iPayment, Inc. (NASDAQ:IPMT) today announced financial results for
the first quarter ended March 31, 2005. For the first quarter of
2005, revenues doubled to $163,363,000 from $79,969,000 for the
first quarter of 2004. Net income increased 37.4% to $6,872,000
from $5,002,000. Earnings per diluted share increased 35.7% to
$0.38 for the first quarter of 2005 from $0.28 for the first
quarter of 2004. Commenting on the announcement, Gregory S. Daily,
Chairman and Chief Executive Officer of iPayment, said, "We are
proud to report another quarter of strong, profitable growth. Our
growth strategy remained on track, both through organic channels
and acquisitions. Charge volume more than doubled to $6,248 million
in the first quarter of 2005 from $2,863 million in the first
quarter of 2004. Our recent acquisition of a portfolio of merchant
accounts from First Data Corp. performed as expected in the first
quarter and both acquisitions in the petroleum and convenience
store market remain on solid growth tracks. We continued to
streamline operations during the quarter, successfully converting
the processing of certain portfolios serviced in our Chicago
operating center to First Data's platform from higher cost industry
processors. Integrating acquisitions allows us to maintain lower
headcount and increase revenues per employee (average) by 60%. We
closed the first quarter with 346 employees. Looking forward, we
remain confident in our ability to execute our profitable growth
strategy through organic channels and additional acquisitions in
the fragmented small-merchant market." Outlook The following
statements summarize iPayment's guidance for 2005 as well as
guidance for long-term growth in its revenues and operating margin.
For 2005, iPayment is increasing its target range for annual
revenues to approximately $650 million to $675 million and
currently expects an annual operating margin of approximately 9.5%
to 10.0%, with sequential improvement during the year. iPayment
expects net interest expense of approximately $9.0 million to $9.5
million, an effective income tax rate of approximately 39%, and
diluted weighted average shares outstanding of approximately 18.5
million, including 662,000 share equivalents from outstanding
convertible promissory notes. iPayment remains comfortable with a
range for earnings per diluted share for 2005 of approximately
$1.83 to $1.88. Beyond 2005, iPayment targets long-term growth in
revenues more in line with the industry growth rate through a
combination of internal growth and acquisitions. iPayment
reiterates its long-term target range for its annual operating
margin of 10% to 15% of revenues, with gradual improvement over
time. As in the past, the operating margin may fluctuate on a
quarterly basis, and the percentage may change as a result of
acquisitions with higher or lower operating margins than iPayment's
margins. The Company will host a conference call to discuss this
release today at 10:30 a.m. Eastern time. Participants will have
the opportunity to listen to the conference call over the Internet
by going to www.ipaymentinc.com or www.earnings.com. Participants
are encouraged to go to the selected web sites at least 15 minutes
early to register, download, and install any necessary audio
software. The online replay will be available at approximately 1:30
p.m. (Eastern Time) and continue for one week. A telephonic replay
of the call will also be available through May 12, 2005, at
719-457-0820 (Confirmation Number 4170594). This press release
contains forward-looking statements about iPayment, Inc. within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, and pursuant to the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. For example, statements in the future tense,
words such as "anticipates," "estimates," "expects," "intends,"
"plans," "believes," and words and terms of similar substance used
in connection with any discussion of future results, performance or
achievements identify such forward-looking statements. Those
forward-looking statements involve risks and uncertainties and are
not guarantees of future results, performance or achievements, and
actual results, performance or achievements could differ materially
from the Company's current expectations as a result of numerous
factors, including but not limited to the following: acquisitions;
liability for merchant chargebacks; restrictive covenants governing
the Company's indebtedness; actions taken by its bank sponsors;
migration of merchant portfolios to new bank sponsors; the
Company's reliance on card payment processors and on independent
sales organizations; changes in interchange fees; risks associated
with the unauthorized disclosure of data; imposition of taxes on
Internet transactions; actions by the Company's competitors; and
risks related to the integration of companies and merchant
portfolios the Company has acquired or may acquire. These and other
risks are more fully disclosed in the Company's filings with the
U.S. Securities and Exchange Commission, including without
limitation the Company's Annual Report on Form 10-K for 2004. The
Company undertakes no obligation to revise or update any
forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release.
