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Blackhawk Announces Second Quarter 2013 Financial Results Adjusted Operating Revenues Up 21%; Adjusted Net Income Increases 18%

Stocks in this article: HAWK

PLEASANTON, Calif., July 18, 2013 (GLOBE NEWSWIRE) -- Blackhawk Network Holdings, Inc. (Nasdaq:HAWK) today announced financial results for the second quarter ended June 15, 2013.

GAAP financial results for the second quarter of 2013 compared to the second quarter of 2012

  • Operating revenues totaled $225.9 million, an increase of 19% from $190.0 million for the quarter ended June 16, 2012. This increase was due primarily to an 11% increase in load value, a 20 basis point increase in commissions and fees as a percentage of load value, and a 57% increase in program, interchange, marketing and other fees from U.S. and International Visa gift cards.
  • Net income totaled $3.5 million compared to $5.9 million for the quarter ended June 16, 2012, due primarily to a $3.8 million after-tax increase in the non-cash mark-to-market charge for accelerating the expense of partner equity instruments at the time of the IPO.
  • Earnings per basic and diluted share was $0.07 compared to $0.11 for the quarter ended June 16, 2012 due primarily to the mark-to-market expense described above.

Non-GAAP financial results for the second quarter of 2013 compared to the second quarter of 2012

  • Adjusted operating revenues totaled $107.7 million, an increase of 21% from $89.1 million for the quarter ended June 16, 2012.
  • Adjusted EBITDA totaled $18.5 million, an increase of 23% from $15.1 million for the quarter ended June 16, 2012.
  • Adjusted net income totaled $8.6 million, an increase of 18% from $7.3 million for the quarter ended June 16, 2012.

"We were pleased with continued growth in our operating revenues and earnings this quarter," said Bill Tauscher, CEO. "Strong revenue growth in our program-managed Visa gift products and growth in the Cardpool exchange business contributed to a 21% increase in adjusted operating revenues. Load value growth moderated due to slow U.S. retail grocery sales in the early part of the quarter, the reduction of certain low margin promotional programs, and the discontinuance of our wholesale telecom business. However, load value growth improved to 19% during the most recent eight weeks (the last four weeks of the second fiscal quarter of 2013 and the first four weeks of the third fiscal quarter of 2013)."

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