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Official Payments Reports Results from Fiscal Year 2012 and its Fourth Fiscal Quarter:

Revenue from continuing operations increased to $135.7M for fiscal 2012

NORCROSS, Ga., Dec. 12, 2012 /PRNewswire/ -- Official Payments Holdings, Inc. (Nasdaq: OPAY), a leading provider of electronic payment solutions, reported results today for its fiscal 2012 fourth quarter (Q4 '12) and fiscal year ended September 30, 2012 (Fiscal 2012 or FY '12). The Company will host a call/webcast today at 5:00 p.m. EST to review its results:

Conference Call Dial-In:

800-857-9792 Participant code – "OPAY"

Webcast/Replay:

http://investors.officialpayments.com

Replay Dial-In:

800-873-2149 

–   10:00 pm ET, Wednesday, Dec. 12, 2012 to



     11:59 pm ET, Wednesday, Jan. 2, 2013

FY' 12 Highlights:
Official Payments Holdings, Inc. reported revenue from continuing operations of $135.7 million for fiscal 2012, an increase of 4.3% over fiscal 2011. Fiscal 2012 Payment Solutions net revenue, which reflects Payment Solutions revenues less related processing and interchange fees, improved by 36.2% in fiscal 2012 versus fiscal 2011. The improvement was principally due to lower debit card fees established by the Durbin Amendment in October 2011, as well as negotiated reductions in credit interchange rates and other processing costs. General and administrative and selling and marketing expenses increased a combined 31.0% versus 2011, primarily as a result of increases in performance-based compensation, a one-time restructuring charge associated with the relocation of company headquarters to Norcross, Georgia, an increase in share based compensation and an increase in technology-related personnel expense.

Official Payments reported a net loss from continuing operations of $6.0 million, or $0.36 per share, compared to the prior year's net loss from continuing operations of $7.4 million, or $0.43 per share. Continuing operations consists of the Payment Solutions segment, which contributed more than 99% of the company's revenue from continuing operations in fiscal 2012, with nominal revenue contributions from the legacy voice and systems automation (VSA) operations that are in the process of being wound down.

Adjusted EBITDA from continuing operations improved to positive $4.8 million in fiscal 2012 from negative $0.5 million in fiscal 2011.

Payment Solutions net revenue and Adjusted EBITDA from continuing operations are non-GAAP financial measures.  These measures are defined and reconciled to GAAP financial measures below.

Q4 '12 Overview:
Q4 is seasonally the Company's slowest period of payment volume, given the timing of annual taxes, semiannual tuition and other non-monthly payments. Fiscal Q4 2012 revenue from continuing operations improved by 1.5% versus fiscal Q4 2011, Payment Solutions net revenue improved by 38.5% versus fiscal Q4 2011, while general and administrative and selling and marketing expenses increased a combined 14.8% to $9.5 million versus fiscal Q4 2011.

Official Payments reported a net loss from continuing operations of $2.1 million in fiscal Q4 2012, or $0.12 per share, as compared with a loss of $3.6 million, or $0.21 per share, in fiscal Q4 2011.

Adjusted EBITDA from continuing operations rose to positive $0.2 million in fiscal Q4 2012 versus negative $1.4 million in fiscal Q4 2011. This marks the fourth consecutive quarter of positive Adjusted EBITDA from continuing operations and the first time since 2004 that the Company has recorded positive Adjusted EBITDA from continuing operations in all four quarters of a fiscal year.

Cash Position and Use of Cash
Official Payments' year-end cash and cash equivalents decreased by approximately $0.7 million from $39.8 million at fiscal year-end 2011 to $39.1 million at fiscal year-end 2012, and by approximately $1.7 million versus June 30, 2012. Our $39.1 million in cash and cash equivalents included $5.6 million of accrued discount fees and $17.0 million of funds that have settled or will settle to us that we had not yet distributed to our clients due to the timing of bank transactions.  Offsetting these liabilities was $15.3 million of cash which we received within two days of the fiscal year end as settlements from credit card companies or banks.

Management Overview
Alex P. Hart, President and CEO, stated, "In the fourth quarter of fiscal 2010 we initiated a plan to turn around the Company's operations and financial performance. Our Q4 and full fiscal year operating results in 2012 highlight the significant progress we have made in this effort."

