MIAMI, Aug. 20, 2013 (GLOBE NEWSWIRE) -- Net Element International (Nasdaq:NETE), a technology-driven group specializing in electronic commerce and mobile payment processing, today announced financial results for its second-quarter ended June 30, 2013. Net Element International reported second-quarter net revenues of $5,615,719, which represents a significant increase over net revenues of $37,818 from the same period in the prior year as a result of completion of Unified Payments acquisition in the second-quarter of 2013. General & Administrative expenses for second-quarter 2013 were $3,807,913 as compared to General & Administrative expenses of $2,443,387 (as restated) one year previously, representing a 56 percent increase. Net loss for the quarter was $20,231,697, or $(0.72) per share, as compared to a net loss of $2,573,263 (as restated), or $(0.13) per share — representing a 686 percent increase in loss over the second quarter last year. The increased loss was driven primarily by non-cash impairments, which were necessary to clean up company's financials and set a strong foundation for growth. Goodwill impairment (non-cash) for the second-quarter was $11.2 million, in addition company recorded a $5,792,487 provision for loan losses. Additional information regarding Net Element International's results of operations for its second-quarter ended June 30, 2013 may be found in Net Element International's quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commission (SEC) on August 19, 2013 and may be obtained from the SEC's Internet website at http://www.sec.gov . Other highlights for the quarter include:
- In June, Net Element completed acquisition of Aptito, a next generation cloud-based point of sale payments platform;
- In May, Unified Payments was ranked by Nilson Report as a top merchant acquirer in the U.S. for 2012;
- In May, Net Element hired former CFO of Groupon Russia as CFO of TOT Group Russia;
- In April, Net Element completed the acquisition of Unified Payments, a provider of payment services to small and medium size merchants in the United States, and recognized by Inc. Magazine as the #1 fastest-growing privately held company in the U.S. in 2012;
- The Unified Payments acquisition attributed to $4,601,831 or approximately 82% of net revenues for the second-quarter ended June 30, 2013;
- In April, TOT Money has taken a leadership position in Russia and was ranked as the #1 SMS content provider for two consecutive months by Beeline, Russia's 2 nd largest telecommunications operator.