VeriFone Systems Inc. (NYSE: PAY) Director Jeffrey E. Stiefler recently bought 27,900 shares PAY common shares at a cost of $17.89 per share each. Stiefler made a total investment of $499,131. This is the first time in the last one year that Stiefler has bought shares in PAY.
PAY shares have risen sharply in trading today. The stock rose to an intra-day high of $18.42 earlier today. At last check, it was trading 3.32% higher at $18.35 on volume of 2.62 million.
VeriFone Systems reported its most recent quarterly results (Q2) in June. For the quarter ended April 30, 2013, the San Jose, California-based company reported non-GAAP net revenue of $430 million, compared to $479 million reported for the same period in the previous year. On a GAAP basis, the company’s net revenue for the quarter was $426 million, compared to $472 million reported for the same period in the previous year.
VeriFone Systems reported second-quarter net income of $0.42 per share on a non-GAAP basis. This compares to non-GAAP net income of $0.64 per share reported for the same period in the previous year. On a GAAP basis, the company reported a net loss of $0.54 per share, compared to a net profit of $0.03 per share reported for the same period in the previous year.
Richard McGinn, Interim CEO of VeriFone Systems, last month said that the company is keenly aware of the significant short-term challenges impacting its fiscal year 2013 financial results. McGinn noted that to regain its momentum, the company is addressing the critical issues head-on. He added that the company empowered a new senior leadership team, and it is significantly increasing its R&D investment to best serve its customers and regain competitiveness in markets where it has product gaps.
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