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LML Payment Systems reports net income in Q3

LML's GAAP net income for Q3, 2008 is circa $281,000

LML Payment Systems has reported that its GAAP net income for the third quarter ended December 31, 2008 was approximately $281,000, or $0.01 per share, compared to a GAAP net loss of approximately $228,000, or $0.01 per share, for the third quarter of 2008, an improvement of $509,000.

Revenue for the third quarter of fiscal 2009 was approximately $3 million, compared to $3.4 million in revenue for the third quarter of fiscal 2008.

GAAP net income for the nine months ended December 31, 2008 was approximately $300,000, or $0.01 per share, compared to GAAP net loss of approximately $657,000, or $0.03 per share, for the same period during fiscal 2008, an improvement of $957,000.

Revenue for the nine months ended December 31, 2008 was approximately $9.3 million, an increase of approximately 15.8%, from revenue of approximately $8 million for the nine months ended December 31, 2007.

Patrick Gaines, chairman and CEO of LML Payment Systems, said: Despite a troubled global economy, our transaction payment processing segment business increased by 12% this quarter year-over-year and by 6% sequentially, quarter-over-quarter. We believe that, even as consumer confidence dampens, overall consumer spending will continue to shift to the internet where consumers already experience added convenience and favourable pricing.