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EVERTEC Reports Third Quarter 2013 Results

Stocks in this article: EVTC

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

Third Quarter 2013 Highlights

  • Total revenues increased 4% to $87.4 million; Merchant Acquiring and Payment Processing segment revenues increased 8% and 6%, respectively
  • Adjusted EBITDA increased 14% to $43.4 million and Adjusted EBITDA margin expanded 430 basis points to 49.7%
  • Adjusted Net Income increased 86% to $29.5 million, or $0.36 per diluted share
  • Continued to make progress on strategic growth initiatives
  • Declared $0.10 per common share regular quarterly dividend payable December 6, 2013

“We are pleased to report another quarter of solid growth and successful execution of our expansion strategy,” said Peter Harrington, EVERTEC’s President and Chief Executive Officer. “Strong performance in our Merchant Acquiring and Payment Processing businesses underscores stable economic fundamentals and secular payments growth within Puerto Rico as well as in Latin America.”

“We continue to successfully execute our strategic growth plan and are also pleased to report four notable business developments: (i) we signed our first significant deal expanding Business Solutions hosting services outside of Puerto Rico with the US Virgin Islands government; (ii) we partnered with the largest hospital management company in Puerto Rico to increase the scope of our services and signed a significant licensing and hosting contract; (iii) we signed four new Latin American bank issuers to provide processing services including our first customer in Jamaica; and (iv) we formally applied for a Visa Principal Member License in a new country that will allow us to further penetrate the merchant acquiring industry in our region. We believe these developments underscore the value of our end-to-end technology platform and our ability to win the marketplace.”

Third Quarter 2013 Results

Revenues. Total revenues for the quarter ended September 30, 2013 were $87.4 million, an increase of 4% compared to $83.8 million in the prior year.

Merchant Acquiring net revenues were $18.2 million, an increase of 8% compared to $16.8 million in the prior year. Revenue growth in the quarter was primarily driven by an increase in transaction and sales volumes.

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