Houston-based US Dataworks reported that second quarter revenues increased 20% to $1.2 million. Operating loss for the first quarter was $1,103,219 compared to an operating loss of $939,962 for the first quarter ended June 30, 2005. Net loss for the first quarter was $1,600,370 or $(0.05) per share, compared to a net loss of $778,499 or $(0.03) per share, for the corresponding period in the prior year. US Dataworks is a developer of payment processing solutions, focused on the Financial Services market, Federal, State and local governments, billers and retailers.
Unibanco reports that its loan portfolio increased 5.7% from the first quarter. Over the past year credit operations grew
19.3%, despite a 7.9% U.S. currency devaluation against the
Brazilian Real. In the individuals credit operations, the highlight was
the evolution of the credit card portfolio, which posted a 42.9%
growth over the past 12 months. The Retail loan portfolio reached R$23,438 million, a 18.5% growth over the past 12 months, positively affected by SMEs transactions, and consumer financing, mainly by loans from credit card operations. Total fees reached R$901 million in 2Q06, up 15.1% from the same period in 2005, mainly due to a 19.5% increase in revenues from credit cards. For complete details on Unibanco’s second quarter performance visit CardData (www.carddata.com).
Houston-based ATM specialist Cardtronics reported record second quarter revenues of $73.3 million a 5.9% increase over 2Q/05. The increase was primarily attributable to incremental revenues associated with the Company’s United Kingdom operations, which began in May 2005 with the acquisition of Bank Machine Limited. However, the increase was partially offset by higher ATM cash costs and higher selling, general and administrative costs. Cardtronics posted net income for the second quarter of $800,000, compared to net income of $1.4 million for the same period in 2005. Average transacting ATMs for the second quarter totaled 25,755. Average cash withdrawal transactions per ATM per month during the second quarter increased 5.7% to 408 from 386 during the same period in 2005. The Company now expects full-year revenues to be in the range of $280 to $290 million, up from the $270 to $290 million range that was previously communicated. For complete details on Cardtronics’ latest results visit CardData ([www.carddata.com]).
CARDTRONICS REVENUE HISTORICAL
2Q/05: $69.2 million
3Q/05: $71.7 million
4Q/05: $69.8 million
1Q/06: $58.3 million
2Q/06: $73.3 million
Source: CardData (www.carddata.com)
Purchase dollar volume on VISA and MasterCard U.S. credit cards continues to hover at an annual growth rate of 12%, compared to the 18% annual growth rate on debit cards. Among the two card associations, VISA credit card PDV is growing at a 13% annual rate compared to MasterCard’s 10% clip. VISA posted $190.2 billion in consumer credit card PDV, a 12.9% increase over 2Q/05. VISA had $152.9 billion in consumer credit card PDV and $37.3 billion in commercial credit card PDV. MasterCard had $129.0 billion in second quarter credit card PDV, compared to $117.6 billion for 2Q/05. Over the past three years VISA and MasterCard quarterly PDV has grown 38% from $231.5 billion. Based on the current growth rate, credit card purchase volume for VISA and MasterCard should exceed $1294 billion for full-year 2006, according to CardData ([www.carddata.com]).
U.S. V/MC CREDIT CARD HISTORICAL
(Purchase Volume Only)
2Q/03: $231.5 billion
3Q/03: $243.5 billion
4Q/03: $259.6 billion
1Q/04: $237.3 billion
2Q/04: $257.8 billion
3Q/04: $266.3 billion
4Q/04: $283.8 billion
1Q/05: $254.3 billion
2Q/05: $286.1 billion
3Q/05: $298.6 billion
4Q/05: $315.6 billion
1Q/06: $285.2 billion
2Q/06: $319.2 billion
Source: CardData (www.carddata.com)
Canadian Tire Financial Services reported that its net managed credit card receivables for the second quarter increased 11% year-over-year to $3.4 billion. The average credit card balance in the first quarter hit $1829, up 10% from one-year ago, largely driven by the rollout of the “Gas Advantage MasterCard” in Ontario and the increase in the personal loan portfolio. For the prior quarter, the average credit card balance came in at $1832. The average number of accounts with a balance during the quarter was 1.846 million. Financial Services’ pre-tax earnings of $44.5 million were up 3% from the second quarter of 2005. Canadian Tire’s MasterCard receivables represent approximately 92% of CTFS’ total managed portfolio. CTFS’ retail credit card and personal loan receivables make up the remaining portfolio. For complete details on Canadian Tire Financial Services’ second quarter performance, visit CardData (www.carddata.com).
