Jim McCroy ir@3pea.com via amazonses.com
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3PEA Reports Full Year 2018 Financial Results
2018 Revenue up 53.8% to a Record $23.4 Million, DrivesNet Income of $2.6 Million and Adjusted EBITDA of $4.9 Million
HENDERSON, Nev.--(BUSINESS WIRE)-- 3PEA International, Inc. (NASDAQ: TPNL), a vertically integrated provider of innovative prepaid card programs and processing services for corporate, consumer and government applications, reported financial results for the fourth quarter and full year ended December 31, 2018.
Financial Highlights
Revenue for the year ending December 31, 2018 was $23.4 million, an increase of 54% compared to $15.2 million the prior year.
Gross profit increased 70% to $11.4 million or 49% of revenues, compared to $6.7 million or 44% of revenues in 2017.
Total operating expenses were $8.9 million compared to $4.9 million the prior year.
Net Income attributable to 3PEA was $2.6 million, an increase of 44% compared to $1.8 million the prior year. Earnings per basic share was $.06 versus $.04 the prior year.
Non-GAAP Adjusted EBITDA was $54.9 million, an increase of 65% compared to $3.0 million in 2017. Non- GAAP Fully Diluted EPS was $.09 as compared to $.06 the prior year.
Our revenue conversion rate of gross dollar volume loaded on cards was 3.77%, or 377 bps in 2018 compared to 3.75% or 375 bps in the prior year.
Financial Guidance
The company reiterates its previously released revenue guidance for 2019 of $38.0 to $40.0 million, representing a 62% to 71% increase compared to $23.4 million for full year 2018.
Today, the company sets Adjusted EBITDA guidance at $10.0 to $12.0 million, representing a 104% to 145% increase compared to $4.9 million for full year 2018.
For the full press release please see the attached PDF.
Thank you and have a wonderful day.
Jim McCroy
3PEA International, Inc.
Symbol: TPNL
Direct: 702-749-7269
jmccroy@3PEA.com
Attachments Link(s) : 3PEA2018.pdf
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