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.
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