Veritec, Inc. Reports Earnings Results for the Second Quarter Ended December 31, 2020
January 28, 2021 at 12:36 pm EST
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Veritec, Inc. announced earnings results for the second quarter ended December 31, 2020. For the second quarter, the company announced total revenue was USD 133,000 compared to USD 72,000 a year ago. Operating loss was USD 114,000 compared to USD 127,000 a year ago. Net loss was USD 213,000 compared to USD 214,000 a year ago. Basic loss per share from continuing operations was USD 0.01 compared to USD 0.01 a year ago. For the half year, total revenue was USD 213,000 compared to USD 226,000 a year ago. Operating loss was USD 346,000 compared to USD 184,000 a year ago. Net loss was USD 538,000 compared to USD 184,000 a year ago. Basic loss per share from continuing operations was USD 0.01.
Veritec, Inc. is engaged in the development, sales, and licensing of products and providing services related to its mobile banking solutions. It provides back-end cardholder transaction processing services for Visa-branded card programs on behalf of its sponsoring bank. Its Mobile Banking Technology is used to offer Prepaid Card Programs to sponsor banks and approved applicants/cardholders. Its products and solutions include MTC Debit Card - Visa Prepaid Card Programs, blinx ON-OFF Debit Card - Visa Prepaid Card Programs, Custom Branded Debit Card Programs and blinxPay Mobile Wallet App. The blinx ON-OFF card is based on the Mobile Banking Technology platform and offers the same features and functions as the MTC branded card but with different pricing for bank-sponsored cards. The blinxPay is a secure payment processing system and mobile app that enables customers to make purchases. Its Mobile Banking Technology resides within a Payment Card Industry compliant data processing center.
VERITEC, INC. 