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VeriFone Systems Q4 net income surges

VeriFone Systems, a provider of electronic payment solutions, has reported a net income of $198.83m, or $1.84 diluted earnings per share, for the fourth quarter of 2011, compared to $49.44m, or $0.55 diluted earnings per share, for the same period in 2010.

The total net revenues for the fourth quarter of 2011 were $410.7m, compared to $275.97m for the same period a year ago.

Operating loss was $7.59m, compared to $29.78m for the same period in the corresponding year.

For the first fiscal quarter ending 31 January 2012, VeriFone expects to report net revenues in the range of $415m to $420m.

VeriFone Systems CEO Douglas Bergeron said that they finished 2011 with another year of record revenues and record profit, and are now midway through their multi-year transformation to the world’s leading services-driven payment technology provider. Looking to 2012, they are very encouraged by the opportunities at hand throughout their growing, global marketplace.