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Revenue increased by 275% to $4,709,813
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Increasing Mint Portable Payment system customer base through sales and marketing activities with Optus and Crazy Johns
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Agreements in place for ranging of Mint Trading products with Australia's major retailers.
Sydney, 29th August 2008 Listed portable technology company, Mint Wireless Limited (ASX: MNW) ('the Company'), today announced its results for the full-year ended 30 June, 2008. The company reported operating revenue of $4,709,813 which was within expectations and up 275% on the previous half. The Company's full year results were affected by a number of one off non recurring set up and infrastructure items. The Company reported a net loss of $4,310,335 which was in line with expectations.
The Company has continued to invest in growing its Portable Payment and Trading businesses with key management hires, customer marketing activities and expanded its technology infrastructure to accommodate for the Company's growth. The Directors have put into place new channels for distribution of the Mint Portable Payment system (PPS) and are developing marketing plans and strategies for the Company's technology products and services that will provide significant growth in the future.
Financial highlights
- Revenues increased by 275% to $4,709,813 from the prior corresponding period. The Company is seeing increased revenue and gross margins from both its Portable Payment and Trading businesses in the coming year.
- The Company incurred several one off non-recurring set up and infrastructure costs.
- Additionally, the Company incurred a one off cash outflow of $1,701,119 which was the anticipated costs of the IPO and the repayment of borrowings.
- The Company has continued to improve operational efficiencies and commercial arrangements in order to improve customer service and generate stronger margins. Monthly operating expenses have reduced and these ongoing benefits will be realised in the coming year.
Divisional highlights
1. Portable Payment System:
Mint's portable payments business continues to perform well, with increased sales and marketing activities supporting on-going market penetration.
Key achievements:
- Increase in sales and marketing activities with Optus and Crazy Johns in support of the Company's on-going market penetration and increased customer acquisition of the Mint Portable Payment System.
- Launched a version of the Mint Portable Payment System for BlackBerry wireless phones, opening up a new and growing market for the Company.
- Mint was selected by Microsoft to globally showcase the Mint Portable Payment System as a "best of breed" example of Microsoft's coveted Software plus Services architecture.
- Mint Portable Payment System won the 2008 Consensus software award for excellence in software development in Australia and New Zealand is the industry's foremost accolade. The Consensus software awards are sponsored by IBM and Microsoft.
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Mint Portable Payment System has achieved full compliance with the Payment Card Industry Data Security Standard (PCI DSS) Level 1. The standard recognizes full security compliance for the PPS as set out by card issuers such as Visa and MasterCard and strengthens the appeal of the system for prospective customers. As a result, Mint is now an accredited global electronic payments processor and service provider by Visa International.
Alex Teoh added: "The PPS is gaining momentum, as smartphones become ubiquitous and businesses continue to innovate. The Mint team continues to open up new channels to market for the PPS, as a strengthened technical capability has allowed the Company to undertake larger projects integrating the Mint platform with industry-specific systems."
2. Mint Trading:
The Mint Trading business has performed above expectations, securing a steady stream of contract wins throughout the half.
Key achievements:
- Mint Trading has established exclusive distribution relationships with some of the world's leading manufacturers for digital consumer technology products, such as Taiwan's Aiptek International (manufacturer of the high demand Aiptek V10 pocket projector); and A-Data Technology Co. Limited (flash memory) to enter new and profitable retail segments.
- Mint Trading has also signed supply agreements with some of Australia's top-tier retailers which has provided instant market recognition, and will lead to significant recurring revenue streams. Some of these retailers include: Telstra, Crazy Johns, Vodafone, Officeworks, Harris Technology, Kmart and Strathfield Car Radio.
Alex Teoh commented: "We have found that with tough market conditions for consumer products, our strategy to leverage existing sales channels as well as expanding our offering to include affordable yet high quality products, we have managed to exceed our expectations."
Outlook:
Alex Teoh said, "Our goal is to continue to grow the presence of our Portable Payments business, both domestically and into International markets, through our network of sales and marketing partners, existing channels to market and ongoing investment in business development. We see numerous opportunities to continue strengthening our value proposition for new and existing customers.
"We are always refining our product offering and have identified ways to bring innovation and scale to our customers. We are set to execute several strategic initiatives for the PPS which we expect will drive greater revenue volumes over the coming year.
"Our priority is to continue to grow our revenue base and invest in the Portable Payments business to build on the company's solid foundation in 2009 and beyond," Mr. Teoh added.
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For more information please contact:
Alex Teoh
Chief Executive Officer
P: (02) 8752 7888
E: alex.teoh@mint-wireless.com |
