EFT Canada Inc.

EFT Canada Inc.

November 14, 2007 12:27 ET

EFT Canada Reports Record Revenues and Profit

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2007) - EFT Canada Inc. (TSX VENTURE:EFT), reported record revenue of $472,017 for the quarter ended September 30, 2007, an increase of 220% over the same quarter of the prior year. Net profit was $0.001 per share compared to a loss of ($0.001) for quarter ended September 30, 2006.

Adjusted earnings for the quarter ending September 30, 2007 were $100,924 or $0.008 per share compared to ($898) loss for the comparative quarter ended September 30, 2006. The Company's gross margin was 48%.

Adjusted earnings is a non-GAAP financial measure that excludes foreign exchange gains and losses, discontinued operations, impairment losses, restructuring costs, stock-based compensation and amortization of intangibles pertaining to transaction processing. EFT Canada believes that the inclusion of such measures helps investors to gain a better understanding of its core operating results and is consistent with how management measures the Company's operational and financial performance.

For the period ended September 30, 2007, EFT Canada registered 32 new clients, while Canadian and U.S. electronic transaction processing volume increased by 58% and 63%.

EFT Canada Inc. is a publicly traded financial company that offers a complete solution to the electronic transaction collection and payment processing needs of small and medium sized business merchants. The Company continues its rapid organic growth and was recently cited as number 12 on the 2007 PROFIT Hot 50, a Rogers Communications magazine.

"Our top and bottom line growth figures show that we are hitting on all cylinders - through our growth initiatives and in our core business," said Jonathan Pasternak, EFT Canada's CEO. "EFT Canada continues to reach its growth milestones and will further focus on executing on our strategic plan and improving both our operational and financial results."

Summary of operating results for the year ended September 30, 2007:

Sept 30-2007 Sept 30-2006
------------ -------------

Revenue 472,017 147,514

Adjusted Earnings (Loss) 100,924 (898)

Net Profit (Loss) 13,944 (14,563)

Earnings (Loss) per share (basic) 0.001 (0.001)

The full text of the financial statements and Management Discussion & Analysis is available at www.sedar.com.

About EFT Canada

Founded in 2003, EFT Canada Inc. is a financial processing company that offers a complete solution to the collection and payment processing needs of small and medium sized business merchants, banks, credit unions, and other financial firms in Canada and the United States. The Company develops, maintains and delivers innovative electronic transaction processing technologies, such as customized electronic payment and collection processing solutions and gift and loyalty card services, by drawing on its operational and applications expertise.

This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ significantly from those projected herein.

The TSX Venture Exchange has not reviewed and does not accept responsibility for adequacy or accuracy of the content of the information contained herein.

Contact Information

  • EFT Canada Inc.
    Jonathan Pasternak
    President & Director
    (416) 781-0666
    Website: www.eftcanada.com