MALVERN, PA -- USA Technologies' gross profit more than doubled in the fourth quarter to a record $1.5 million, up from $690,000 a year earlier. Total revenue increased by 23% to $4.5 million, up from $3.6 million in the year-ago fourth quarter.
USAT said it increased the number of ePort cashless vending devices connected to its network by 58% during the quarter ended June 30, bringing the total number to approximately 82,000, compared with 52,000 as of June 30, 2009.
The number of cashless transactions USAT processed during the quarter reportedly increased by 73% to 11.66 million, compared with 6.74 million transactions during the same period of the year prior. The dollar value of transactions processed during the fourth quarter reportedly increased by 54% to $20.8 million, versus $13.5 million a year earlier.
Approximately 150 new customers were added to the company's USALive Network during the quarter, bringing the total number to 1,050. By comparison, the company had 525 customers as of June 30, 2009, representing a 100% increase during fiscal 2010.
Total revenue for the fiscal year increased by 31% to $15.8 million, up from $12 million a year earlier, according to USAT. Gross profit grew 64%, or $4.9 million from $2.8 million.
The number of cashless transactions processed increased year over year by 65% to 36 million, from 22 million transactions during the prior fiscal year. The dollar value of transactions processed during the fiscal year increased by 44% to $67 million, compared with $47.1 million last year.