This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: NETE

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 .

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".

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs