Shares of VeriFone Systems Inc (NYSE:PAY) ended Thursday session in green amid volatile trading. The shares closed up +0.25 points or 1.56% at $16.27 with 2.44 million shares getting traded. Post opening the session at $15.97, the shares hit an intraday low of $15.97 and an intraday high of $16.48 and the price vacillated in this range throughout the day. The company has a market cap of $1.76 billion and the numbers of outstanding shares have been calculated to be 110.97 million shares.
VeriFone Systems Inc (PAY) on September 2, 2016 announced financial results for the three months ended July 31, 2016.
Third Quarter Financial Highlights
- GAAP net revenues of $488 million and Non-GAAP net revenues of $493 million
- GAAP net loss per diluted share of $0.28
- Non-GAAP net income per diluted share of $0.42
- Operating cash flow of $13 million
“We made real progress during the third quarter in further repositioning Verifone, building our services business and bringing our new devices to market. Despite this progress, Q3 was a challenging quarter for Verifone on revenues. We moved decisively to reduce our cost structure, and those initial efforts helped us exceed our revised EPS target,” said Paul Galant, Chief Executive Officer of Verifone. “We are managing through what we believe are difficult but temporary local market and lingering EMV adoption issues. Our outlook for Q4 now assumes a significantly slower EMV rollout, and we are projecting fiscal year 2017 consolidated revenues to be approximately 3% below fiscal year 2016 levels. That said, we are relentlessly executing the long-term vision for Verifone to transform from a box shipper to a services provider.”
Fourth Quarter and Fiscal Year 2016 Outlook
Guidance for the fourth fiscal quarter of 2016 is as follows:
- Non-GAAP net revenues of $460 million
- Non-GAAP net income per diluted share of $0.28-0.29
Guidance for the full fiscal year 2016 is as follows:
- Non-GAAP net revenues of $2.0 billion
- Non-GAAP net income per diluted share of $1.64 – $1.65
Shares of Archer Daniels Midland Company (NYSE:ADM) ended Thursday session in green amid volatile trading. The shares closed up +0.30 points or 0.71% at $42.28 with 2.26 million shares getting traded. Post opening the session at $41.94, the shares hit an intraday low of $41.75 and an intraday high of $42.37 and the price vacillated in this range throughout the day. The company has a market cap of $24.05 billion and the numbers of outstanding shares have been calculated to be 581.76 million shares.
On Sept. 06, 2016 Burcon NutraScience Corporation (BUR) announced that, Archer Daniels Midland Company (ADM), Burcon’s license and production partner for CLARISOY soy protein, has confirmed plans to achieve full commercial production of CLARISOY this year. ADM plans to begin commissioning the first large-scale CLARISOY production facility at its North American headquarters in Decatur, Illinois, during the fourth quarter of 2016.
“This is a truly significant milestone in the commercialization of CLARISOY,” said Johann Tergesen, Burcon’s president and chief operating officer, adding, “ADM is committing considerable resources to commercializing CLARISOY and is the ideal partner for such innovative proteins. ADM’s line of CLARISOY soy proteins is truly on-trend to meet the demand by consumers for great-tasting, nutritionally enhanced products targeted to the ever growing number of health and wellness-minded consumers.”