iPayment, Inc. is a provider of credit and debit card-based payment
processing services to over 130,000 small merchants across the
United States. iPayment's payment processing services enable
merchants to process both traditional card-present, or "swipe,"
transactions, as well as card-not-present transactions, including
transactions over the internet or by mail, fax or telephone. -0- *T
iPayment, Inc. Financial Highlights (in thousands, except per share
data) Consolidated Income Statements Three months ended March 31,
---------------------------- 2005 2004 -------------- -------------
(Unaudited) (Unaudited) Revenues $163,363 $79,969 Interchange
97,421 37,315 Other costs of services 48,775 31,702 Selling,
general and administrative 3,524 2,886 -------------- -------------
Total operating expenses 149,720 71,903 --------------
------------- Income from operations 13,643 8,066 Other expense
(income) Interest expense 2,297 710 Other expense (income) 81 (339)
-------------- ------------- Income before income taxes 11,265
7,695 Income tax provision 4,393 2,693 -------------- -------------
Net income $6,872 $5,002 ============== ============= Earnings per
share Basic $0.41 $0.30 Diluted $0.38 $0.28 Weighted average shares
outstanding Basic 16,721 16,459 Diluted 18,230 18,050 Percentages
of Revenues Interchange 59.6% 46.7% Other costs of services 29.9%
39.6% Selling, general and administrative 2.2% 3.6% Income from
operations 8.4% 10.1% Effective tax rate 39.0% 35.0% iPayment, Inc.
Consolidated Balance Sheets (in thousands) March 31, December 31,
Assets 2005 2004 ------------ ------------ (Unaudited) Current
assets: Cash and cash equivalents $1,024 $888 Accounts receivable,
net 17,330 17,031 Prepaid expenses and other 7,311 6,765
------------ ------------ Total current assets 25,665 24,684
Restricted cash 2,532 3,248 Property and equipment, net 2,895 2,749
Intangible assets, net 215,551 219,331 Goodwill, net 90,260 79,360
Other assets 7,134 6,876 ------------ ------------ Total assets
$344,037 $336,248 ============ ============ Liabilities and
stockholders' equity Current liabilities: Accounts payable $1,898
$2,418 Accrued liabilities and other 9,416 11,377 ------------
------------ Total current liabilities 11,314 13,795 Long-term debt
169,527 168,437 ------------ ------------ Total liabilities 180,841
182,232 ------------ ------------ Stockholders' equity: Common
stock 132,815 130,507 Retained earnings (deficit) 30,381 23,509
------------ ------------ Total stockholders' equity 163,196
154,016 ------------ ------------ Total liabilities and
stockholders' equity $344,037 $336,248 ============ ============
iPayment, Inc. Consolidated Statements of Cash Flows (in thousands)
Three months ended March 31, ---------------------------- 2005 2004
------------- ------------- Cash flows from operating activities:
(Unaudited) (Unaudited) Net income $6,872 $5,002 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation and amortization 10,086 4,627 Noncash interest expense
249 141 Changes in assets and liabilities: Accounts receivable
(299) (1,775) Prepaid expenses and other current assets (556)
(2,067) Other assets (395) (143) Accounts payable, accrued
liabilities and other (1,439) 1,383 ------------- ------------- Net
cash provided by operating activities 14,518 7,168 -------------
------------- Cash flows from investing activities: Changes in
restricted cash 716 8,001 Expenditures for property and equipment
(443) (97) Acquisitions of businesses, portfolios and other
intangibles (16,556) (295) ------------- ------------- Net cash
(used in) provided by investing activities (16,283) 7,609
------------- ------------- Cash flows from financing activities:
Net borrowings (repayments) on line of credit 1,000 (11,000)
Repayments of debt and capital lease obligations - (4,507) Proceeds
from issuance of common stock 901 525 ------------- -------------
Net cash provided by (used in) financing activities 1,901 (14,982)
------------- ------------- Net increase (decrease) in cash 136
(205) Cash and cash equivalents at beginning of period 888 733
------------- ------------- Cash and cash equivalents at end of
period $1,024 $528 ============= ============= *T
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