Business
Excel Corporation Reports Fourth Quarter and Year End Results for 2015
Excel Corporation Reports Fourth Quarter and Year End Results for 2015.
About this update from Excel Corp
[{"type":"text","content":"\n\n IRVING, Texas, April 13, 2016 (GLOBE NEWSWIRE) -- Excel Corporation (OTCQB:EXCC), a leading provider of integrated financial and transaction processing services to merchants throughout the United States today reported its consolidated results for the fourth quarter and year ended December 31, 2015.\n 2015 Financial Results – Highlights Net revenues of $17.6 million (an 84% increase over 2014)Loss from operations of $1.7 million (a 44% improvement over 2014) 4th Quarter 2015 Results – Highlights Net revenues of $5.2 million (an increase of 37% over 4Q 2014)Loss from operations of $0.8 million (an 40% increase over 4Q 2014)Net loss of $0.5 million (a 20% improvement over 2014) For the full year 2015, net revenues increased 84.0% to $17,599,332 as compared to $9,565,239 in the prior year. The $8,034,093 increase in total revenues was primarily due to Excel’s recognizing the first full year of operations from our Securus Payments subsidiary which was acquired in April 2014, significant organic sales growth, and one month of results from the acquisition of the U.S. operations of Calpian Inc. For the fourth quarter ended December 31, 2015, Excel recorded revenues of $5,209,759, an increase of 37.4% over the fourth quarter of 2014. Net loss from operations increased by $235,142 to $816,643 for the fourth quarter of 2015 as compared to the fourth quarter of 2014. Including other income, the Company recorded a net loss of $529,124, compared to a net loss of $657,837 in the fourth quarter of 2014, a 19.6% improvement. “We are pleased with our strong finish to the year, which included completing the strategic acquisition of the U.S. assets of global mobile payments processor, Calpian Inc. by our new eVance Processing subsidiary, as well as seeing strong sales growth at our Securus subsidiary,” stated T. A. “Kip” Hyde Jr., CEO of Excel Corporation. “For 2016, our eVance operation will provide robust processing capabilities, while also serving as a platform for supporting new ISO’s, sales agents and acquired merchant portfolios, further improving our cash flow and profitability.” For the year ended December 31, 2015, the Company announced the following results: [the Table below presents summary financial data; see the Company’s Form 10-K filed on April 13, 2016 for comple...