"Central to the turnaround were major upgrades we made to our payment services infrastructure. During fiscal 2012 we completed the bulk of the upgrade work, allowing us to shift our focus to the consolidation of our three payment processing platforms onto a single platform. We now expect to be substantially complete with this process by the end of calendar 2013 at an anticipated cost of approximately $3 million – well below the $10 to $12 million we projected two years ago.  Upon completion of this consolidation we expect to realize significant ongoing cost savings and to be able to deploy new products and services more quickly and efficiently."

Mr. Hart added, "With the operational turnaround largely complete and our platform consolidation project expected to be substantially concluded in a year, we are now able to focus our attention on increasing adoption within our existing client base and expanding our list of clients through direct sales, expanded alliances, and tuck-in acquisitions. A key to increasing both adoption and new client acquisition is the delivery of new products and services that enable our customers to pay their bills where, when, and how they want to pay them.  Two of the exciting products that we'll be launching after the first of the year will give our customers unprecedented levels of convenience and ease of use – an electronic bill presentment solution that will enable our clients to deliver interactive ebills with all of the rich functionality that customers have come to expect from their online service providers, and mobile payment apps for the iPad, iPhone, and Android phones and tablets that extend that great online experience to wherever they happen to be when they have a moment to pay a bill."

Financial Guidance
Based on the Company's current expectations of continued operational improvements and initial benefits from its sales and marketing efforts, it is providing the following financial guidance for fiscal 2013:

  • The Company believes that Adjusted EBITDA from continuing operations will be approximately $7.2 million in fiscal year 2013, approximately 50% above fiscal year 2012;

Non-GAAP Financial Measures
Official Payments uses the following non-GAAP financial measures in this press release:  Adjusted EBITDA from continuing operations and Payment Solutions net revenue. We define Adjusted EBITDA from continuing operations as net loss from our continuing operations before interest expense net of interest income, income taxes, depreciation and amortization, restructuring charges and share-based compensation expense. We define Payment Solutions net revenue as Payment Solutions gross revenue less discount fees. Discount fees include interchange fees and other processing-related dues, assessments and fees. Payment Solutions gross revenue is defined as revenue from continuing operations less revenue from VSA operations.

Management believes these measures are useful for evaluating our performance against the performance of peer companies within the electronic payments industry, and that they provide investors with additional transparency on the financial measures used in management's decision-making.  Management believes that Payment Solutions net revenue provides additional information about our business, as we wind-down our VSA operations.  We also use Adjusted EBITDA from continuing operations, together with other criteria, in our executive compensation program. Non-GAAP financial measures should not be considered a substitute for the reported results prepared in accordance with generally accepted accounting principles in the United States, or US GAAP.  Our definitions used to calculate non-GAAP financial measures may differ from those used by other companies.

These measures are reconciled to GAAP financial measures in the tables below:  

Reconciliation of Adjusted EBITDA from continuing operations to net loss from continuing operations:

 

(in thousands)

Q4 Fiscal 2012

Q4 Fiscal 2011

Change


Fiscal 2012

Fiscal 2011

Change

Net loss from continuing operations

$            (2,072)

$            (3,606)

+$ 1,534


$        (5,966)

$            (7,432)

+$ 1,466

Adjustments:








Depreciation/Amortization

1,734

1,894

(160)


7,354

7,314

+40

Share based compensation

477

305

+172


1,830

(216)

+2,046

Restructuring charge


1,493

+1,493

Taxes

49

39

+10


53

(100)

+153

Interest (income) expense, net

1

(6)

+7


1

(82)

+83

Adjusted EBITDA from continuing operations

$                 189

$            (1,374)

+$ 1,563


$          4,765

$               (516)

+$ 5,281

 

 

Reconciliation of Payment Solutions net revenue to revenue from continuing operations:

 

(in thousands, except percentages)

