use of Non-GAAP Measures

    US securities laws require that when we publish any non-GAAP measures, we disclose the reason for using the non-GAAP measure and provide reconciliation to the directly comparable GAAP measure. The presentation of fundamental net income and fundamental earnings per share and headline earnings per share are non-GAAP measures.

    Fundamental net income and fundamental earnings per share

    Fundamental net income and earnings per share is GAAP net income and earnings per share adjusted for (1) the amortization of acquisition-related intangible assets (net of deferred taxes), (2) stock-based compensation charges and (3) unusual non- recurring items, including the amortization of KSNET debt facility fees and US government investigations-related and US lawsuit expenses. Management believes that the fundamental net income and earnings per share metric enhances its own evaluation, as well as an investor's understanding, of our financial performance. Attachment B presents the reconciliation between GAAP and fundamental net income and earnings per share.

    Headline earnings per share ("HEPS")

    The inclusion of HEPS in this press release is a requirement of our listing on the JSE. HEPS basic and diluted is calculated using net income which has been determined based on GAAP. Accordingly, this may differ to the headline earnings per share calculation of other companies listed on the JSE as these companies may report their financial results under a different financial reporting framework, including but not limited to, International Financial Reporting Standards.

    HEPS basic and diluted is calculated as GAAP net income adjusted for the profit on sale of property, plant and equipment. Attachment C presents the reconciliation between our net income used to calculate earnings per share basic and diluted and HEPS basic and diluted and the calculation of the denominator for headline diluted earnings per share.

    Conference Call

    We will host a conference call to review Q2 2015 results on February 6, 2015, at 8:00 Eastern Time. To participate in the call, dial 1-855-481-5362 (US and Canada), 0808-162-4061 (U.K. only) or 0-800-200-648 (South Africa only) ten minutes prior to the start of the call. Callers should request "Net1 call" upon dial-in. The call will also be webcast on the Net1 homepage, www.net1.com. Please click on the webcast link at least ten minutes prior to the call. A webcast of the call will be available for replay on the Net1 website through March 1, 2015.

    About Net1 (www.net1.com)

    Net1 is a leading provider of alternative payment systems that leverage its Universal Electronic Payment System ("UEPS"), to facilitate biometrically secure, real-time electronic transaction processing to unbanked and under-banked populations of developing economies around the world in an online or offline environment. Net1's UEPS/EMV solution is interoperable with global EMV standards that seamlessly permit access to all the UEPS functionality in a traditional EMV environment. In addition to payments, UEPS can be used for banking, healthcare management, payroll, remittances, voting and identification.

    Net1 operates market-leading payment processors in South Africa and the Republic of Korea. In addition, Net1's proprietary MVC technology offers secure mobile payments and banking services in developed and emerging countries.

    Net1 has a primary listing on NASDAQ and a secondary listing on the Johannesburg Stock Exchange.

    Forward-Looking Statements

    This announcement contains forward-looking statements that involve known and unknown risks and uncertainties. A discussion of various factors that cause our actual results, levels of activity, performance or achievements to differ materially from those expressed in such forward-looking statements are included in our filings with the Securities and Exchange Commission. We undertake no obligation to revise any of these statements to reflect future events.

     
    NET 1 UEPS TECHNOLOGIES, INC.
    Unaudited Condensed Consolidated Statements of Operations
        Three months ended   Six months ended
        December 31,   December 31,
        2014   2013   2014   2013
        (In thousands, except per share data)   (In thousands, except per share data)
     
    REVENUE   $ 154,131   $ 137,283   $ 310,572   $ 260,777
     
    EXPENSE                        
     
      Cost of goods sold, IT processing, servicing and support     71,774     67,883     146,180     124,442
     
      Selling, general and administration     41,385     40,824     80,121     81,330
     
      Depreciation and amortization     10,157     9,774     20,331     19,803
     
    OPERATING INCOME     30,815     18,802     63,940     35,202
     
    INTEREST INCOME     3,587     3,236     7,677     6,555
     
    INTEREST EXPENSE     1,107     2,226     2,419     3,978
     
    INCOME BEFORE INCOME TAX EXPENSE     33,295     19,812     69,198     37,779
     
    INCOME TAX EXPENSE     10,203     7,099     21,851     13,584
     
    NET INCOME BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS     23,092     12,713     47,347     24,195
     
    EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS     76     47     168     150
     
    NET INCOME     23,168     12,760     47,515     24,345
     
    LESS NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST     794     11     1,052     -
     
    NET INCOME ATTRIBUTABLE TO NET1   $ 22,374   $ 12,749   $ 46,463   $ 24,345
     
    Net income per share, in United States dollars                        
      Basic earnings attributable to Net1 shareholders     $0.48     $0.28     $0.99     $0.53
      Diluted earnings attributable to Net1 shareholders     $0.48     $0.28     $0.99     $0.53
                               
