Blackhawk Announces Fourth Quarter and Full Year 2014 Financial Results
finance.yahoo.com
"Our existing businesses performed very well in 2014," commented CEO Bill Tauscher. "Excluding acquisitions, transaction dollar volume growth was 25% in the fourth quarter and 26% for full year 2014, a strong acceleration from 2013 where transaction dollar volume growth excluding acquisitions was 13% in the fourth quarter and 15% for the full year. This was driven by strong sales of open loop gift cards in the U.S. and international sales of digital media products. International accounted for 20% of total transaction dollar volume during the fourth quarter and 21% of total transaction dollar volume for fiscal 2014. Our full year adjusted operating revenue growth of 31% was bolstered by the InteliSpend and Retailo acquisitions which added a combined $61 million of adjusted operating revenues in fiscal 2014. GAAP operating revenues for fiscal 2014 totaled $1.44 billion, a 27% increase over 2013."
CFO Jerry Ulrich added, "Our bottom line results for the year slightly exceeded our expectations. Excluding the $27 million reduction in cash taxes payable, full year 2014 adjusted net income was $69.2 million, up 20% from 2013, and full year 2014 adjusted diluted EPS was $1.27, up 17% from 2013. We had originally projected that our late 2014 acquisition of Parago would contribute an additional $0.02 of adjusted diluted EPS in the fourth quarter, however, actual Parago results were virtually earnings neutral, net of final acquisition costs and interest expense. Including the $27 million reduction in cash taxes payable, full year 2014 Adjusted Net Income totaled $96.5 million, or $1.77 per diluted share, an increase of 63% compared to 2013. GAAP net income was $45.5 million for the year, a 16% decline from 2013 due mainly to various acquisition-related, non-cash items." |
