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Net 1 Reports First Quarter 2020 Results

JOHANNESBURG, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE: NT1) today released results for the first fiscal quarter ended September 30, 2019.
Q1 2020 Highlights:

Revenue of $80.8 million, GAAP EPS of $(0.08) and Fundamental EPS of $(0.02);



Operating loss of $2.7 million and adjusted EBITDA of $2.8 million;



South African operations remained stable and KSNET operating and EBITDA margin improved further versus Q4 2019;



Exercised option to acquire an additional 35% of Bank Frick, which accelerates our ability to provide a vertically integrated fintech solution in Europe.

a??During the first quarter we made meaningful progress towards the monetization of some of our assets, accomplished several objectives towards commercial launch of various new products internationally, and positioned our South African operations for growth as liquidity becomes available,a?? said Herman KotzA©, CEO. a??In the near term we will continue to push forward on our multiple corporate actions to improve our liquidity, in turn allowing us to reduce liabilities, reinvest in our growth businesses, and return capital to shareholders.a??a??Though our Q1 2020 results benefited from certain ad-hoc technology and telecom product sales, most of our key South African businesses remained stable or posted modest growth compared to Q4 2019, while KSNET showed tangible improvements in its profitability as a result of the transformational actions that we have implemented. Until we have clearer visibility on the quantum and timing of various liquidity events, we believe for fiscal 2020 it is prudent for us to reiterate our guidance of adjusted EBITDA of at least $16 million, using a constant currency base of ZAR 14.27/$1, driven by growth in South Korea and South Africa, and reduced losses from our IPG business,a?? said Alex Smith, CFO.Summary Financial Metrics
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