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Points International Ltd. Reports First Quarter 2013 Financial Results

Stocks in this article: PCOM

Q1 Revenues of $36.9 million, an increase of 32% over Q1 2012

Reiterates 2013 revenue guidance of $200 - $220 million; 42% - 57% estimated growth year-over-year

TORONTO, May 2, 2013 (GLOBE NEWSWIRE) -- Points International Ltd. (TSX:PTS) (Nasdaq:PCOM), the global leader in reward currency management, today announced results for the first quarter ended March 31, 2013.

"I am happy to report that the momentum we saw in 2012 continued into the first quarter of 2013," said Points Chief Executive Officer, Rob MacLean. "Points delivered first quarter financial performance slightly ahead of our expectations, with revenues growing 32% over the prior-year period. As top-line revenues increased so too did transactions across our platform, with points and miles transacted increasing 18% over the first quarter of 2012. As I highlighted last quarter, the first quarter of 2013 marked the start of an important investment year for Points. During the quarter we began to invest in the continued innovation and expansion of our core business as well as to advance our open platform strategy."

"While we worked diligently this past quarter to grow and expand our current business and platform, the development and execution of our new business pipeline also remained top-of-mind. To-date in 2013, we have launched three of our previously announced new partners and deployed 6 new products into the market.  Among those partners launched were Speedway, one of America's largest company-owned and operated gasoline and convenience stores in the United States, and SVM Fuel Links, a leader in gasoline and retail gift cards, as participants in our Corporate Mileage Sales program. In addition, we launched Finnair, a leading European airline, for buy and gift products. We are also extremely excited for the anticipated launch of Southwest, which combined with recently launched partnerships, will contribute materially to the second-half of 2013."

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