News

USA Technologies says revenues improve

February 13, 2003

WAYNE, Pa. -- USA Technologies (OTC Bulletin Board: USTT) says it generated revenues of
$774,000 for the fourth quarter of 2002, versus $325,000 for 2001's fourth quarter -- a 138 percent increase.

However, USA Technologies has not yet issued its full financial results for the fourth quarter, including net income. For 2002's third quarter, it reported a net loss of $3.5 million, versus a net loss of $2.25 million for 2001's third quarter. For 2002's third quarter, revenues were $734,445, compared to revenues of $365,747 for 2001's third quarter.

George Jensen, the company's chairman and chief executive, said in a news release that "notable customer wins" in 2002's fourth quarter included significant progress in the distribution of the company's e-Port software, hardware and network services to bottlers in the Coke, Pepsi and Dr Pepper systems, independent vending operators and consumer product companies.

According to the company's Web site, e-Port enables vending operators to accept cashless paymont methods, such as credit cards, smart cards, RFID tags and room key cards.

Jensen said USA Technologies has provided additional e-Port installations for Kraft Foods, which has been using e-Port over the past year as part of new vending programs. Several beverage bottlers also installed systems at locations like the Seattle-Tacoma International Airport, and AOL World Headquarters in Herndon, Va., according to the release.

Additionally, Sony Corporation has begun the rollout of e-Port enabled photo kiosks, according to the release.

The company's installed base of the Kodak vending machines filled with one-time-use cameras and film continues to expand with nearly 300 units installed. New contracts have been signed for installations at the National Aquarium, Colonial Williamsburg and The Milwaukee, Wis., and Little Rock, Ark., zoos, according to the release.

USA Technologies says it has nearly 400 installations of its Business Express unattended business centers at major hotels around the U.S. The company is on track to install 150 new hotels in 2003, according to the release.

"Our company is on a roll," said Jensen in the release.