JPMorgan Chase & Co reported net income for the 4th Quarter 2013 at $5.3 billion. This was a slight increase from 4th Q 2012 which was reported at $5.2 billion. Revenue for the quarter was down 1% to $24 billion compared to the same period in 2012. Legal costs associated with a number of issues was noted as a reason for the drop in profits. Adjusted for the significant items disclosed in our earnings press releases this quarter and in the fourth quarter of 2012, EPS would have been $1.40 this year compared with $1.35 in the prior year and ROTCE would have been 15% this year, flat compared with the prior year.
Jack Henry & Associates Board of Directors increased the quarterly cash dividend by 10% to $.115 per share. The cash dividend on its common stock, par value $.01 per share, is payable on March 8 to stockholders of record as of February 21. At January 31, 2012, there were 86,709,623 shares of the common stock outstanding. Jack Henry & Associates is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its technology solutions serve more than 11,200 customers nationwide, and are marketed and supported through four primary brands.
Planet Payment will delay its results for the six month period ended June 30. In accordance with AIM market policy, the Company has requested the AIM market of the London Stock Exchange to temporarily suspend trading in its shares until such results are issued. OTC Markets Group, Inc. has indicated that they will temporarily remove the Company from the OTCQX tier but the Company’s shares will continue to trade on the OTC Markets Pink Link system. As of October 1, 2011 the Company will be listed on the “OTC Pink No Information” tier. However as soon as the Company files its financial statements and report for the six month period ended June 30, 2011, the Company’s shares will resume trading on AIM and the Company will be restored to the OTCQX tier. This delay allows the Company to complete its examination of the matter, for which it is working diligently to finalize and issue its financial statements for this period as soon as practicable.
S1 Corporation payments and financial services software solutions has filed with the SEC and will commence mailing of definitive proxy materials for its Stockholders’ meeting to vote on proposals related to the combination of S1 Corporation and Fundtech. Included in the proxy materials is a letter to S1 stockholders outlining the significant value creation opportunities for S1 stockholders as a result of the continued execution of S1’s long-term strategic plan, which includes the business combination with Fundtech. In it, S1 highlights that the S1/Fundtech combination is expected to enhance S1’s results of operations; offers the potential for significant stock price appreciation; and is a strategic transaction designed to create a formidable market competitor.
FNDS3000 international prepaid processing posted its fiscal 1Q/11, with revenue totaled up from $78,000 to $365,000. These positive results are thanks in part to the number of prepaid cards issued and activated having increased to approximately 35,600- up 52% from the 23,400 active cards issued as of August 31, 2010- to which more than $13million was loaded. Throughout the quarter, FNDS3000 implemented several strategic reorganizational initiatives to streamline senior management; reduce corporate overhead; strengthen its South African business operations; and signed a $2.5 million, non-brokered equity financing agreement that will be closed in four tranches over a nine-month period. Net loss totaled $1,054,000 for a 7.5% decrease from $1,140,000.
FNDS3000 Corp international prepaid processing company posted its performance for the fiscal year ended August 31, 2010, during which revenue skyrocketed 444% from $88,981 to $484,119. Meanwhile, gross profit margin on sales improved from 24% to 39% while net loss totaled $4,527,840 compared to a net loss of $5,677,725 in the year ago period. Moreover, cash and accounts receivable stood at $399,933; total assets were $1,869,089; total current liabilities were $490,058; there was no long-term debt; and stockholders’ equity was $1,379,031. Also, the number of prepaid cards issued and activated increased from 2,200 Market Test cards as of the end August 2009 to approximately 23,700; the number of Board members has been reduced from nine to five; and the Company freed up of approximately $1 million in cash and working capital through corporate staff reductions and related corporate cost-cutting programs.
MO-based Jack Henry & Associates reported that second quarter total revenue was up to $227.8 million from the $191.9 million in the same quarter a year ago. Gross profit increased to $95.1 million compared to $79.3 million in the fourth quarter of last fiscal year. Net income rose 14% compared to the prior fiscal year to $117.9 million. For the first half of fiscal 2010, total revenue of $393.2 million was generated compared to $373.3 million for the first half of fiscal 2009 while Total revenue increased 12% compared to the prior fiscal year to $836.6 million and gross profit increased 15% to $345.1 million. Net income rose 14% compared to the prior fiscal year to $117.9 million. For complete details on Jack Henry’s latest performance visit CardData (www.carddata.com).
E-commerce software provider iMergent reported net income for the first quarter of 2010 was $123,000,000 compared to $1,552,000
in the comparable quarter last year. Income before income tax provision
for the first quarter of 2010 was $248,000 compared to income of
$2,778,000 in the comparable quarter last year. Revenue for the first quarter of 2010 decreased 18% to $17,094,000,
compared to $20,921,000 for the comparable quarter last year. The lower
revenue was a result of a 5% reduction in the number of workshops
conducted during the first quarter of 2010 as compared to the comparable
quarter in 2009, a decrease in the percentage of attendees purchasing
products to 26% in the first quarter of 2010 compared to 28% in the
comparable quarter of 2009, a 21% decrease in the number of preview
buyers attending our workshops compared to the prior year quarter, as
well as a 39% reduction in principal cash collected on our receivables
portfolio. The remaining decrease in revenue is primarily related to
commissions derived from third parties which decreased 22% to $2,581,000
for the three months ended March 31, 2010 compared to $3,330,000 for the
three months ended March 31, 2009. The decrease was primarily
attributable to a decrease in commission from third parties as a result
of fewer leads sent to third parties due to a decrease in the Company’s
product and service sales.
