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MALVERN, PA -- In a letter to shareholders, USA Technologies chief executive George Jensen said that the cashless payment technology company achieved record revenues for the quarter ended June 30. He also reported unprecedented recurring revenues from license and transaction fees.
The company's unaudited total revenue for fiscal 2011 is approximately $22.9 million, an increase of 45% compared with $15.8 million a year earlier, the letter stated.
Unaudited fiscal year recurring revenue from license and transaction fees reportedly totaled $16.4 million, up 76% over $9.3 million a year ago.
Unaudited gross profit grew by 59%, totaling approximately $7.8 million for the fiscal year, up from $4.9 million a year earlier.