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EVERTEC Reports Fourth-Quarter And Full-Year 2013 Results

Stocks in this article: EVTC

EVERTEC, Inc. (NYSE:EVTC) (“EVERTEC” or the “Company”) today announced results for the fourth quarter and year ended December 31, 2013.

Fourth-Quarter 2013 Highlights

  • Total revenue of $93.3 million; Merchant Acquiring segment revenue increased 9% and Payment Processing segment revenue increased 6%
  • Adjusted Net Income increased 28% to $35.4 million, or $0.43 per diluted share
  • Repurchased $75 million, or 3.7 million shares of our common stock

Full-Year 2013 Highlights

  • Total revenue increased 5% to $357.2 million
  • Adjusted Net Income increased 44% to $121.3 million, or $1.49 per diluted share
  • Completed successful first year as a public company and made significant progress on several growth initiatives

Commenting on the results, Peter Harrington, EVERTEC’s President and Chief Executive Officer, said: “Our fourth -quarter results cap a great first year for EVERTEC as a public company. The solid financial results we achieved in 2013 are a testament to the value of our diversified business model and reflect the continued execution of our growth plans. In the year ahead, we will remain focused on our growth strategies of continuing to penetrate and gain share in our existing markets; expanding into additional Latin American markets; and seeking to expand our Merchant Acquiring and Payment Processing businesses. We continue to see real opportunities in these areas and remain confident of our ability to grow in a disciplined way.”

Fourth-Quarter 2013 Results

Revenue. Total revenue for the quarter ended December 31, 2013 was $93.3 million, an increase of 3% compared with $91.0 million in the prior year.

Merchant Acquiring net revenue was $19.8 million, an increase of 9% compared with $18.1 million in the prior year. Revenue growth in the quarter was mainly driven by an increase in transaction and sales volumes.

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