Q4 Fiscal 2012

Q4 Fiscal 2011

Change


Fiscal 2012

Fiscal 2011

Change

Revenue from continuing operations

$           28,922

$           28,491

+1.5%


$     135,741

$         130,170

+4.3%

  Less: VSA revenue

194

319

(39.2)%


1,335

1,526

(12.5)%

Payment Solutions gross revenue

28,728

28,172

+2.0%


134,406

128,644

+4.5%

  Less: Discount fees

18,052

20,463

(11.8)%


88,468

94,925

(6.8)%

Payment Solutions net revenue

$           10,676

$             7,709

+38.5%


$       45,938

$           33,719

+36.2%

About Official Payments Holdings, Inc. (www.OPAY.OfficialPayments.com):
Official Payments provides electronic payment solutions for over 3,000 clients across all 50 states, Puerto Rico and the District of Columbia. During the past year more than 12 million Customers and Constituents of our Clients utilized our services. Official Payments' solutions enable government agencies, educational institutions, utility companies, charitable organizations, and other billers to seamlessly accept secure, convenient payments by credit card, debit card and electronic check via mobile, web (www.OfficialPayments.com), telephone and point of sale. 

Forward looking statements
Statements made in this press release that are not historical facts are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements relate to future events or Official Payments' future financial and/or operating performance and generally can be identified as such because the context of the statement includes words such as "may," "will," "intends," "plans," "believes," "anticipates," "expects," "estimates," "shows," "predicts," "potential," "continue," or "opportunity," the negative of these words or words of similar import.  Official Payments undertakes no obligation to update any such forward-looking statements.  Each of these statements is made as of the date hereof based only on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties.  Actual events or results may differ materially from those projected in any of such statements due to various factors, including, but not limited to: intense competition in the marketplace; our ability to increase Payment Solutions revenues and reduce operating costs, including discount fees; our ability to execute on our sales, marketing and product development strategy and expand our business including introduction of new services, products, and product enhancements into the marketplace; completion of our infrastructure upgrade and timely consolidation of our payment platforms; maintaining secure systems and protecting against security breaches, loss of privacy/data, and fraud; unanticipated claims as a result of the failure of software providers, processors, vendors, or subcontractors to satisfactorily perform and complete engagements; the renewal, extension or early termination of client contracts or projects; and compliance with government regulations and the impact of regulatory requirements.    For a discussion of these and other factors which may cause our actual events or results to differ from those projected, please refer to the sections, "Risk Factors" and "Management Discussion and Analysis of Financial Condition and Results of Operations" in the periodic reports on Form 10-K and Form 10-Q that we file with the Securities and Exchange Commission.

 

OFFICIAL PAYMENTS HOLDINGS, INC. AND SUBSIDIARY

Consolidated Balance Sheets

 

(in thousands, except per share data)

September 30,

2012 (unaudited)

September 30,

2011

 

ASSETS:



Current assets:



Cash and cash equivalents

$    39,071

$    39,760

Accounts receivable, net

5,304

4,467

Settlements receivable

15,291

7,648

Prepaid expenses and other current assets

1,692

2,368

Total current assets

61,358

54,243




Property, equipment and software, net

17,368

18,189

Goodwill

17,582

17,460

Other intangible assets, net

1,107

4,037

Other assets

509

238

Total assets

$    97,924

$    94,167




LIABILITIES AND SHAREHOLDERS' EQUITY:



Current liabilities:



Accounts payable

$            74

$      1,057

Settlements payable

17,019

9,812

Accrued compensation liabilities

6,373

2,721

Accrued discount fees

5,616

4,900

Other accrued liabilities

2,201

3,881

Deferred income

284

439

Total current liabilities

31,567

22,810

Other liabilities:



Deferred rent

67

1,556

Other liabilities

1,103

28

Total other liabilities

1,170

1,584

Total liabilities

32,737

24,394




Commitments and contingencies






Shareholders' equity:



Preferred stock, no par value; authorized shares:  4,579;

no shares issued and outstanding

Common stock, $0.01 par value, and paid-in capital; shares authorized: 44,260;

shares issued: 20,817 and 20,817; shares outstanding: 16,642 and 16,642

195,126

193,732

Treasury stock—at cost, 4,175 and 4,175 shares

(31,383)

(31,383)

Accumulated other comprehensive loss

Accumulated deficit

(98,556)

(92,576)

Total shareholders' equity

65,187

69,773

Total liabilities and shareholders' equity

$    97,924

$    94,167


 

OFFICIAL PAYMENTS HOLDINGS, INC. AND SUBSIDIARY

Consolidated Statements of Operations

 


Three months ended

September 30,

Year ended

September 30,

(in thousands, except per share data)

2012

2011

2012

2011


(unaudited)

(unaudited)

(unaudited)


Revenues (1)

