Rahaxi Inc. (OTC Bulletin Board: RHXI), an international card payments processor and technology company, recently reported financial results for the three month period ending September 30 2009. Rahaxi shared that they had Current Quarter Losses down 66% on last year and Hardware Sales up by 143% over same period last year.
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In addition to the above mentioned reduction in Rahaxi Inc.cost base, Rahaxi Inc.has also reported a significant increase in Hardware related revenue. Hardware and related revenue was $397,173 during the three months ended September 30, 2009, compared to $163,723 during the prior period, an increase of $233,450 or approximately 143%. Ciaran Egan, Rahaxi's Chief Financial Officer, commenting on the financial results said: "The Company experienced a reduction in development expenses as projects were completed and new products were brought to market. We have also moved many of our processing platform support functions in-house, both to gain greater control of these activities and to reduce costs." Paul Egan, Rahaxi's Chief Executive Officer, commenting on the financial results said: "The significant increase in Hardware and related revenue demonstrates the trend of continuing high demand for Rahaxi's products and services offering in the marketplace. We plan to capitalize on these gains with stronger growth from our transaction processing and hardware related revenue models by continuing our rate of deployment in the coming months and we expect this momentum to continue through the remainder of fiscal 2009 and beyond." Revenue for the three months ended September 30, 2009 was $1,237,942 compared to $1,246,485 for the three months ended September 30, 2008, a decrease of $8,543 or approximately 1%. Revenue consisted of Transaction processing and related revenue of $468,711; Consulting services revenue of $372,058 and Hardware and related revenue of $397,173. Ciaran Egan, Chief Financial Officer, stated: "This extremely small reduction in revenue for the Company is largely down a decrease in Consulting services revenue. The primary reasons for the decline in consulting services revenue can be attributed to the completion of projects under management during the period without comparable replacement projects being initiated, and the decline in value of the Euro compared to the U.S. dollar, and the worsening of economic conditions in
Rahaxi Incorporation provides mission critical solutions to the financial industry worldwide. Working with merchants and acquires in over twenty countries, our product suite has empowered partners to focus on their core competencies, while our innovative driven approach has allowed them to benefit from first to market advantage and realize their true potential. Rahaxi Incorporation has adopted a partnership strategy for growth. Our partners are market leaders in their respective industries. These include IKEA, Finnair and Stockman. Our Subsidiaries Rahaxi Processing Oy Finland, Rahaxi Incorporation Ireland Limited and Rahaxi Dominicana S.A. Dominican Republic, continue to develop and implement first class products and solutions that enhance the service level our partners can offer customers.
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