Business
Excel Corporation Reports Results for the Quarter ended March 31, 2016
Excel Corporation Reports Results for the Quarter ended March 31, 2016.
About this update from Excel Corp
[{"type":"text","content":"\n\n IRVING, Texas, May 23, 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 first quarter ended March 31, 2016. Due to its acquisition of substantially all of the U.S. assets and operations of Calpian, Inc. (OTCPK:CLPI) (“Calpian”) and subsequent divestiture of the leasing operations and related assets of its Payprotec Oregon LLC dba Securus Payments (“Securus”) subsidiary in April 2016, comparative results between the first quarter of 2016 and 2015 are not meaningful. Accordingly, the divested leasing operations of Securus are shown as discontinued operations.\n Excel’s revenues for the first quarter ended March 31, 2016 were $4,019,658. Operating costs and expenses were $3,474,766 for the same period, resulting in operating income from continuing operations of $544,892. The loss from the discontinued operations and loss on disposal of operations at Securus was a combined $2,187,870, resulting in a net loss for the period of $1,971,394. After increased interest expense primarily related to the Calpian transaction, the Company recorded net income from continuing operations of $216,276. “We are pleased to report both significant operating income and net income from continuing operations, demonstrating the success of our recent transactions,” said T. A. “Kip” Hyde, Jr., Excel's CEO. “For the balance of 2016, we expect to see sustained positive income from continuing operations.” For the quarter ended March 31, 2016, the Company announced the following results [the Table below presents summary financial data; see the Company’s Form 10-Q filed on May 23, 2016 for additional information]: Excel CorporationSummary Consolidated Financial Results(Unaudited)      2016   2015     (unaudited)  (unaudited)Revenues    $4,019,658   $1,153,709 Costs and expenses     3,474,766    618,740 Operating income from continuing operations     544,892    534,969      ...