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Higher One Holdings, Inc. (NYSE: ONE) (“Higher One”) today announced financial results for the second quarter of 2012. The company reported revenue of $38.9 million, up 11% from $35.1 million in the second quarter of 2011. The year-over-year revenue growth was primarily attributable to an increase in the number of OneAccounts and an increase in the number of higher education institutions that have contracted for its services.
“Our business performed as expected in the second quarter, which is a seasonally slower period for our company,” said Mark Volchek, Chief Executive Officer. “Given the strong number of new school launches for OneDisburse in the upcoming fall semester, the continued positive momentum of our new product offerings, as well as the cost control strategies we are putting in place, our financial performance in the second half of the year is expected to outperform the same period last year.”
Higher One also reported GAAP net income of $4.1 million, and non-GAAP adjusted net income, which excludes certain non-recurring or non-cash items, of $5.3 million. GAAP diluted EPS was $0.07 in the quarter. Non-GAAP adjusted diluted EPS was $0.09. In the second quarter of 2012, non-GAAP adjusted EBITDA was $10.2 million.
The number of OneAccounts at the end of the second quarter of 2012 totaled 1.9 million, up 10% from 1.7 million at the end of the second quarter of 2011. Total enrollment at higher education clients that have purchased the OneDisburse service increased to 4.5 million, an increase of approximately 820,000 from 3.7 million at the end of the second quarter of 2011. Total enrollment at higher education clients that have purchased the CASHNet suite of payment products increased to 2.9 million.
Cash, cash equivalents, and liquid investments totaled $36.6 million as of June 30, 2012. Higher One continued with the previously announced share repurchase program, utilizing $5.9 million to repurchase approximately 400,000 shares in the quarter.