This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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!

EVERTEC Reports Second-Quarter 2014 Results

Stocks in this article: EVTC

EVERTEC, Inc. (NYSE:EVTC) (“EVERTEC” or the “Company”) today announced results for the second quarter ended June 30, 2014.

Second-Quarter 2014 Highlights

  • Total revenue increased to $91.1 million; Merchant Acquiring and Payment Processing segments revenue each increased 9%.
  • Adjusted EBITDA increased 5% to $45.5 million.
  • Adjusted Net Income increased 11% to $32.2 million and Adjusted Net Income per diluted share increased 17% to $0.41.

Peter Harrington, EVERTEC’s President and Chief Executive Officer, commented on the results: “We delivered solid second quarter results highlighted by the combination of 9% growth in our payments businesses, 50% adjusted EBITDA margin, and 17% EPS growth. Looking forward, we will continue to capitalize on the strong secular growth in the Latin American payments markets by executing our strategy and winning market share.”

Second-Quarter 2014 Results

Revenue. Total revenue for the quarter ended June 30, 2014 was $91.1 million, an increase of 2% compared with $89.2 million in the prior year.

Merchant Acquiring net revenue was $19.8 million, an increase of 9% compared with $18.2 million in the prior year. Revenue growth in the quarter was driven mainly by an increase in transaction volumes.

Payment Processing revenue was $26.4 million, an increase of 9% compared with $24.3 million in the prior year. Revenue growth in the quarter was driven mainly by new customer additions and an increase in accounts on file within the card products business, an increase in ATH and POS network and processing transactions, and fees generated from an annual Department of Education program the Company processes in Puerto Rico.

Business Solutions revenue was $44.9 million, a decrease of 4% compared with $46.7 million in the prior year. The decrease in revenue was due almost entirely to a $2.9 million year-over-year decline in hardware and software sales in the quarter, partially offset by increased revenue from other products and services including network solutions and IT consulting.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from Bankrate.com

  • 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