                               
     
    NET 1 UEPS TECHNOLOGIES, INC.
    Unaudited Condensed Consolidated Balance Sheets
     
        Unaudited   (A)
        December 31,   June 30,
        2014   2014
        (In thousands, except share data)
    ASSETS            
    CURRENT ASSETS            
      Cash and cash equivalents   $ 70,981   $ 58,672
      Pre-funded social welfare grants receivable     6,254     4,809
      Accounts receivable, net of allowances of - December: $2,175; June: $1,313     128,338     148,067
      Finance loans receivable, net of allowances of - December: $4,403; June: $3,083     60,309     53,124
      Inventory     12,501     10,785
      Deferred income taxes     6,286     7,451
        Total current assets before settlement assets     284,669     282,908
          Settlement assets     480,962     725,987
            Total current assets     765,631     1,008,895
    PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of -            
    December: $94,376; June: $91,422     49,361     47,797
    EQUITY-ACCOUNTED INVESTMENTS     954     878
    GOODWILL     172,237     186,576
    INTANGIBLE ASSETS, net of accumulated amortization of - December: $80,189; June: $78,781     55,884     68,514
    OTHER LONG-TERM ASSETS, including reinsurance assets     35,426     38,285
      TOTAL ASSETS     1,079,493     1,350,945
    LIABILITIES            
    CURRENT LIABILITIES            
      Accounts payable     15,838     17,101
      Other payables     39,263     42,257
      Current portion of long-term borrowings     -     14,789
      Income taxes payable     3,094     7,676
        Total current liabilities before settlement obligations     58,195     81,823
          Settlement obligations     480,962     725,987
            Total current liabilities     539,157     807,810
    DEFERRED INCOME TAXES     12,676     15,522
    LONG-TERM BORROWINGS     59,698     62,388
    OTHER LONG-TERM LIABILITIES, including insurance policy liabilities     20,831     23,477
      TOTAL LIABILITIES     632,362     909,197
    EQUITY            
      COMMON STOCK            
          Authorized: 200,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury - December: 46,547,153; June: 47,819,299    
    64
       
    63
      PREFERRED STOCK            
          Authorized shares: 50,000,000 with $0.001 par value; Issued and outstanding shares, net of treasury: December: -; June: -    
    -
       
    -
      ADDITIONAL PAID-IN-CAPITAL     211,743     202,401
      TREASURY SHARES, AT COST: December: 18,057,228; June: 15,883,212     (214,520)     (200,681)
      ACCUMULATED OTHER COMPREHENSIVE LOSS     (120,504)     (82,741)
      RETAINED EARNINGS     569,596     522,729
        TOTAL NET1 EQUITY     446,379     441,771
        NON-CONTROLLING INTEREST     752     (23)
          TOTAL EQUITY     447,131     441,748
            TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 1,079,493   $ 1,350,945
                 
                 

    (A) - Derived from audited financial statements

     
    NET 1 UEPS TECHNOLOGIES, INC.
     Unaudited Condensed Consolidated Statements of Cash Flows
     
        Three months ended   Six months ended
        December 31,   December 31,
        2014   2013   2014   2013
        (In thousands)   (In thousands)    
    Cash flows from operating activities                        
    Net income   $ 23,168   $ 12,760   $ 47,515   $ 24,345
    Depreciation and amortization     10,157     9,774     20,331     19,803
    Earnings from equity-accounted investments     (76)     (47)     (168)     (150)
    Fair value adjustments     (234)     72     179     (61)
    Interest payable     140     694     1,299     1,666
    Profit on disposal of property, plant and equipment     (109)     (15)     (231)     (16)
    Stock-based compensation charge     1,035     968     1,951     1,898
    Facility fee amortized     52     509     134     578
    Increase in accounts receivable, pre-funded social welfare grants receivable and finance loans receivable    
    (7,315)
       
    (37,977)
       
