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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jetpay Corp. (delisted) | NASDAQ:JTPY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.04 | 5.00 | 5.06 | 0 | 01:00:00 |
Financial Highlights
News Highlights
“We are excited to announce our first quarterly positive net income in recent years. While this was partially due to the legal recovery from Valley National Bank, our revenue growth in the second quarter of 2018 was strong and consistent with our revenue and margin growth expectations,” stated Diane Faro, CEO of JetPay Corporation. “Without the legal recovery and if we exclude other one-time items, we would have posted a positive net income for the first six months of 2018. Our results reflect the investments we made in people, products and infrastructure as we continue to be successful in executing our plan of developing key partnerships and identifying strategic initiatives. We feel confident that we will continue to deliver solid double-digit revenue growth over the next several quarters. We remain very optimistic about the future of JetPay." Ms. Faro added.
Second Quarter 2018 Compared to Second Quarter 2017 (As Adjusted)
Revenues were $15.2 million for the three months ended June 30, 2018, compared to $13.5 million for the same period in 2017. Revenues for the Payment Services Segment increased $1.3 million, or 12.9%, for the three months ended June 30, 2018, compared to the same period in 2017. This increase related to organic growth in our Government and Utilities, e-Commerce, and ISO/ISV sectors, including an increase in revenues in our JetX discount for cash product. Revenues for the HR & Payroll Services Segment increased $455,000, or 12.1%, for the three months ended June 30, 2018, as compared to the same period in 2017. This increase was attributable to increased demand for our full-suite, human capital management services.
Gross profit for the three months ended June 30, 2018 was $6.8 million, compared to $5.7 million for the same period in 2017. The $1.1 million, or 18.3%, increase was related to revenue growth within both the Payment Services Segment and the HR & Payroll Services Segment. Operating income for the three months ended June 30, 2018 was $2.2 million, compared to a loss of $(796,000) for the same period in 2017. Operating income includes depreciation and amortization expense of $1.2 million and $1.1 million for the three months ended June 30, 2018 and 2017, respectively. The increase in operating income was impacted by the organic growth in both our Payment Services and HR & Payroll Services operations as well as the favorable settlement against Valley National Bank on April 30, 2018 which contributed an incremental $2.2 million of operating income in the second quarter of 2018.
Net income for the three months ended June 30, 2018 was $1.5 million or a net loss applicable to common stockholders of $(1.5) million after accretion of convertible preferred stock of $3.0 million, compared to a net loss of approximately $(1.2) million, or a net loss applicable to common stockholders of $(3.8) million after accretion of convertible preferred stock of $2.7 million for the same period in 2017. The increase in net income was primarily related to the increase in operating income described above.
First Six Months of 2018 Compared to First Six Months of 2017 (As Adjusted)
Revenues were $31.1 million for the six months ended June 30, 2018, compared to $28.0 million for the same period in 2017. Revenues for the Payment Services Segment increased $2.6 million, or 13.6%, for the six months ended June 30, 2018, compared to the same period in 2017. This increase related to organic growth in our Government and Utilities, e-Commerce, and ISO/ISV sectors, including an increase in revenues in our JetX discount for cash product. Revenues for the HR & Payroll Services Segment increased $514,000, or 5.6%, for the six months ended June 30, 2018, as compared to the same period in 2017. This increase was attributable to increased demand for our full-suite, human capital management services. The growth within the HR & Payroll Services Segment was negatively impacted by the adoption of ASC Topic 606. Under former ASC Topic 605, revenues in the HR & Payroll Services Segment would have increased 12.6%.
Gross profit for the six months ended June 30, 2018 was $14.5 million, compared to $12.8 million for the same period in 2017. The $1.7 million, or 13.5%, increase was related to revenue growth within both segments. Operating income for the six months ended June 30, 2018 was $2.5 million, compared to $274,000 for the same period in 2017. Operating income includes depreciation and amortization expense of $2.4 million and $2.2 million for the six months ended June 30, 2018 and 2017, respectively. The increase in operating income was partially related to organic growth in the Payment Services and HR & Payroll Services Segments, as well as the Company’s favorable settlement against Valley National Bank on April 30, 2018 which contributed an incremental $2.2 million of operating income in the second quarter of 2018, partially offset by a $450,000 legal settlement, and an increase in professional fees for non-repetitive matters of $675,000.