Las Vegas-based Cash Systems reported that revenue for the second quarter hit $24.1 million, an increase of 51% year-over-year. The Company posted a $438,000 loss from operations in the second quarter compared to a loss of $2.7 million from operations in the second quarter of 2005. During the quarter Cash Systems signed multi-year contract renewals with Cannery Casino & Hotel and Rampart Casino, both located in Las Vegas, Nevada as well as Chickasaw Nation’s newest casino, Riverwind Casino. The Company says revenue is now expected to grow to approximately $90 million in fiscal 2006, up from prior guidance of $82 million. Also, Cash Systems expects a return to profitability in the fourth quarter. For complete details on Cash Systems’ latest performance, visit CardData ([www.carddata.com])
TX-based debt buyer and collector, FirstCity Financial, reported second quarter earnings of $1.3 million compared to $2.7 million one-year ago. The Company purchased $25.2 million in portfolio assets during the second quarter and invested equity in these portfolios of $19 million. These purchases consisted of six portfolios — five in the USA and one in Europe. The Company is currently evaluating 35 different transactions representing over $4 billion in face value of assets. For complete details on FirstCity Financial’s latest performance, visit CardData ([www.carddata.com])
Target reported that its pre-tax credit card profits for the quarter ending July 30th increased 53% over the year-ago quarter. Credit card outstandings for the quarter increased 11% year-on-year, exceeding $6.0 billion. Target’s second calendar quarter pre-tax credit card profits were $168 million, compared to $162 million in the prior quarter and $110 million one-year ago. Target reported that its total credit card receivables, which include its VISA and “Guest” cards, were $6.041 billion as of July 30th, compared to $5.421 billion one-year ago. Delinquency (90 days+) for 2Q/06 increased to 3.4%, compared to 3.0% in the prior quarter and the one-year ago quarter. Charge-offs were 4.6% for 2Q/06 compared to 4.3% in the prior quarter and 7.2% one-year ago. Target’s credit card unit had revenues of $273 million in 2Q/06, a 25% increase over 2Q/05. For complete details on Target’s latest performance, visit CardData ([www.carddata.com]).
TARGET CARD LOAN HISTORICAL
(Excludes Mervyn’s & Marshall Field’s)
2Q/05: $5.421 billion
3Q/05: $5.544 billion
4Q/05: $6.177 billion
1Q/06: $5.844 billion
2Q/06: $6.041 billion
Source: CardData (www.carddata.com)
Camarillio, CA-based Electronic Clearing House reported that second quarter revenue rose 39% to $19.9 million. Bankcard and transaction processing revenue grew 43% to $15.1 million, while bankcard processing volume increased 57.5% to $472.1 million. ECHO also reported that ACH transactions processed increased 18.5% to 9.3 million transactions. Processing and transaction expense increased 46.9% in the third quarter of fiscal 2006 to $13.3 million, up from $9.1 million in the comparable 2005 quarter. ECHO says the key to the quarter’s performance was solid organic growth from its existing merchants, continued performance from its historic sales channels and careful control over its operating costs. During the quarter ECHO received a “Notice of Allowance” for a new patent covering Internet-based check cashing and clearing. The Company also settled litigation over LML’s three electronic check conversion patents. Additionally, ECHO signed a three-year agreement extending its long-standing partnership with EZCheck Check Services. For complete details on ECHO’s latest performance, visit CardData ([www.carddata.com]). (CF Library 4/3/06; 4/13/06; 4/18/06)
ECHO REVENUE HISTORICAL
2Q/05: $14.3 million
3Q/05: $15.2 million
4Q/05: $16.9 million
1Q/06: $19.2 million
2Q/06: $19.9 million
Source: CardData (www.carddata.com)
Rosh Haayin-based Lipman Electronic Engineering reported revenues of $62.8 million, a 7.7% increase over the year ago quarter.
The electronic transaction systems provider says the growth was powered by growth in Spain and China. Net income for the quarter was $7.5 million, compared to net income of $7.4 million in the second quarter of 2005. The Company says the proposed acquisition of Lipman by Verifone is proceeding according to plan and is on track to close October 31st. VeriFone is paying US$793 million in cash and stock for Lipman. For more details on Lipman’s latest results, visit CardData (www.carddata.com).
AZ-based eFunds reports that second quarter net revenue increased 14% to $132 million, compared to the same quarter of 2005. However, second quarter net income was $10 million, a 23% decline over 2Q/05. The Company posted a 21% year-on-year gain in its U.S. Payments segment with $68.1 million in revenue. The International segment soared by 53% to $17.9 million. However, the U.S. Risk Management segment sank 4% to $46.4 million. The Company re-affirmed its previously published guidance that 2006 diluted earnings per share will be between $1.15 – $1.25 and reported that it now anticipates that 2006 net revenues will increase 11% to 15% over 2005 net revenues. For complete details on eFunds’ second quarter performance, visit CardData (w[www.carddata.com]).
eFunds Revenue Historical
2Q/04: $140.7 million
3Q/04: $140.1 million
4Q/04: $130.5 million
1Q/05: $114.2 million
2Q/05: $116.3 million
3Q/05: $133.2 million
4Q/05: $138.0 million
1Q/06: $139.7 million
2Q/06: $132.4 million
Source: CardData (wwww.carddata.com)
Lipman Electronic Engineering reported revenues of $62.8 million, a 7.7% increase over the year ago quarter. The electronic transaction systems provider says the growth was powered by growth in Spain and China. Net income for the quarter was $7.5 million, compared to net income of $7.4 million in the second quarter of 2005. The Company says the proposed acquisition of Lipman by Verifone is proceeding according to plan and is on track to close October 31st. VeriFone is paying US$793 million in cash and stock for Lipman. For more details on Lipman’s latest results, visit CardData (www.carddata.com).