Excel Corporation Reports Third Quarter 2016 Financial Results

IRVING, Texas, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Excel Corporation (EXCC), a leading provider of integrated financial and transaction processing services to merchants throughout the United States today reported its consolidated results for the third quarter ended September 30, 2016. Due to the acquisition of the U.S. operations of Calpian, Inc. on November 30, 2015, the results of 2016 and 2015 are not comparable.

Third Quarter Financial Highlights: 
  • Consolidated revenues for the period of $4,265,362
  • Net income from continuing operations of $354,916
  • Net income of $229,880
  • EBITDA of $802,540

"We are pleased to report another strong quarter of solid earnings growth, with relative stability in our merchant base. With the recent completion of our new $25 million term loan facility, the Company is well positioned to execute on completing additional merchant portfolio acquisitions in the coming year," stated T. A. "Kip" Hyde, Jr., Excel's CEO.

For the quarter ended September 30, 2016, the Company announced the following results [the Table below presents summary financial data; see the Company's Form 10-Q filed on November 14, 2016 for additional information]:
Excel Corporation  
Summary Consolidated Financial Results (Unaudited)  
             
    Three months ended September 30,     Nine months ended September 30,  
    2016     2015     2016     2015  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
                         
Revenues   $ 4,265,362     $ 1,081,847     $ 12,731,311     $ 3,295,781  
Costs and expenses     3,599,683       634,604       10,575,592       1,974,295  
                                 
Operating income from continuing operations     665,679       447,243       2,155,719       1,321,486  
Interest expense, net     310,763       66,773       917,418       213,373  
                                 
Net income from continuing operations   $ 354,916     $ 380,470     $ 1,238,301     $ 1,108,113  
Loss from discontinued operations     (125,036 )     (806,424 )     (2,133,721 )     (2,201,483 )
Loss on disposal of operations     -       -       (840,641 )     -  
Net income (loss)   $ 229,880     $ (425,954 )   $ (1,736,061 )   $ (1,093,370 )
Income (loss) per share                                
Basic & Diluted   $ 0.00     $ 0.00     $ (0.02 )   $ (0.01 )
                                 
Other Data                        
Net income from continuing operations   $ 354,916     $ 380,470     $ 1,238,301     $ 1,108,113  
Depreciation and amortization     109,917       26,321       328,932       75,325  
Interest expense, net     310,763       66,773       917,418       213,373  
Non-cash stock compensation     26,944       70,787       139,367       218,362  
Income tax expense, net     -       -       -       -  
EBITDA   $ 802,540     $ 544,351     $ 2,624,018     $ 1,615,173  
                                 

Disclosure of Non-GAAP Financial Measures

We report our financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). However, management believes the presentation of certain non-GAAP financial measures provides useful information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations, and that when GAAP financial measures are viewed in conjunction with the non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company's ongoing operating performance. In addition, these non-GAAP financial measures are among the primary indicators management uses as a basis for evaluating performance. For all non-GAAP financial measures in this release, we have provided corresponding GAAP financial measures for comparative purposes in the report.