Points International Ltd. Reports Second Quarter 2011 Results
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-- Revenue of $32.7 million increased 51% over the prior year period
-- Gross Margin of $6.2 million increased 44% over prior year period
-- EBITDA of $1.4 million increased 490% year over year
-- Reiterated full year 2011 guidance
-- Strong new partner and product launches and global business opportunities; continued robust 2011 partner and product pipeline
"Our second quarter performance highlights Points' continued financial and operational success, as evidenced by our strong growth in revenue and profitability and continued expansion of our loyalty reward program management platform," said CEO Rob MacLean. "Our exceptional revenue growth was led by increased transactional activity among our existing partners as well as new transactional products and partners added to our platform over the past twelve months. In addition, we were able to deliver meaningful improvements in our profitability metrics with net income and EBITDA expanding nearly six-fold as compared to the prior year period. Expansion in our profitability metrics was driven not only by our year-over-year revenue growth, but also from our continued focus on margin expansion and operating expense discipline."
MacLean continued, "The second quarter also marked a continuation of our positive momentum in adding new products and transactional partners across our loyalty reward program management platform. Year-to-date, we have welcomed 5 new transactional partners and deployed 23 new products, to end the second quarter with over 163 products and services with approximately 50 partners worldwide. Importantly, during, or just subsequent to the second quarter, we extended several strategic partnerships including American Airlines AAdvantage, Air France KLM, Hawaiian Airlines' Hawaiian Miles, Hyatt Gold Passport, Virgin Atlantic's Flying Club, Best Buy's Reward Zone and Cathay Pacific's Asia Miles. Our continued ability to expand our pre-existing relationships across our private label and Points.com branded platforms is a key driver of our future growth and ultimately speaks to Points' growing importance in the loyalty reward program ecosystem."
Mr. MacLean continued, "Looking forward, we expect to build upon our positive momentum in the back-half of the year and are on track to deliver strong results in-line with our financial objectives for 2011. Critical to our success will be the on-going expansion of our loyalty reward program management platform. As such, we are pleased with our most recent announcement, the addition of Iberia Airlines' Iberia Plus Frequent Flyer Program to our partner platform. We are very pleased to enter the third quarter with a strong product and partner pipeline and expect the volume of our deployments in the second half of 2011 to be consistent with that of the first half of 2011. We look forward to sharing our success in the coming months." |