Self service kiosk supplier Global Axcess reported revenues from
continuing operations of $5.4 million for the three-month period ended
March 31, 2010. Gross profit from continuing operations was $2.5 million,
or 46.9% gross margin, for the first quarter 2010 compared to $2.6 million, or
47.3% gross margin, for the same period of 2009. The Company experienced
a slight increase in cost of revenues related to cash replenishment
activities that were impacted by the severe winter weather.
Operating expenses for the first quarter ended March 31, 2010 increased
16.9% to $2.1 million from $1.8 million in the same period of 2009.
During the first quarter of 2010, the Company hired consultants and
employees with industry expertise to spearhead efforts in its DVD rental
kiosk initiative. These expenses and other expenses related to the DVD
kiosk initiative were the largest single component, contributing
approximately $94,000 or 40% of the increase in SG&A expenses.
Income from continuing operations was $439,899 for the quarter ended
March 31, 2010 compared to $776,770 in the same period of 2009.
Debt collector Encore Capital Group reports gross collections were $141.3 million, a 23% increase over the $115.2
million in the same period of the prior year.
Investment in receivable portfolios was $81.6 million, to purchase $2.1
billion in face value of debt, compared to $55.9 million, to purchase
$1.3 billion in face value of debt in the same period of the prior year.
Available capacity under the revolving credit facility, subject to
borrowing base and applicable debt covenants, was $54.5 million as of
March 31, 2010. Total debt, consisting of the revolving credit facility,
convertible senior notes and capital lease obligations, was $318.0
million as of March 31, 2010, an increase from $303.1 million as of
December 31, 2009. Revenue from receivable portfolios was $82.9 million, a 15% increase
over the $72.3 million in the same period of the prior year. Revenue
recognized on receivable portfolios, as a percentage of portfolio
collections, excluding the effects of net portfolio allowances, was 64%,
compared to 67% in the same period of the prior year.
Revenue from bankruptcy servicing was $4.4 million, a 6% increase over
the $4.1 million in the same period of the prior year.
Total operating expenses were $65.6 million, a 9% increase over the
$60.2 million in the same period of the prior year. Operating expense
(excluding stock-based compensation expense and bankruptcy servicing
operating expenses) per dollar collected decreased to 42.9% compared to
48.3% in the same period of the prior year.
For more details on Encore
Capital’s first quarter performance visit CardData (www.carddata.com).
Capital One has posted a 1Q/10 US card segment net income of $372.2
million, compared to $461.0 million in the last quarter and $.7 million
the year ago quarter. The company is projecting quarterly Domestic Card
revenue margin to decline to around 15 percent by early 2011. Revenue
margin in the Domestic Card sub-segment was 17.1%, compared to 17.0
percent in the prior quarter. Period-end loans in the Domestic Card
segment were $56.2 billion in the first quarter, a decline of $4.1
billion, or 6.8 percent, from the prior quarter. International credit
card loans declined in the quarter by $645.7 million, or 7.9 percent, to
$7.6 billion. Domestic Card provision expense increased $62.9 million in
the first quarter, or 6.1 percent, relative to the prior quarter. Net
charge-offs increased $74.0 million relative to the prior quarter,
partially offset by an increase in allowance release of $11 million.
International card provision expense decreased $92.4 million, or 53.9
percent. Domestic Card net charge-off rates increased 89 basis points to
10.48% from 9.59% in 4Q/09. For complete details on Capital One’s third
quarter performance, visit CardData (www.carddata.com).
U.S. CARD NET INCOME
1Q/09: $0.7 million
2Q/09: $166.9 million
3Q/09: $289.8 million
4Q/09: $461.0 million
1Q/09: $372.2 million
Source: CardData (www.carddata.com)
Net total payment volume for the quarter was $21.3 billion, an increase of 35% year-over-year and 0% quarter-over-quarter. Global active registered accounts increased to 84.3 million, representing 15% growth for both year-over-year and quarter-over-quarter. During the first quarter, PayPal handled 337.0 million payments, a 2% increase over the prior quarter and up 33% from 1Q/09. Meanwhile, PayPal’s 1Q/10 transaction revenue rate increased to 3.59% from the prior quarter while the processing expense rate for the third quarter edged down slightly to 1.13% from the year ago rate of 1.16% and previous quarter’s 1.14%. The PayPal 90-day delinquency rate has hit a period low of 3.84% while net charge off rate dropped to 9.49% from the previous quarter’s 11.14%, but is up on the year ago period’s 8.95%. PayPal’s 1Q/10 net total payment volume increased thanks in part to its a deal with Facebook that allows users to select PayPal to buy virtual goods in the Facebook gift shop. Businesses around the world can also launch marketing campaigns on Facebook and pay with PayPal. For complete details on eBay/PayPal’s third quarter performance, visit CardData (www.carddata.com).
3Q/08: $14.8 billion 65.3 million
4Q/08: $16.0 billion 70.4 million
1Q/09: $15.9 billion 73.1 million
2Q/09: $16.7 billion 75.4 million
3Q/09: $17.7 billion 78.0 million
4Q/09: $21.4 billion 81.0 million
1Q/10: $21.3 billion 84.3 million
SOURCE: CardData (www.carddata.com)