LML Payment Sees Revenues Double

Payments technology provider LML Payment Systems reported last week fiscal fourth quarter revenues of $3.3 million, up more than 100 percent from $1.6 million for the same period a year ago. GAAP net loss for the quarter was approximately $1.6 million, or $0.07 per share, compared to GAAP net income of approximately $86,000, or $0.01 per share, for the fourth quarter fiscal 2007.

During the quarter LML received a U.S. patent for its electronic check processing methods and systems.

Vancouver, British Columbia-based LML (Nasdaq-CM: LMLP) reported revenue for its fiscal year ended March 31, 2008 was approximately $11.3 million compared with $6.6 million for the previous year. GAAP net loss for fiscal 2008 was approximately $2.2 million, or $0.10 per share, compared to GAAP net loss of approximately $1.1 million, or $0.05 per share, for the previous year.

During fiscal 2008 LML completed its acquisition and integration of Beanstream Internet Commerce Inc. and repositioned check operations as part of business transition.

LML Payment Systems Inc., through its subsidiaries Beanstream Internet Commerce Inc. in Canada and LML Payment Systems Corp. in the U.S., is a provider of credit card processing, online debit, electronic funds transfer, automated clearinghouse payment processing and authentication services, along with routing of selected transactions to third party processors and banks for authorization and settlement.