Net income for the six months ended June 30, 2018 was $1.1 million, or a net loss applicable to common stockholders of $(4.8) million, after accretion of convertible preferred stock of $6.0 million, compared to a net loss of approximately $(500,000), or a net loss applicable to common stockholders of $(5.3) million after accretion of convertible preferred stock of $4.8 million. The increase in net income was primarily related to the increase in operating income described above.
Conference Call
JetPay will conduct a conference call on Thursday, August 16, 2018 at 9:00 AM EST (6:00 AM PST) to discuss these results and conduct a question and answer session. The participant conference call number is (855) 446-8217 (International Dial-In (509) 960-9039), conference ID: 1789928. There will also be access to a digital recording of the teleconference by calling (855) 859-2056 and entering the conference ID: 1789928. This will be available from two hours following the teleconference until Thursday, August 30, 2018.
About JetPay Corporation
JetPay Corporation, based in Allentown, PA, is a leading provider of vertically integrated solutions for businesses including card acceptance, processing, payroll, payroll tax filing, human capital management services, and other financial transactions. JetPay provides a single vendor solution for payment services, debit and credit card processing, ACH services, and payroll and human capital management needs for businesses throughout the United States. The Company also offers low-cost payment choices for the employees of these businesses to replace costly alternatives. The Company's vertically aligned services provide customers with convenience and increased revenues by lowering payments-related costs and by designing innovative, customized solutions for internet, mobile, and cloud-based payments. Please visit www.jetpay.com for more information on what JetPay has to offer or call 866-4JetPay (866-453-8729).
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, EBITDA and adjusted EBITDA, as defined in Regulation G of the Securities and Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP measures provides investors with financial measures it uses in the management of its business. The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation, amortization of intangibles, and non-cash changes in the fair value of contingent consideration liability. The Company defines adjusted EBITDA as EBITDA, as defined above, plus certain non-recurring items, including certain legal and professional costs for non-repetitive matters, legal settlements, non-cash stock option costs, and non-cash losses on the disposal of fixed assets. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA and adjusted EBITDA as indicators of the Company’s operating performance and ability to fund acquisitions, capital expenditures and other investments and, in the absence of refinancing options, to repay debt obligations. Management believes EBITDA and adjusted EBITDA are helpful to investors in evaluating the Company’s operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded. EBITDA and adjusted EBITDA are supplemental non-GAAP measures, which have limitations as an analytical tool. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Non-GAAP financial measures do not reflect a comprehensive system of accounting, may differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. For a description of our use of EBITDA and adjusted EBITDA and a reconciliation of EBITDA and adjusted EBITDA to operating income (loss), see the section of this press release titled “EBITDA and adjusted EBITDA Reconciliation.”
EBITDA and adjusted EBITDA Reconciliation (Unaudited)
(000’s omitted) | Three Months EndedJune 30, | Six Months EndedJune 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(As Adjusted) | (As Adjusted) | |||||||||||||||
Operating income (loss) | $ | 2,174 | $ | (796 | ) | $ | 2,462 | $ | 274 | |||||||
Change in fair value of contingent consideration liability | (320 | ) | (257 | ) | (357 | ) | (183 | ) | ||||||||
Amortization of intangibles | 848 | 875 | 1,696 | 1,749 | ||||||||||||
Depreciation | 374 | 248 | 687 | 479 | ||||||||||||
EBITDA | $ | 3,076 | $ | 70 | $ | 4,488 | $ | 2,319 | ||||||||
Professional fees for non-repetitive matters | 524 | 142 | 891 | 216 | ||||||||||||
Legal settlements | (2,175 | ) | 747 | (1,725 | ) | 747 | ||||||||||
Non-cash stock based compensation | 168 | 200 | 363 | 384 | ||||||||||||
Non-cash loss on disposal of fixed asset | - | 110 | 8 | 110 | ||||||||||||
Adjusted EBITDA | $ | 1,593 | $ | 1,269 | $ | 4,025 | $ | 3,776 |
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. JetPay’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside JetPay’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, those described under the heading “Risk Factors” in the Company’s Annual Report filed with the Securities and Exchange Commission (“SEC”) on Form 10-K for the fiscal year ended December 31, 2017, the Company’s Quarterly Reports on Form 10-Q and the Company’s Current Reports on Form 8-K.
