• CoreCard Corporation Reports Third Quarter 2022 Results

    Источник: Nasdaq GlobeNewswire / 02 ноя 2022 07:30:00   America/New_York

    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)20222021
    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.com

    CoreCard 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, 2022December 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 

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