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JetPay® Corporation Announces 2016 Financial Results
Annual Revenues Increase 30.0% including 42.4% Increase in Payment Services
Center Valley, PA – March 27, 2017 – JetPay® Corporation (“JetPay” or the “Company”) (NASDAQ: “JTPY”) announced financial results for the fourth quarter and year ended December 31, 2016.
|·||Revenues increased 30.0%, or $13.0 million, to $56.3 million for the year ended December 31, 2016, as compared to $43.3 million in 2015, and up 48.8%, or $5.7 million, to $17.3 million for the quarter ended December 31, 2016 from $11.6 million for the same period in 2015.|
|·||Revenues within Payment Services increased 42.4%, or $12.1 million, to $40.7 million for the year ended December 31, 2016, as compared to $28.6 million in 2015, and 82.5%, or $5.7 million, to $12.7 million for the quarter ended December 31, 2016 from $7.0 million for the same period in 2015.|
|·||Revenues within HR and Payroll Services increased 6.0%, over $877,000, to $15.6 million for the year ended December 31, 2016, as compared to $14.7 million in 2015, primarily due to the introduction of new products and services, including WorkForceToday®, a full human capital management product suite.|
|·||Consolidated gross profit increased 10.4% to $18.9 million, or 33.5% of revenues, for the year ended December 31, 2016, up from $17.1 million from the same period in 2015. Consolidated gross profit for the quarter ended December 31, 2016 of $5.7 million increased $906,000, or 18.8%, in comparison to $4.8 million for the same period in 2015.|
|·||Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) were $(4.2) million and $3.8 million for the years ended December 31, 2016 and 2015, 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 $3.8 million, or 6.7% of revenues for the year ended December 31, 2016, as compared to $5.2 million, or 11.9% of revenues, for the same period in 2015. The decrease in adjusted EBITDA of 26.9% in 2016 as compared to 2015 was directly related to the continued investment in selling, general and administrative personnel driving significant revenue growth.|
|·||EBITDA was $826,000 and $1.1 million for the quarters ended December 31, 2016 and 2015, respectively. Adjusted EBITDA for the quarter ended December 31, 2016 was $1.2 million, or 7.0% of revenues, as compared to $1.7 million, or 14.7% of revenues, for the same period in 2015. The decrease in adjusted EBITDA in the current year was largely related to the investment in selling, general and administrative personnel to drive significant revenue growth.|
|·||The ratio of total debt to total capitalization, which consists of total debt of $21.9 million and common stock subject to possible redemptions, convertible preferred stock and stockholders’ equity totaling $67.1 million, was 24.6% at December 31, 2016, an increase from 23.2% at December 31, 2015. As of December 31, 2016, the Company had positive working capital of $5.0 million, $8.2 million favorable to a working capital deficit of $(3.2) million reported at December 31, 2015.|
The following information was filed by Jetpay Corp (JTPY) on Monday, March 27, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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