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EVERTEC Reports Second Quarter 2013 Results

EVERTEC, Inc. (NYSE: EVTC) (“EVERTEC” or the “Company”) today announced results for the second quarter ended June 30, 2013.

Second Quarter 2013 Highlights

  • Total revenue increased 6% to $89.2 million
  • Adjusted EBITDA increased 6% to $43.4 million
  • Adjusted Net Income increased 39% to $28.9 million, or $0.35 per diluted share
  • Initiated regular quarterly dividend program
  • Made significant progress on three notable strategic growth initiatives

“Our solid second quarter results demonstrate the strength of our diversified business model and continued focused execution of our growth strategy,” said Peter Harrington, EVERTEC’s President and Chief Executive Officer. “Supported by our leading, end-to-end technology platform, we continue to strategically expand the breadth and depth of our customer partnerships and service offerings across our broad Latin American footprint.”

“Consistent with the growth strategy we laid out, this quarter we made significant progress on three notable initiatives: (i) we recently obtained a Third Party Processor (TPP1) license for Mexico, Panama and Costa Rica from MasterCard; (ii) we partnered with a large existing client to increase the scope of our services across their multi-country operations; and (iii) we completed preparations for the launch of dynamic currency conversion services in Costa Rica in 2014. The regular quarterly dividend program we announced today is a further reflection of both our momentum and long-term growth prospects as well as our commitment to maximizing total value for our shareholders.”

Second Quarter 2013 Results

Revenues. Total revenues for the quarter ended June 30, 2013 were $89.2 million, representing an increase of 6% as compared to $84.4 million in the prior year.

Merchant Acquiring net revenues for the quarter ended June 30, 2013 were $18.2 million, representing an increase of 7% as compared to $17.0 million in the prior year. Revenue growth in the quarter was driven primarily by an increase in transaction volumes.

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