    2,155
       
    (61,078)
    Increase in inventory     (622)     (2,853)     (2,745)     (1,842)
    Decrease in accounts payable and other payables     (1,456)     (4,883)     (12,389)     (13,551)
    (Decrease) increase in taxes payable     (9,963)     (5,559)     (3,352)     1,362
    Decrease in deferred taxes     (168)     (691)     (558)     (1,878)
      Net cash provided (used in ) by operating activities     14,609     (27,248)     54,121     (28,924)
    Cash flows from investing activities                        
    Capital expenditures     (9,137)     (6,845)     (18,515)     (12,461)
    Proceeds from disposal of property, plant and equipment     373     1,953     614     2,001
    Proceeds from sale of business     -     -     1,895     -
    Other investing activities     (29)     -     (29)     (1)
    Net change in settlement assets     241,652     204,730     198,598     256,503
      Net cash provided by investing activities     232,859     199,838     182,563     246,042
    Cash flows from financing activities                        
    Repayment of long-term borrowings     (14,128)     (87,008)     (14,128)     (87,008)
    Long-term borrowings utilized     1,081     -     2,178     -
    Acquisition of treasury stock     -     -     (9,151)     -
    Sale of equity to non-controlling interest     -     -     1,407     -
    Proceeds from issue of common stock     -     -     989     -
    Long-term borrowings obtained     -     71,605     -     71,605
    Payment of facility fee     -     (872)     -     (872)
    Proceeds from bank overdraft     -     24,580     -     24,580
    Acquisition of interests in KSNET     -     (1,968)     -     (1,968)
    Net change in settlement obligations     (241,652)     (204,730)     (198,598)     (256,503)
      Net cash used in by financing activities     (254,699)     (198,393)     (217,303)     (250,166)
    Effect of exchange rate changes on cash     (2,973)     495     (7,072)     1,745
    Net (decrease) increase in cash and cash equivalents     (10,204)     (25,308)     12,309     (31,303)
    Cash and cash equivalents - beginning of period     81,185     47,670     58,672     53,665
    Cash and cash equivalents - end of period   $ 70,981   $ 22,362   $ 70,981   $ 22,362
     
    See Notes to Unaudited Condensed Consolidated Financial Statements                  
                       
                       

    Net 1 UEPS Technologies, Inc.

    Attachment A

    Operating segment revenue, operating income and operating margin:

     Three months ended December 31, 2014 and 2013 and June 30, 2014

                         
                    Change - actual   Change - constant exchange rate(1)
    Key segmental data, in $'000,   Q2 '15   Q2 '14   Q1 '15   Q2 '15 vs
    Q2 '14
      Q2 '15 vs
    Q1 '15
      Q2 '15 vs
    Q2 '14
      Q2 '15 vs
    Q1 '15
    Revenue:                            
    South African transaction processing   $58,427   $58,754   $60,252   (1%)   (3%)   10%   1%
    International transaction processing   40,466   37,738   43,204   7%   (6%)   18%   (2%)
    Financial inclusion and applied technologies   67,531   50,480   65,197   34%   4%   48%   8%
      Subtotal: Operating segments   166,424   146,972   168,653   13%   (1%)   25%   3%
      Intersegment eliminations   (12,293)   (9,689)   (12,212)   27%   1%   40%   5%
        Consolidated revenue   $154,131   $137,283   $156,441   12%   (1%)   24%   3%
                                 
    Operating income:                            
    South African transaction processing   $12,883   $7,128   $13,639   81%   (6%)   100%   (1%)
    International transaction processing   5,743   5,139   7,349   12%   (22%)   23%   (18%)
    Financial inclusion and applied technologies   17,827   13,265   17,607   34%   1%   48%   6%
      Subtotal: Operating segments   36,453   25,532   38,595   43%   (6%)   58%   (1%)
      Corporate/Eliminations   (5,638)   (6,730)   (5,470)   (16%)   3%   (7%)   8%
        Consolidated operating income   $30,815   $18,802   $33,125   64%   (7%)   81%   (3%)
                                 
    Operating income margin (%)                            
    South African transaction processing   22%   12%   23%                
    International transaction processing   14%   14%   17%                
    Financial inclusion and applied technologies   26%   26%   27%                
      Consolidated operating margin   20%   14%   21%                
                                 
                                 

    (1) - This information shows what the change in these items would have been if the USD/ ZAR exchange rate that prevailed during the second quarter of fiscal 2015 also prevailed during the second quarter of fiscal 2014 and the first quarter of fiscal 2015.

                             
    Six months ended December 31, 2014 and 2013                        
       
                          Change -  
                          constant  
                    Change -     exchange  
                    actual     rate(1)  
                    F2015     F2015  
                    vs     vs  
    Key segmental data, in '000, except margins   F2015     F2014     F2014     F2014  
    Revenue:                        
    South African transaction processing   118,679     115,915     2 %   11 %
    International transaction processing   83,670     75,279     11 %   21 %
    Financial inclusion and applied technologies   132,728     87,276     52 %   65 %
      Subtotal: Operating segments   335,077     278,470     20 %   31 %
      Intersegment eliminations   (24,505 )   (17,693 )   39 %   51 %
        Consolidated revenue   310,572     260,777     19 %   30 %
       
    Operating income:                        
    South African transaction processing   26,522     13,589     95 %   112 %
    International transaction processing   13,092     10,663     23 %   34 %
    Financial inclusion and applied technologies   35,434     26,100     36 %   48 %
      Subtotal: Operating segments   75,048     50,352     49 %   62 %
      Corporate/Eliminations   (11,108 )   (15,150 )   (27 %)   (20 %)
        Consolidated operating income   63,940     35,202     82 %   98 %
       
    Operating income margin (%)                        
    South African transaction processing   22 %   12 %            
    International transaction processing   16 %   14 %            
    Financial inclusion and applied technologies   27 %   30 %            
      Overall operating margin   21 %   13 %            
                               
                               

    (1) - This information shows what the change in these items would have been if the USD/ ZAR exchange rate that prevailed during the first half of fiscal 2015 also prevailed during the first half of fiscal 2014.

