Net1 reschedules Q4 2019 results and call following delay due to Cell C; Reports preliminary Q4 2019 highlights
10 September 2019 - 2:30PM
Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS; JSE: NT1) (“Net1” or
the “Company”) today announced preliminary financial and operating
highlights for the fourth quarter of 2019. The Company also
announced that it is rescheduling the release of its audited
results in order to allow more time for clarification on various
developments in respect of the proposed transactions at Cell C, as
this information is expected to significantly impact the carrying
value of its Cell C investment as of June 30, 2019. The Company
will now release fourth quarter and year end 2019 results after the
market close on September 26, 2019 and host a conference call to
review these results on September 27, 2019, at 8:00 a.m. Eastern
Time.
Q4 2019 Preliminary and Unaudited
Financial and Operating Highlights:
- Consolidated revenue is expected to be approximately $70
million. In Q3 2019, the Company reported revenue of $87 million,
which included a $18 million contribution from DNI;
- The Company expects an adjusted EBITDA loss for Q4 2019, though
it expects the loss to be lower than was guided to on the Q3 2019
earnings call;
- South African operations are expected to achieve EBITDA
breakeven in the month of July 2019; and
- Active EPE customer base remained stable at 1.1 million as of
June 30, 2019.
Fourth Quarter 2019 Earnings Conference
Call
The Company will host a conference call to
review its fourth quarter and full year results on September 27,
2019, at 8:00 a.m. Eastern Time. To participate in the call, dial
1-508-924-4326 (US and Canada), 0333-300-1418 (U.K. only) or
080-020-0648 (South Africa only) ten minutes prior to the start of
the call. Callers should request “Net1 call” upon dial-in. The call
will also be webcast on the Net1 homepage, www.net1.com. Please
click on the webcast link at least ten minutes prior to the call. A
webcast of the call will be available for replay on the Net1
website through October 20, 2019.
Forward Looking Statements
This announcement contains forward-looking
statements that involve known and unknown risks and uncertainties,
including statements concerning our preliminary financial and
operating details for our fourth quarter ended June 30, 2019. The
preliminary financial and operating details for our fourth quarter
2019 included in this press release represent the most current
information available to management. Our actual results, when
disclosed in our Form 10-K, may differ from these preliminary
financial and operating details as a result of the completion of
our financial closing procedures, final adjustments, completion of
the review by our independent registered public accounting firm and
other developments that may arise between now and the disclosure of
the final results. A discussion of various factors that may cause
our preliminary financial and operating details, levels of
activity, performance or achievements to differ materially from
those expressed in such forward-looking statements are included in
our filings with the Securities and Exchange Commission. We
undertake no obligation to revise any of these statements to
reflect future events.
About Net1 (www.net1.com)
Net1 is a leading provider of transaction
processing services, financial inclusion products and services and
secure payment technology. Net1 operates market-leading payment
processors in South Africa and the Republic of Korea.
Net1 offers debit, credit and prepaid processing and issuing
services for all major payment networks. In South Africa, Net1
provides innovative low-cost financial inclusion products,
including banking, lending and insurance and through DNI is a
leading distributor of mobile subscriber starter packs for Cell C,
a South African mobile network operator. Net1 leverages its
strategic equity investments in Finbond and Bank Frick (both
regulated banks), and Cell C to introduce products to new customers
and geographies. Net1 has a primary listing on NASDAQ (NasdaqGS:
UEPS) and a secondary listing on the Johannesburg Stock Exchange
(JSE: NT1). Visit www.net1.com for additional information about
Net1.
Investor Relations Contact:
Dhruv ChopraGroup Vice President Investor RelationsPhone:
+1-917-767-6722Email: dchopra@net1.com
Media Relations Contact:
Bridget von HoldtBusiness Director – BCWPhone:
+27-82-610-0650Email: bridget.vonholdt@bm-africa.com
Net 1 Ueps Technologies (NASDAQ:UEPS)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Net 1 Ueps Technologies (NASDAQ:UEPS)
Historical Stock Chart
Von Jul 2023 bis Jul 2024