JetPay cautions that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in JetPay’s most recent filings with the SEC. All subsequent written and oral forward-looking statements concerning JetPay or other matters and attributable to JetPay or any person acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. JetPay cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. JetPay does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Contacts
JetPay Corporation | JetPay Corporation | |
Peter B. Davidson | Gregory M. Krzemien | |
Vice Chairman and Corporate Secretary | Chief Financial Officer | |
(610) 797-9500 | (610) 797-9500 | |
Peter.Davidson@jetpaycorp.com | gkrzemien@jetpaycorp.com |
JetPay CorporationCondensed Consolidated Statements of Operations(Unaudited)(In thousands, except share and per share information) | |||||||||||||||||
For the Three Months EndedJune 30, | For the Six Months EndedJune 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
(As Adjusted) | (As Adjusted) | ||||||||||||||||
Revenues | $ | 15,239 | $ | 13,529 | $ | 31,110 | $ | 28,026 | |||||||||
Cost of revenues | 8,481 | 7,816 | 16,619 | 15,256 | |||||||||||||
Gross profit | 6,758 | 5,713 | 14,491 | 12,770 | |||||||||||||
Selling, general and administrative expenses | 5,857 | 4,896 | 11,728 | 9,704 | |||||||||||||
Settlement of legal matters | (2,175 | ) | 747 | (1,725 | ) | 747 | |||||||||||
Change in fair value of contingent consideration liability | (320 | ) | (257 | ) | (357 | ) | (183 | ) | |||||||||
Amortization of intangibles | 848 | 875 | 1,696 | 1,749 | |||||||||||||
Depreciation | 374 | 248 | 687 | 479 | |||||||||||||
Operating income (loss) | 2,174 | (796 | ) | 2,462 | 274 | ||||||||||||
Other expenses (income) | |||||||||||||||||
Interest expenses | 269 | 276 | 536 | 571 | |||||||||||||
Non-cash interest costs | 32 | 33 | 66 | 67 | |||||||||||||
Other income | (9 | ) | (5 | ) | (15 | ) | (7 | ) | |||||||||
Income (loss) before income taxes | 1,882 | (1,100 | ) | 1,875 | (357 | ) | |||||||||||
Income tax expense | 370 | 81 | 734 | 143 | |||||||||||||
Net income (loss) | 1,512 | (1,181 | ) | 1,141 | (500 | ) | |||||||||||
Accretion of convertible preferred stock | (3,025 | ) | (2,652 | ) | (5,970 | ) | (4,775 | ) | |||||||||
Net loss applicable to common stockholders | $ | (1,513 | ) | $ | (3,833 | ) | $ | (4,829 | ) | $ | (5,275 | ) | |||||
Basic and diluted loss per share applicable to common stockholders | $ | (0.10 | ) | $ | (0.25 | ) | $ | (0.31 | ) | $ | (0.33 | ) | |||||
Weighted average shares outstanding: | |||||||||||||||||
Basic and diluted | 15,408,772 | 15,588,984 | 15,502,023 | 16,134,808 | |||||||||||||
JetPay CorporationCondensed Consolidated Balance Sheets(In thousands) | ||||||||||
June 30,2018 | December 31,2017 | |||||||||
ASSETS | (Unaudited) | (As Adjusted) | ||||||||
Current assets: | ||||||||||
Cash | $ | 8,676 | $ | 6,824 | ||||||
Restricted cash | 1,906 | 1,905 | ||||||||
Accounts receivable, less allowance for doubtful accounts | 3,997 | 5,269 | ||||||||
Settlement processing assets and funds | 50,215 | 52,116 | ||||||||
Prepaid expenses and other current assets | 1,495 | 1,725 | ||||||||
Current assets before funds held for clients | 66,289 | 67,839 | ||||||||
Funds held for clients | 47,456 | 49,288 | ||||||||
Total current assets | 113,745 | 117,127 | ||||||||
Property and equipment, net | 5,419 | 3,970 | ||||||||
