This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

EVERTEC Gets Boost From Puerto Rico Tax Gift

Stocks in this article: EVTCBPOP

NEW YORK ( TheStreet -- EVERTEC (EVTC) shares were gaining 3.8% to $20.75 on the San Juan, Puerto Rico-based company's first day of trading on the New York Stock Exchange.

Debra Borchardt:

Evertec is a transaction processing company. It just went public today on the New York Stock Exchange (NYX) . I'm here with the CEO, Peter Harrington. So your company is based mostly in the Caribbean area and this is an area that really has not gone as full force into electronic payments as say America so it seems like it's really got a high growth area for you.

Peter Harrington:

Today we're in all of the Caribbean and we're in all of the Central American countries as well as Columbia and Mexico and all of those markets are growing in the high teens, 20 percent in electronic payments and so think of it as cash being converted to an electronic payment.

Debra Borchardt:

You know, some people call you guys "The Square" of the Caribbean." Do you like that comparison or do you think you're different?

Peter Harrington:

We have such a breadth of products. That's one product and we have that but we have lots of payment products. We have the payment products across the entire chain as well as technology service products, so we're a lot more than just a square.

Debra Borchardt:

Puerto Rico gives you a nice tax preferential. Does that help you with your competition because you've got a little bit of a gift there?

Peter Harrington:

Certainly it helps. It helps because we can be very, very price effective. So we don't have the same cost structure obviously from a tax perspective and that allows us to be very, very cost aggressive if we need to win business.

Debra Borchardt:

Sixty nine percent of your shareholders are selling their stock on the IPO. Why is that, because usually the shareholders would want to retain their stock, correct?

Peter Harrington:

I just think that the time we have been carved out for two years. We've done all of the things we had to do to create a true stand-alone company today and I think we're just ready for the future and obviously the markets are very good.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,677.90 +216.58 1.32%
S&P 500 1,950.82 +23.71 1.23%
NASDAQ 4,452.7920 +69.9450 1.60%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs