STRATEGIC PARTNERS
February 14, 2002
NEW YORK -- U.S. Wireless Data, Inc., a provider of transaction delivery and gateway services for the payment processing industry, says it expects EBITDA loss to reach breakeven on a monthly basis during the quarter ending Dec. 31, 2002, which corresponds to the second quarter of the company's fiscal year 2003.
USWD's fiscal year 2003 begins July 1, 2002. EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and is a commonly used measure of cash operating results.
"With more than $9 million in cash in the bank, we believe we have adequate funding to reach this goal without the need for additional capital," said Chairman and Chief Executive Officer Dean M. Leavitt. "The monthly cash usage rate is now under $700,000 and we expect it to decline each month. In addition, we have a number of opportunities that we are pursuing that may further reduce cash usage."
U.S. Wireless Data and its subsidiary, NXT, enable efficient and fast payment card, ATM and other transactions through proprietary wireless and landline gateway technology. USWD now handles more than 500 million transactions each year through its data centers and nationwide network.