Goodwill | 48,978 | 48,978 | ||||||||
Identifiable intangible assets, net | 20,902 | 22,598 | ||||||||
Other assets | 1,633 | 1,448 | ||||||||
Total assets | $ | 190,677 | $ | 194,121 | ||||||
LIABILITIES | ||||||||||
Current liabilities: | ||||||||||
Current portion of long-term debt and capital lease obligation | $ | 3,299 | $ | 3,364 | ||||||
Accounts payable and accrued expenses | 12,067 | 11,569 | ||||||||
Settlement processing liabilities | 49,218 | 51,407 | ||||||||
Deferred revenue and other current liabilities | 120 | 1,083 | ||||||||
Current liabilities before client fund obligations | 64,704 | 67,423 | ||||||||
Client fund obligations | 47,456 | 49,288 | ||||||||
Total current liabilities | 112,160 | 116,711 | ||||||||
Long-term debt and capital lease obligation, net of current portion | 12,023 | 12,700 | ||||||||
Deferred income taxes | 1,431 | 845 | ||||||||
Other liabilities | 607 | 1,452 | ||||||||
Total liabilities | 126,221 | 131,708 | ||||||||
Commitments and Contingencies | ||||||||||
Redeemable Convertible Preferred Stock | 65,654 | 59,684 | ||||||||
Common Stock, subject to possible redemption | 4,086 | 3,520 | ||||||||
Stockholders’ Deficit | (5,284) | (791) | ||||||||
Total Liabilities and Stockholders’ Deficit | $ | 190,677 | $ | 194,121 |
JetPay CorporationConsolidated Statements of Cash Flows(Unaudited) (In thousands) | ||||||||||
For the Six Months EndedJune 30, | ||||||||||
2018 | 2017 | |||||||||
(As Adjusted) | ||||||||||
Operating Activities | ||||||||||
Net income (loss) | $ | 1,141 | $ | (500 | ) | |||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Depreciation | 687 | 479 | ||||||||
Stock-based compensation | 344 | 361 | ||||||||
Employee stock purchase plan expense | 19 | 23 | ||||||||
Amortization of intangibles | 1,696 | 1,749 | ||||||||
Non-cash interest costs | 66 | 67 | ||||||||
Change in fair value of contingent consideration liability | (357 | ) | (183 | ) | ||||||
Loss on disposal of fixed assets | 8 | 110 | ||||||||
Deferred income taxes | 586 | - | ||||||||
Change in operating assets and liabilities | 564 | (74 | ) | |||||||
Net cash provided by operating activities | 4,754 | 2,032 | ||||||||
Investing Activities | ||||||||||
Net decrease in funds held to satisfy client fund obligations | 1,832 | 1,088 | ||||||||
Purchase of property and equipment | (1,609 | ) | (1,004 | ) | ||||||
Net cash provided by investing activities | 223 | 84 | ||||||||
Financing Activities | ||||||||||
Payments on long-term debt and capital lease obligations | (1,748 | ) | (6,300 | ) | ||||||
Proceeds from issuance of common stock pursuant to employee stock purchase | 51 | 104 | ||||||||
Proceeds from notes payable | 405 | 400 | ||||||||
Proceeds from the sale of preferred stock, net of issuance costs | - | 825 | ||||||||
Deferred financing fees associated with new borrowings | - | (76 | ) | |||||||
Payment of deferred and contingent acquisition consideration | - | (314 | ) | |||||||
Net decrease in client funds obligations | (1,832 | ) | (1,088 | ) | ||||||
Net cash used in financing activities | (3,124 | ) | (6,449 | ) | ||||||
Net increase (decrease) in cash and restricted cash | 1,853 | (4,333 | ) | |||||||
Cash and restricted cash, beginning | 8,729 | 14,713 | ||||||||
Cash and restricted cash, ending | $ | 10,582 | $ | 10,380 | ||||||
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