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CoreCard Corporation Reports Third Quarter 2022 Results
Источник: Nasdaq GlobeNewswire / 02 ноя 2022 06:30:00 America/Chicago
NORCROSS, Ga., Nov. 02, 2022 (GLOBE NEWSWIRE) -- CoreCard Corporation [NYSE: CCRD], the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, announced today its financial results for the quarter ended September 30, 2022.
"CoreCard’s strong performance continued in the third quarter and resulted in total revenue of $14.5 million, in-line with our expectations. Our significant top-line growth was driven by 52% growth in processing and maintenance revenue and professional services revenue growth of 13%,” said Leland Strange, CEO of CoreCard Corporation. "As a result of our solid performance during the first nine months of 2022, we are confident in topline growth expectations of at least 40% for fiscal 2022, compared to our previously provided guidance of at least 30%.”
“Our growth in processing is expected to continue and we will be steadily increasing investments in our infrastructure and people in anticipation for 2023. The opportunity ahead of us is significant. CoreCard provides a proven best-in-class credit platform and remains a growth business focused on meeting the evolving needs of modern issuers while generating long-term value for our shareholders," concluded Strange.
Financial Highlights for the three months ended September 30, 2022
Total revenues in the three-month period ended September 30, 2022, was $14.5 million compared to $12.9 million in the comparable period in 2021.
In the following table, revenue is disaggregated by type of revenue for the three months ended September 30, 2022 and 2021:
Three Months Ended September 30, (in thousands) 2022 2021 License $ − $ 1,783 Professional services 7,776 6,893 Processing and maintenance 5,267 3,457 Third party 1,407 802 Total $ 14,450 $ 12,935 Income from operations was $1.7 million for the third quarter compared to income from operations of $3.3 million in the comparable prior year quarter.
Net income was $1.4 million for the third quarter compared to net income of $2.5 million in the comparable prior year quarter.
Earnings per diluted share was $0.16 for the third quarter compared to $0.29 in the comparable prior year quarter.
Investor Conference Call
The company is holding an investor conference call today, November 2, 2022, at 11:00 A.M. Eastern Time. Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/corecard11022022_q32022_en/en or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to questions@corecard.com prior to the call. A transcript of the call will be posted on the company’s website at investors.corecard.com as soon as available after the call.
The company will file its Form 10-Q for the period ended September 30, 2022, with the Securities and Exchange Commission today. For additional information about reported results, investors will be able to access the Form 10-Q on the company’s website at investors.corecard.com or on the SEC website, www.sec.gov.
About CoreCard Corporation
CoreCard Corporation (NYSE: CCRD) provides a pioneering card management platform built for the future of global transactions in a digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.
Forward-Looking Statements
The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words “believes,” “plans,” “expects,” “will,” “intends,” “continue,” “outlook,” “progressing,” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
For further information,
email CoreCardIR@icrinc.comCoreCard Corporation
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share amounts)
Three Months Ended
September 30,Nine Months Ended
September 30,2022 2021 2022 2021 Revenue Services $ 14,450 $ 11,152 $ 39,657 $ 31,119 Products − 1,783 14,283 4,083 Total net revenue 14,450 12,935 53,940 35,202 Cost of revenue Services 8,431 6,104 23,824 16,091 Products − − − − Total cost of revenue 8,431 6,104 23,824 16,091 Expenses Marketing 80 97 231 179 General and administrative 1,107 1,069 4,048 3,190 Research and development 3,129 2,356 8,916 7,109 Income from operations 1,703 3,309 16,921 8,633 Investment income (loss) 39 53 196 (215 ) Other income 60 74 126 230 Income before income taxes 1,802 3,436 17,243 8,648 Income taxes 443 902 4,358 2,269 Net income $ 1,359 $ 2,534 $ 12,885 $ 6,379 Earnings per share: Basic $ 0.16 $ 0.29 $ 1.50 $ 0.72 Diluted $ 0.16 $ 0.29 $ 1.49 $ 0.72 Basic weighted average common shares outstanding 8,538,954 8,714,579 8,596,654 8,803,760 Diluted weighted average common shares outstanding 8,559,665 8,744,818 8,621,388 8,835,427 CoreCard Corporation
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
As of September 30, 2022 December 31, 2021 ASSETS (unaudited) (audited) Current assets: Cash $ 27,068 $ 29,244 Marketable securities 983 − Accounts receivable, net 7,815 5,547 Other current assets 4,575 2,046 Total current assets 40,441 36,837 Investments 6,550 6,355 Property and equipment, at cost less accumulated depreciation 12,846 10,371 Other long-term assets 4,054 4,585 Total assets $ 63,891 $ 58,148 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,842 $ 2,763 Deferred revenue, current portion 1,129 2,263 Accrued payroll 2,481 2,145 Accrued expenses 350 404 Income tax payable − 1,004 Other current liabilities 2,248 2,274 Total current liabilities 8,050 10,853 Noncurrent liabilities: Deferred revenue, net of current portion 474 164 Deferred tax liability 788 549 Long-term lease obligation 2,344 2,708 Total noncurrent liabilities 3,606 3,421 Stockholders’ equity: Common stock, $0.01 par value: Authorized shares - 20,000,000; Issued shares – 9,007,815 and 9,001,311 at September 30, 2022 and December 31, 2021, respectively; Outstanding shares – 8,510,565 and 8,689,815 at September 30, 2022 and December 31, 2021, respectively 90 90 Additional paid-in capital 16,421 16,261 Treasury stock, 497,250 and 311,496 shares at September 30, 2022 and December 31, 2021, respectively, at cost (16,369 ) (11,327 ) Accumulated other comprehensive income (loss) 164 (194 ) Accumulated income 51,929 39,044 Total stockholders’ equity 52,235 43,874 Total liabilities and stockholders’ equity $ 63,891 $ 58,148 
