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Net Element Announces Third Quarter 2013 Financial Results And Operational Update

Stocks in this article: NETE

MIAMI, Nov. 15, 2013 (GLOBE NEWSWIRE) -- Net Element International (Nasdaq:NETE) ("Net Element" or the "Company"), a technology-driven group specializing in mobile payments and value-added transactional services in emerging countries and in the United States of America, today announced financial results for its third-quarter ending September 30, 2013. Net Element International reported third-quarter net revenues of $6,520,788, which represents a significant increase above the net revenues of $170,691 for the same period in the prior year. For the nine months ended September 30, 2013, Net Element reported $12,996,538 in net revenues, which represents a significant increase above the net revenues of $222,207 for the same period in the prior year. This quarter represents the first full quarter of revenues from the Unified Payments acquisition, which was completed on April 16, 2013.

During the quarter ended September 30, 2013, the Company divested the majority of its ownership interests in certain online sports and entertainment businesses in order to focus on technologies and value-added services that enable mobile payments and commerce in emerging countries and the United States of America. The Company retained a 10% ownership interest in the divested businesses and agreed to invest $1,259,000 into these businesses over the next twelve months. For the three and nine months ended September 30, 2013, we reported a loss from discontinued operations of $694,139 and $1,339,646 respectively. The loss from operating these divested businesses for the three and nine months ended September 30, 2013 is included in the total loss above. For the three and nine months ended September 30, 2013, Net Element had losses from operations of discontinued entities of $372,496 and $1,018,003, respectively. The divestiture will result in approximately $1,400,000 of annualized savings for operating losses associated with the divested businesses.

Net loss from continuing operations for the quarter ended September 30, 2013 was $3,441,475, or $(0.11) per share, as compared to a loss from continuing operations of $1,165,816 or $(0.05) per share for the three months ended September 30, 2012. The loss from continuing operations for the quarter ended September 30, 2013 includes $796,985 of depreciation and amortization expenses, a $537,230 provision for loan losses and $1,053,275 in interest and other expenses. The company had $3,925,765 of cash on hand at September 30, 2013 and was able to finance its operations from its cash flow without diluting existing shareholders.

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