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Net Element International Announces Second Quarter 2013 Financial Results And Operations Update

MIAMI, Aug. 20, 2013 (GLOBE NEWSWIRE) -- Net Element International (Nasdaq:NETE), a technology-driven group specializing in electronic commerce and mobile payment processing, today announced financial results for its second-quarter ended June 30, 2013. Net Element International reported second-quarter net revenues of $5,615,719, which represents a significant increase over net revenues of $37,818 from the same period in the prior year as a result of completion of Unified Payments acquisition in the second-quarter of 2013. General & Administrative expenses for second-quarter 2013 were $3,807,913 as compared to General & Administrative expenses of $2,443,387 (as restated) one year previously, representing a 56 percent increase. Net loss for the quarter was $20,231,697, or $(0.72) per share, as compared to a net loss of $2,573,263 (as restated), or $(0.13) per share — representing a 686 percent increase in loss over the second quarter last year. The increased loss was driven primarily by non-cash impairments, which were necessary to clean up company's financials and set a strong foundation for growth. Goodwill impairment (non-cash) for the second-quarter was $11.2 million, in addition company recorded a $5,792,487 provision for loan losses. Additional information regarding Net Element International's results of operations for its second-quarter ended June 30, 2013 may be found in Net Element International's quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commission (SEC) on August 19, 2013 and may be obtained from the SEC's Internet website at http://www.sec.gov .

Other highlights for the quarter include:

  • In June, Net Element completed acquisition of Aptito, a next generation cloud-based point of sale payments platform;
  • In May, Unified Payments was ranked by Nilson Report as a top merchant acquirer in the U.S. for 2012;
  • In May, Net Element hired former CFO of Groupon Russia as CFO of TOT Group Russia;
  • In April, Net Element completed the acquisition of Unified Payments, a provider of payment services to small and medium size merchants in the United States, and recognized by Inc. Magazine as the #1 fastest-growing privately held company in the U.S. in 2012;
  • The Unified Payments acquisition attributed to $4,601,831 or approximately 82% of net revenues for the second-quarter ended June 30, 2013;
  • In April, TOT Money has taken a leadership position in Russia and was ranked as the #1 SMS content provider for two consecutive months by Beeline, Russia's 2 nd largest telecommunications operator.

"In second quarter we were focused on the completion of strategic acquisitions, pursuing market expansion opportunities, creating stronger financial foundation and assembling a strong executive management team in Russia," said Oleg Firer, CEO of Net Element. "With this completed, along with the full integration of Unified Payments, we are now positioned for the growth that these initiatives will make possible".

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