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I would also like to remind you that we will discuss forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements as a result of various factors, including those discussed in our press release, most recent Form 10-K and other SEC filings. While we may update forward-looking statements in the future, we disclaim any obligations to do so. You should not place undue reliance on these forward-looking statements all of which speak only as of today.With that, I’ll turn the call over to Mike Dubyak. Mike Dubyak Good morning everyone and thanks for joining us. Second quarter was a good quarter for Wright Express with both revenue and adjusted net income exceeding our expectations. Revenue in the second quarter increased 8% to $153 million, despite the decline in fuel prices and EPS on an A&I basis increased 10% to $1 per share versus prior year. Our three-prong strategy of expanding our Americas fleet business, diversifying our revenue streams and building out our international presence continues to serve as our platforms for growth. Highlights from the Americas fleet business included approximately 270,000 gross new cards added by our salesforce in the first half of 2012 and the signing of the State of Pennsylvania. This coupled with a record lower domestic fleet credit loss and continued low attrition rates yielded good performance in this arena despite economic headwinds. Our diversification efforts continue to be led by very strong performance from our corporate charge card product with spend volume increasing 49% over the prior-year period to $2.8 billion. We also announced our entering in to the healthcare vertical with the signing of PaySpan, one of the nation’s largest healthcare payments and reimbursement processors. On the international front, in May we acquired a CorporatePay, a leading provider of corporate prepaid virtual cards to the travel industry in the UK. OTA wins included the implementation of our first customer in the UK and the signing of Webjet, a leading OTA in Australia. On the fleet side, we announced an agreement to resell our fleet processing capabilities in South Africa.
Moving on to the segments, in the second quarter we continue to focus on driving new business growth in our fleet business and achieved vehicle growth of 7% over the prior year. Consolidated payment processing transactions increased 1% over the prior year and we posted total fuel transaction growth of 3%.Overall revenue in our fleet payment segment was up 1% over the prior year. With respect to our Americas fleet business, we continue to work on driving additional growth in this part of our business and it had good success in bringing on new vehicles despite the sluggish economy. On the large fleet side, our contract with the state of Pennsylvania will contribute 26,000 vehicles in the fourth quarter. We also had strong vehicle growth in small to midsized fleets in the quarter, this growth coupled with low total attrition of 4.4 bodes well for this segment. When looking forward, recent discussions with some of our larger customers indicate they are cautious on the US economy. That said they still expect to see growth in their business albeit slower growth. We have been forecasting same-store sales to be flat. However our existing customer base for same-store sales were down approximately 1% compared to the second quarter a year ago. Given the current economic environment, we are not anticipating a pickup in our same-store sales, but we continue to believe our new business success in tackling all spectrums of the fleet market small, mid and large provides us with the pipeline for future growth. In terms of the second pillar of our growth strategy, we made greater strides in continuing to diversify our business during the second quarter. Revenue from the other payment solution segment increased 39% driven predominantly by strong growth in our corporate charge card product. While the online travel vertical is and will continue to be an important area for us, penetrating additional verticals remains a key objective. Which is why we were pleased to have signed PaySpan during the quarter. One of our competitive advantages and a critical reason customers like PaySpan choose Wright Express is our ability to understand and solve complex payment needs in both closed loop and open loop systems while also delivering increased security control and greater processing efficiencies in their business. Read the rest of this transcript for free on seekingalpha.com