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02/09/2009 -
In what is likely an indication that merchants are continuing to recognize the importance of payment card processing, VeriFone Holdings - a leading provider of payment card processing equipment - announced this week that its third quarter net revenue increased by 9.6 percent over the previous quarter, despite the global recession.The company's third quarter net revenue of $211.2 million compared to the $201.6 earned in the second quarter, while non-GAAP income increased from $0.17 diluted per share to $0.26 over the same time period.
"We believe that our business has begun to recover and we are seeing mildly improving market conditions in both our domestic and international markets," said Douglas G. Bergeron, CEO of VeriFone. "Our sequential non-GAAP EPS growth of 53 percent was driven by a solid revenue performance and a sequential expansion of gross margins."
For the fourth quarter, VeriFone expects to see net revenues in the range of $208 million to $215 million, the company announced.
The financial performance of VeriFone highlights the continued importance of payment card processing for merchants around the world, as well as the need for up-to-date and PCI compliant point-of-sale terminals.
