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National Processing Reports First Quarter Financial Results

Friday 16 April 2004 00:07 CET | News

National Processing has reported first quarter financial results for 2004. Revenue for the first quarter of 2004 was $122.2 million, up 15% from 2003 first quarter revenue of $106.0 million. Net income for the first quarter of 2004 was $12.0 million, or $0.22 per diluted share, up 40% and 37%, respectively, from comparable 2003 net income of $8.5 million, or $0.16 per diluted share.

Merchant Card Services transaction and dollar volume increased to record first quarter levels. Merchant Card Services transactions processed were 1.1 billion for the first quarter of 2004, representing an increase of 17% over the first quarter of 2003. Merchant Card Services dollar volume processed was $44.5 billion for the first quarter of 2004, representing an increase of 13% over the first quarter of 2003. The dollar volume processed has trailed transaction growth primarily as a result of the Companys initiative to exit merchant processing for airlines, which have a larger average ticket per transaction. As of March 31, 2004, the Company had $296 million of cash and cash equivalents with no debt and total shareholders equity of $535 million. Operating cash flow was $53 million for the quarter ended March 31, 2004, representing a 20% increase over 2003.


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Categories: Payments & Commerce | Payments General
Countries: World
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