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NetSpend Holdings, Inc. Reports Third Quarter Financial Results

Stocks in this article: NTSP

NetSpend Holdings, Inc. (Nasdaq:NTSP), a leading provider of general-purpose reloadable prepaid debit cards (GPR) and related financial services, today announced financial results for the quarter ended September 30, 2012.

“We delivered another quarter of strong financial performance, grew our direct deposit base and signed some great new partnerships,” said Dan Henry, chief executive officer of NetSpend.

The Company also announced today that it has signed a multi-year, exclusive agreement with Intuit to provide prepaid card services with its TurboTax® and QuickBooks® products.

“Intuit has chosen us to be their exclusive program and distribution manager and processor for their GPR and payroll card programs,” said Henry. “Our prepaid cards will be available through TurboTax for consumers who want to direct deposit their tax refunds and for small business owners who want to use our payroll card versus paper checks. Through this partnership, we are able to offer our prepaid cards to Intuit’s 24 million customers who use TurboTax software online and more than one million small business owners who use QuickBooks for their payroll services. We expect to launch our program with TurboTax as part of the upcoming 2012 tax season beginning in January 2013.”

During the third quarter, the Company signed an agreement with Walgreens. “The PayPal prepaid card is being sold now in Walgreens locations throughout the U.S.,” added Henry. “Today, we also are announcing the launch of both the NetSpend and Paypal prepaid cards in CVS stores. We could not be more pleased with the momentum we continue to generate in our retail initiative.”

Additionally, the Company brought to conclusion a number of lingering issues in the third quarter. "The Florida AG inquiry is resolved and behind us now and we have reached an agreement in principle to settle the Alexsam litigation," commented Henry. “On the bank side, we extended our agreement with SunTrust and entered into a new bank sponsoring agreement with BofI Federal Bank. So it has been a great quarter all around.”

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