    Net 1 UEPS Technologies, Inc.

    Attachment B

    Reconciliation of GAAP net income and earnings per share, basic, to fundamental net income and earnings per share, basic:

    Three months ended December 31, 2014 and 2013

                             
                EPS,           EPS,
        Net income   basic   Net income   basic
        (USD'000)   (USD)   (ZAR'000)   (ZAR)
        2014   2013   2014   2013   2014   2013   2014   2013
     
    GAAP   22,374   12,749   0.48   0.28   250,737   129,519   5.39   2.83
     
      Intangible asset amortization, net.   2,930   3,104           32,827   31,530        
      Stock-based compensation charge   1,035   968           11,616   9,834        
      Facility fees for KSNET debt   52   509           584   5,171        
      US government investigations-                                
      related and US lawsuit expenses   9   1,068           101   10,850        
        Fundamental   26,400   18,398   0.57   0.40   295,865   186,904   6.36   4.08
     
     
    Six months ended December 31, 2014 and 2013                            
     
                EPS,           EPS,
        Net income   basic   Net income   basic
        (USD'000)   (USD)   (ZAR'000)   (ZAR)
        2014   2013   2014   2013   2014   2013   2014   2013
     
    GAAP   46,463   24,345   0.99   0.53   509,644   245,417   10.87   5.37
     
      Intangible asset amortization, net.   5,838   5,889           64,036   59,367        
      Stock-based compensation charge   1,951   1,898           21,400   19,134        
      Facility fees for KSNET debt   134   578           1,470   5,827        
      US government investigations-                                
      related and US lawsuit expenses   136   2,464           1,492   24,839        
        Fundamental   54,522   35,174   1.16   0.77   598,042   354,584   12.76   7.75
                                     
                                     

    Net 1 UEPS Technologies, Inc.

    Attachment C

    Reconciliation of net income used to calculate earnings per share basic and diluted and headline earnings per share basic and diluted:

             
    Three months ended December 31, 2014 and 2013        
     
        2014   2013
     
    Net income (USD'000)   22,374   12,749
    Adjustments:        
      Profit on sale of property, plant and equipment   (109)   (15)
      Tax effects on above   31   4
    Net income used to calculate headline earnings (USD'000)   22,296   12,738
    Weighted average number of shares used to calculate net income per share basic earnings and headline earnings per share basic earnings ('000)  
    46,519
     
    45,776
    Weighted average number of shares used to calculate net income per share diluted earnings and headline earnings per share diluted earnings ('000)  
    46,644
     
    46,176
    Headline earnings per share:        
      Basic, in USD   0.48   0.28
      Diluted, in USD   0.48   0.28
     
    Six months ended December 31, 2014 and 2013        
     
        2014   2013
     
    Net income (USD'000)   46,463   24,345
    Adjustments:        
      Profit on sale of property, plant and equipment   (231)   (16)
      Tax effects on above   65   4
    Net income used to calculate headline earnings (USD'000)   46,297   24,333
    Weighted average number of shares used to calculate net income per share basic earnings and headline earnings per share basic earnings ('000)  
    46,873
     
    45,725
    Weighted average number of shares used to calculate net income per share diluted earnings and headline earnings per share diluted earnings ('000)  
    46,990
     
    45,919
    Headline earnings per share:        
       Basic, in USD   0.99   0.53
       Diluted, in USD   0.99   0.52
             
             
                 
    Calculation of the denominator for headline diluted earnings per share   
     
        Q2 '15   Q2 '14   F2015   F2014
     
      Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP   46,519   45,776   46,873   45,725
        Effect of dilutive securities under GAAP   125   400   117   194
          Denominator for headline diluted earnings per share   46,644   46,176   46,990   45,919
                     
                     
                     

    Weighted average number of shares used to calculate headline earnings per share diluted represent the denominator for basic weighted-average common shares outstanding and unvested restricted shares expected to vest plus the effect of dilutive securities under GAAP. We use this number of fully-diluted shares outstanding to calculate headline earnings per share diluted because we do not use the two-class method to calculate headline earnings per share diluted.

    Investor Relations Contact:
    Dhruv Chopra
    Head of Investor Relations
    Phone: +1 917-767-6722
    Email: dchopra@net1.com




    Verfasst von Marketwired
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