The small cap stock value for Net 1 UEPS Technologies Inc. (NASDAQ:UEPS) rose on Friday after the company announced its fiscal fourth quarter and full year reports, with a successful full year masking fourth-quarter losses.
The electronic payment system company reported full-year revenues increased 25 percent to about $390 million, while its GAAP net income surged 1,587 percent to 44.7 million, compared with 2.6 million the year before.
"I am delighted with our overall performance this quarter as it should demonstrate that the Company is now firmly on its way to rekindling its previous appeal, as we overcome the challenges we have faced over the last few years," said Serge Belamant, chairman and chief executive officer of Net1.
Herman Kotze, chief financial officer of the company added that he expects quarterly performances in the coming year to improve even more, however some rough patches may exist due to a number of new startup costs.
Despite the fair warning, investors continued to back the company, as its shares were up 14.1 percent to $9.86 each by 3:45 p.m. on Friday, August 24.