National Processing Reports Record First Quarter Results
Transaction Volume Up 19% for the First Quarter over Prior Year
Core Revenue and EBITDA Rise 18% and 20%
biz.yahoo.com
LOUISVILLE, Ky., April 17 /PRNewswire-FirstCall/ -- National Processing, Inc. (NYSE: NAP) today reported record net income for the first quarter 2002 of $12.0 million, or $0.23 per diluted share. Core(b) net income, which excludes divested and discontinued operations, was $12.0 million, or $0.23 per diluted share, for the 2002 first quarter, up 13% and 11%, respectively, over comparable 2001 amounts of $10.7 million, or $0.21 per diluted share. Revenue was $109.9 million for the 2002 first quarter, up 18% over comparable 2001 core(b) revenue of $93.0 million. EBITDA (earnings before interest, taxes, depreciation and amortization) was $23.0 million for the 2002 first quarter, up 20% over comparable 2001 core(b) EBITDA of $19.3 million.
President's Comments and 2002 Outlook
``We are extremely pleased to report another outstanding quarter of operating results,'' stated Thomas A. Wimsett, President and CEO. ``Merchant Card Services, which now represents 95% of our company, posted transaction volume and revenue increases of 19% and 23%, respectively, over prior year amounts. Results in this business line continue to significantly outpace our industry.
``We are intensely focused on expanding our market share and are making significant investments in 2002 to ensure we remain the premium service provider in our industry. During the first quarter, four of our largest clients went live on NPC Access 3.0. NPC Access 3.0 is a new web-based merchant accounting and reporting system that greatly expands our merchant's ability to access critical information in a timely and secure fashion. We have also continued to raise the bar in customer service and believe that NPC has reached superior customer service levels unrivaled in our industry. Finally, our investment in a new, state-of-the-art authorization system and the expansion of our existing authorization system, will provide NPC a fully redundant, proprietary authorization platform for credit, debit, and other electronic based payments. This platform will allow us to expand our product offerings in various vertical markets and also provide us with significant in- sourcing opportunities.''
A conference call to discuss financial performance and business highlights will be held at 9:00 a.m. ET today hosted by Thomas A. Wimsett, president and chief executive officer, and David E. Fountain, chief financial officer. The call will be open to the public with both media and individual investors invited to participate in a listen-only mode. The conference can be accessed by calling 888.423.3281 (domestic) and 612.332.1213 (international). Participants should plan to dial in approximately 15 minutes prior to the start of the call.
A replay of the live call will be available starting at 2:15 p.m. ET, April 17, 2002 through Midnight ET on April 19, 2002. The replay may be accessed by dialing 800.475.6701 (domestic) and 320.365.3844 (international) and entering access code 624470. |
