EVERTEC, Inc. (NYSE:EVTC) (“EVERTEC” or the “Company”) today announced results for the first quarter ended March 31, 2014.
First-Quarter 2014 Highlights
- Total revenue of $87.2 million; Merchant Acquiring segment revenue increased 10% and Payment Processing segment revenue increased 4%.
- Adjusted EBITDA increased 8% to $45.2 million.
- Adjusted Net Income increased 16% to $32.0 million, or $0.40 per diluted share.
Peter Harrington, EVERTEC’s President and Chief Executive Officer, commented on the results: “We are pleased with the continued solid performance of our payments businesses in the first quarter of 2014. These results demonstrate strong secular growth in the Latin American markets we serve, our ability to gain share, and our focus on execution. Looking forward, we aim to further penetrate our existing customer base and markets with our broad set of differentiated, value-added services.”
First-Quarter 2014 Results
Total revenue for the quarter ended March 31, 2014 was $87.2 million, essentially flat compared with $87.3 million in the prior year.
Merchant Acquiring net revenue was $19.3 million, an increase of 10% compared with $17.5 million in the prior year. Revenue growth in the quarter was predominantly driven by an increase in transaction volumes.
Payment Processing revenue was $25.0 million, an increase of 4% compared with $24.1 million in the prior year. Revenue growth in the quarter was predominantly driven by new customer additions and an increase in accounts on file within our card products business, as well as an increase in POS processing transactions.
Business Solutions revenue was $42.9 million, a decrease of 6% compared with $45.8 million in the prior year. The decrease in Business Solutions revenue was mainly due to a $3.5 million decline in hardware and software product sales in the quarter, partly offset by increased demand for our network and core banking products and services.