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NetSpend Holdings, Inc. Reports Fourth Quarter Financial Results

NetSpend Holdings, Inc. (NASDAQ:NTSP), a leading provider of general-purpose reloadable prepaid debit cards and related financial services, today announced financial results for the fourth quarter and year ended December 31, 2012.

“We ended the fourth quarter hitting all of our targets and delivered strong financial results for 2012,” said Dan Henry, chief executive officer of NetSpend. “We had a banner year in terms of signing up new partners, executing our retail expansion efforts and growing our business in every channel. From the momentum we created last year, we expect a continued fast pace of growth in all areas of our business.”

Full Year 2012 Highlights:
  • Revenues up 15% to $351.3 million 2012 as compared to $306.3 million in 2011
  • Adjusted earnings per share up 23% to $0.58 as compared to $0.47 in 2011
  • Number of active cards with direct deposit up 25% to 1,082,000 as of December 31, 2012 as compared to 865,000 as of December 31, 2011
  • Percentage of active cards 1 with direct deposit was approximately 46% as of December 31, 2012 as compared to approximately 42% as of December 31, 2011
  • Gross Dollar Volume (GDV), also known in the industry as purchase volume, of $13.2 billion as compared to $11.2 billion as of December 31, 2011

Q4 2012 Highlights:
  • Revenues up 17% to $89.7 million in Q4 2012 as compared to $76.8 million in Q4 2011
  • GAAP net income up 5% to $10.1 million in Q4 2012 as compared to $9.6 million in Q4 2011
  • Diluted Earnings Per Share up 18% in Q4 2012 to $0.13 as compared to $0.11 in Q4 2011
  • Adjusted EBITDA 2 up 3% in Q4 2012 to $23.9 million as compared to $23.2 million in Q4 2011
  • Adjusted Diluted Net Income Per Share 2 up 15% in Q4 2012 to $0.15 as compared to $0.13 in Q4 2011
  • GDV, also known in the industry as purchase volume, of $3.3 billion during Q4 2012 as compared to $2.8 billion during Q4 2011

Our Annual Report on Form 10-K for the year ended December 31, 2012 will contain a further description of our key business metrics.

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