CoreCard Corporation Reports Fourth Quarter 2021 Results | News
NORCROSS, Ga., Feb. 15 2022 (GLOBE NEWSWIRE) — CoreCard Corporation [NYSE: CCRD]the leading provider of innovative credit technology solutions and processing services for the financial technology and services market, today announced its financial results for the quarter ended December 31, 2021.
“CoreCard’s strong performance continued into the fourth quarter and drove full-year revenue growth of 34%, which was at the upper end of our upgraded expectations. said Leland Strange, CEO of CoreCard Corporation. “We recognized $1.8 million in licensing revenue during the quarter, bringing full-year licensing revenue to $5.9 million, a 63% year-over-year increase. Additionally, our full-year professional services revenue increased 22%, while our processing and maintenance revenue increased 38% from fiscal 2020. The investments we are making in our platform -form and our processing capabilities are already delivering significant results. Our new office in Bogotá, Colombia is gaining momentum and the team we have in place is scaling well. CoreCard is a premier platform that is extremely well positioned to meet the growing demand for next-generation card management platforms from large, modern and complex card issuers.”
Mr. Strange continued: “Looking forward, we expect revenue growth of 20% to 25% in fiscal 2022, the opportunity before us is significant and CoreCard remains a growth company focused on meeting the changing needs of modern issuers while generating long-term value for our shareholders.”
Financial Highlights for the Three and Twelve Months Ended December 31, 2021
Total revenue for the three-month period ended December 31, 2021 was $13,046,000, representing an increase of 36% over the comparable period of 2020. Revenue from $48,248,000 for full fiscal 2021 increased 34% from fiscal 2020.
In the following table, revenues are broken down by type of revenue for the three and twelve months ended December 31, 2021 and 2020:
Operating income was $3,026,000 for the fourth quarter compared to operating income of $2,732,000 in the comparable quarter last year. Operating profit for the full year 2021 was $11,658,000 compared to $11,295,000 in the comparable prior year.
Net earnings were $2,660,000 for the fourth quarter compared to net earnings of $2,119,000 for the comparable quarter last year. Net income for the full year 2021 was $9,039,000, compared to $8,161,000 in the comparable prior year.
Earnings per diluted share were $0.30 for the fourth quarter, compared to $0.24 in the comparable quarter a year ago. Earnings per diluted share for the full year 2021 were $1.03, compared to $0.91 in the comparable prior year.
Conference call with investors today
The Company is hosting a conference call with investors today, February 15, 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/corecard02152022/en or by calling 1-877-407-0890. As part of the conference call, CoreCard will host a Q&A session where attendees are invited to email their questions to [email protected] before the call. A transcript of the call will be posted on the Company’s website at www.corecard.com as soon as possible after the call.
The company will file its Form 10-K for the period ending December 31, 2021 with the Securities and Exchange Commission in early March. For more information on reported results, investors may access Form 10-K on the Company’s website at www.corecard.com or on the SEC website, www.sec.gov.
About CoreCard Corporation
CoreCard Corporation (NYSE: CCRD) provides a pioneering card management platform designed for the future of global transactions in a digital world. Dedicated to continuous technological innovation in the ever-changing payments industry, backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement and manage all aspects of their card issuance programs. Focused on steady and sustainable growth, CoreCard has earned the trust of some of the world’s largest companies and financial institutions, offering real-time transactions through their proven and reliable platform running on on-premises private cloud technology infrastructure and peak.
The forward-looking statements contained in this press release are made pursuant to 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. due to various risks and uncertainties. including those listed in Item 1A of the company’s annual report on Form 10-K and in other documents and reports filed by the company with the Securities and Exchange Commission. All risks and uncertainties are beyond the Company’s ability 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”, “continues”, “outlook”, “progresses ” 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 under no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unforeseen events.
CoreCard Corporation CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share and per share amounts)
CoreCard Corporation CONSOLIDATED BALANCE SHEET (in thousands, except per share and per share amounts)
For more information, call Matt White, 770-564-5504 or email [email protected]