MALVERN, PA -- USA Technologies Inc. said total revenue for the fourth quarter of 2011 climbed 54% to $6.9 million, up from $4.5 million in the same 2010 quarter. For the full year, USAT, which provides of wireless, cashless payment and telemetry solutions for vending, reported total revenues increased 45% to $22.9 million versus $15.8 million a year earlier.
For the fourth quarter, revenue from recurring license and transaction fees grew 72% to $5 million from $2.9 million in the same quarter last year. Gross profit was $2.4 million, up 60% from $1.5 million. Net loss for the quarter was $1.9 million, compared with the net loss of $2.1 million a year ago.
For the full year, gross profit increased 57% to $7.7 million from $4.9 million a year ago. Gross profit margins expanded to 34% from 31% in fiscal 2010. USAT's net loss for the year improved by 44% to $6.5 million, compared with an $11.6 million net loss in fiscal 2010.
In the fourth quarter of fiscal 2011, the company's ePort Connect Network processed 22.5 million transactions and $37.4 million in volume, increases of 92% and 80%, respectively, over the same period last year.
USAT reported that it had approximately 119,000 connections at the end of its 2011 fiscal year, a 45% increase over 82,000 in 2010. Its customer count increased approximately 83% from approximately 1,050 customers in 2010 to approximately 1,925 in 2011.
The momentum in new customer growth reportedly continued into the first few months of the company's fiscal 2012, with approximately 150 new ePort customers added during July and August, increasing the total to approximately 2,075. In addition, transactions and volume processed in the first two months exceeded comparable 2010 period performance by 81% and 71%, respectively, a reflection of both additional connections and increased average connection usage.