BATON ROUGE – On Tuesday, Jan. 29, LSU alumnus and USA Technologies Chairman and CEO Stephen Herbert rang the NASDAQ closing bell in New York.
Earlier that day, USA Technologies, a three-time LSU 100 nominee, conducted its quarterly earnings call, where they announced GAAP and non-GAAP profitability for the second quarter of fiscal 2013. The company’s total revenues are up 29 percent and recurring revenues are up 33 percent. In celebration of this milestone profitability event, USA Technologies was invited to ring the NASDAQ Stock Market closing bell.
“I am extremely proud to call myself an alumnus of LSU,” said Herbert. “The skills I learned and the connections I made while in school have carried through with me today, and have contributed greatly to the success of USA Technologies.”
Herbert was elected chairman and chief executive officer of USA Technologies, a leader in cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, in December 2011 after serving as interim chairman and CEO since October 2011. Over the past year, he has led a comprehensive plan to enhance USA Technologies’ governance practices, strategic positioning and financial performance that has dramatically increased shareholder value.
Herbert joined USA Technologies and its Board of Directors in 1996, most recently serving as chief operating officer before becoming CEO.
Prior to joining USA Technologies and since 1986, Herbert was employed by The Pepsi-Cola Company, the beverage division of PepsiCo Inc., where he held several management positions in operations, sales and marketing. In his latest assignment at PepsiCo Inc., he was responsible for the development of market strategy for the vending and retail channels for Pepsi-Cola in North America.
Herbert graduated with a Bachelor of Science degree from the LSU College of Humanities & Social Sciences, formerly the College of Arts & Sciences, in 1986.
USA Technologies has been nominated for the LSU 100 Fastest Growing Tiger Businesses for three straight years. Created and hosted by the LSU Stephenson Entrepreneurship Institute, or SEI, the LSU 100 identifies, recognizes and celebrates the 100 fastest growing LSU-owned or LSU-led businesses in the world. In addition to celebrating the success of the honorees, the LSU 100 provides a forum to pass lessons on to the next generation of LSU entrepreneurs.
The LSU 100 was created by SEI to offer encouragement, education, networking and assistance to entrepreneurially-minded students, faculty, and businesses. The LSU 100 showcases the entrepreneurial success of former LSU students representing various fields and professions including technology, oil and gas, insurance, healthcare, design, construction, manufacturing and public relations. By engaging the honorees with the LSU community, students and alumni network with and learn from one another to create a legacy of entrepreneurship at LSU. For more information, visit http://www.lsu100.com/.
The LSU College of Humanities & Social Sciences is the dynamic center of the university, teaching core subjects and providing opportunities to lean and conduct research in traditional and emerging disciplines in 11 degree-granting departments, 10 interdisciplinary programs and two ROTC units. For more information on the College of Humanities & Social Sciences, visit http://hss.lsu.edu/.
USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of the small ticket, self-service retail industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort G8, ePort Mobile for customers on the go, and QuickConnect, an API web service for developers. USA Technologies has been granted 84 patents; and has agreements with Verizon, Visa, Isis, Elavon and major customers such as Compass, Crane, AMI Entertainment and others. Visit their website at www.usatech.com.