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LML Payment Systems Inc. (NASDAQ: LMLP) Posts 118% Increase in Q1 Revenues

LML Payment Systems Inc. (Nasdaq; LMLP) provides financial payment solutions for e-commerce and traditional businesses. The company today announced reports for the three months ended June 30, 2008.

LML posted a 118 percent increase in first-quarter revenues, at $3.2 million, up from $1.5 million for the same period last year, and reported it added 324 new customers for the quarter.

In the press release, Patrick H. Gaines, president and CEO of LML attributed the positive results to its Transaction Payment Processing segment, which attributed to $1.9 million in revenue, or 62 percent of overall revenues, while producing gross margins of approximately 45 percent.

“We also continued to realize significant cost savings as a result of re-positioning our check processing segment in the last two quarters of the previous year. We believe that e-commerce, in general, will continue to experience significant growth and we also believe that we are positioning ourselves to take advantage of that growth through our continued partnership approach to service offerings,” Gaines stated. “During the quarter, we made measured and deliberate progress with respect to our intellectual property activities. We strongly believe in the validity and enforceability of our intellectual property and we anticipate having more to report in this regard in future quarters.”

LML operates through its subsidiaries, Beanstream Internet Commerce Inc. in Canada and LML Payment Systems Corp. in the United States. The company’s services include credit card processing, online debit, electronic funds transfer, automated clearinghouse payment processing and authentication services, as well as routing of selected transactions to third party processors and banks for authorization and settlement.

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