Exhibit 99.1

 

 

JetPay® Corporation Announces Fourth Quarter and Year Ended December 31, 2015 Financial Results with 29.5% Increase in Annual Revenues, Including a 45.1% Increase in the Payment Processing Segment

 

Berwyn, PA – March 24, 2016

– JetPay® Corporation (“JetPay”, the “Company” or “we”) (NASDAQ: JTPY) announced financial results for the fourth quarter and year ended December 31, 2015.

 

Financial Highlights

 

·Revenues increased 29.5%, or $9.9 million, to $43.3 million for the year ended December 31, 2015 as compared to $33.4 million in 2014, and up 18.2%, or $1.8 million, to $11.6 million for the quarter ended December 31, 2015 from $9.8 million for the same period in 2014.

 

·Revenues within our Payment Processing segment increased 45.1% or $8.9 million, to $28.6 million for the year ended December 31, 2015 as compared to $19.7 million in 2014, and up 21.6%, or $1.2 million, to $6.9 million for the quarter ended December 31, 2015 from $5.7 million for the same period in 2014.

 

·Revenues within our HR and Payroll segment increased 13.3%, or over $543,000, to $4.6 million in the fourth quarter of 2015, up from $4.1 million for the same period in the prior year, primarily resulting from the addition of new human capital management services, including our Affordable Care Act services. This increase contributed to an increase of 6.9%, or $952,000, to $14.7 million for the year ended December 31, 2015 as compared to $13.8 million in 2014.

 

·Consolidated gross profit increased 27.0% to $17.1 million, or 39.5% of revenues, for the year ended December 31, 2015, up from $13.5 million for the same period in 2014.

  

·Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) was $3.8 million and $1.3 million for the year ended December 31, 2015 and 2014, respectively. EBITDA, adjusted for non-recurring and non-cash items (adjusted EBITDA) - (see Non-GAAP Financial Measures definition and reconciliation of operating income (loss) to EBITDA and adjusted EBITDA below), was $5.2 million, or 11.9% of revenues for the year ended December 31, 2015, as compared to $3.2 million, or 9.6% of revenues, for the same period in 2014. The increase in adjusted EBITDA of 61.5% in 2015 vs. 2014 was directly related to our increased revenues, particularly in our Payment Processing segment.

 

·EBITDA was $1.1 million for each of the quarters ended December 31, 2015 and 2014. Adjusted EBITDA for the quarter ended December 31, 2015 was $1.7 million, or 14.7% of revenues, as compared to $1.3 million, or 13.7% of revenues, for the same period in 2014. The increase in adjusted EBITDA in the current year was largely related to our increased revenues in both our Payment Processing and HR and Payroll segments.

  

·The ratio of our total debt to total capitalization, which consists of total debt of $16.7 million and convertible preferred stock and stockholders’ equity totaling $55.0 million, was 23.3% at December 31, 2015, a slight increase from 23.1% at December 31, 2014.

 


The following information was filed by Jetpay Corp (JTPY) on Thursday, March 24, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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