MALVERN, PA -- USA Technologies Inc. said demand for its cashless technology continued to climb in the fourth quarter. The number of cashless devices connected to its network increased by approximately 9,000 during the quarter ended June 30, bringing the total to over 82,000, compared with 52,000 a year ago.
The number of cashless transactions processed by USAT during the quarter reportedly increased by 73% to 11.7 million, up from 6.7 million transactions during the prior year's fourth quarter.
The dollar value of transactions processed during the quarter increased by 54% to $20.8 million, compared with $13.5 million during the comparable period last year.
During the quarter, approximately 150 new customers joined the USALive Network, bringing the total number of customers to 1,050 as of June 30. By comparison, the company had 525 customers as of June 30, 2009, representing a 100% increase during fiscal 2010.
Separately, USAT concluded its pending subscription rights offering on July 6. Chief executive George Jenson said ongoing improvements in operating efficiencies, funds available to the company from working capital and $2.7 million from its recently completed public offerings provide ample resources for it to deliver ePort cashless payment products for its recently expanded JumpStart program.