3Pea International Reports Record Third Quarter And Nine Month 2012 Results
3Pea International, Inc. (OTCBB: TPNL), a leading payment solutions provider focused on prepaid debit card program management and processing services, today announced record financial results for the quarter ended September 30, 2012.
Third Quarter 2012 Results:
Revenues for the three months ended September 30, 2012 were $662,368, an increase of $384,359, or 124% compared to the same period in the prior year, when revenues were $278,009.
In the three months ended September 30, 2012, we recorded operating income of $107,858 as compared to operating income of $47,750 in the same period in the prior year, an improvement of $60,108 or 126%.Our net income for the three months ended September 30, 2012 was $112,191, an increase of $80,424, or 253% when compared to the same period in the prior year, when we recorded net income of $31,767. The increase in revenue, operating income and net income can be attributed to the increase in debit card processing utilizing new incentive reward programs which we believe will contribute to an increase in overall revenues for 2012. Historically, third quarter revenues tend to be impacted by the normal life cycle of our pharmaceutical debit card programs. We expect the effects of this cyclicality to abate over the next several quarters as we continue to diversify our product offerings. YTD 2012 Financial Results Revenues for the first nine months of 2012 were $4,655,964, an increase of $2,775,354, or 146% when compared to the same period in the prior year, when revenue was $1,880,610. The increase in revenue can be attributed to increased debit card processing and the launch of new incentive reward programs. In the nine months ended September 30, 2012, we recorded operating income of $560,383 as compared to operating income of $151,483 in the same period in the prior year, an improvement of $408,900, or 270%.
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