$    28,922

$    28,491

$  135,741

$  130,170






Costs and expenses:





      Direct costs

19,676

21,866

95,373

100,764

      General and administrative

7,361

6,426

30,457

22,766

      Selling and marketing

2,173

1,878

8,468

6,940

      Depreciation and amortization

1,734

1,894

7,354

7,314

Total costs and expenses

30,944

32,064

141,652

137,784

Loss from continuing operations before other
      income and income taxes

(2,022)

(3,573)

(5,911)

(7,614)






Other income:





      Interest (expense) income, net

(1)

6

(1)

82

Total other income

(1)

6

(1)

82






Loss from continuing operations before income taxes (2)

(2,023)

(3,567)

(5,912)

(7,532)

Income tax provision (benefit)

49

39

54

(100)






Loss from continuing operations

(2,072)

(3,606)

(5,966)

(7,432)

(Loss) gain from discontinued operations, net

(2)

(7)

(14)

219






Net loss (2)

$     (2,074)

$     (3,613)

$      (5,980)

$      (7,213)






(Loss) gain per share—Basic and diluted:





      From continuing operations (2)

$       (0.12)

$       (0.21)

$        (0.36)

$        (0.43)

      From discontinued operations

0.01

Loss per share—Basic and diluted (2)

$       (0.12)

$       (0.21)

$        (0.36)

$        (0.42)






Weighted average common shares used in computing:





      Basic and diluted loss per share

16,642

16,951

16,642

17,112



(1)

Reflects revenues from the company's legacy VSA subsidiary which is being wound down of $0.2 million, $0.3 million, $1.3


million and $1.5 million, respectively in the fiscal fourth quarter 2012, the fiscal fourth quarter 2011, fiscal 2012, and fiscal 2011.

(2)

Reflects VSA income from continuing operations before and after taxes of $0.1 million, $0.3 million, $0.5 million and $1.3


million, respectively, in the fiscal fourth quarter 2012, the fiscal fourth quarter 2011, fiscal 2012 and fiscal 2011, amounting to


$0.01, $0.02, $0.03 and $0.07 per share, respectively.


 

OFFICIAL PAYMENTS HOLDINGS, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows

 


Year ended September 30,

(In thousands)

2012

(unaudited)

2011

 

2010

 

CASH FLOWS FROM OPERATING ACTIVITIES:




Net loss

$ (5,980)

$ (7,213)

$ (6,193)

Less: (Loss) income from discontinued operations, net

(14)

219

(245)

Loss from continuing operations, net

(5,966)

(7,432)

(5,948)

Non-cash items included in net loss:




Restructuring costs

435

178

(21)

Depreciation and amortization

7,354

7,314

6,712

Provision for doubtful accounts

26

363

1,304

Deferred rent

(14)

204

388

Share-based compensation

1,394

(217)

1,012

Capitalized software impairment loss

268

(Gain) loss on trading investments

(31)

Gain on sale of equipment

(10)

Other

1

Net effect of changes in assets and liabilities:




Accounts receivable, net

(863)

53

(1,396)

Settlement processing assets and obligations, net

(436)

(195)

(960)

Prepaid expenses and other assets

405

(1,034)

629

Accounts payable and accrued liabilities

1,763

(624)

(196)

Income taxes receivable

7

84

Deferred income

(155)

(119)

(303)

Other long term liabilities

160

(268)

731

Cash provided by (used in) operating activities from continuing operations

4,103

(1,502)

1,996

Cash used in operating activities from discontinued operations

(14)

(149)

(855)

Cash  provided by (used in) operating activities

4,089

(1,651)

1,141

CASH FLOWS FROM INVESTING ACTIVITIES:




Purchases of available-for-sale securities

(13,248)

(23,587)

Sales and maturities of available-for-sale securities

21,826

19,886

Sales of trading securities

31,200

Restricted investments matured, sold and released from restriction

6,983

Purchase of equipment and software

(1,833)

(7,532)

(1,681)

Capitalized internally developed software

(2,789)

(2,749)

(3,563)

Earn out payments—ChoicePay

(122)

(79)

(52)

Collection of note receivable

527

Proceeds from sale of equipment

10

Cash (used in) provided by investing activities from continuing operations

(4,744)

5,201

22,740

Cash provided by investing activities from discontinued operations

368

610

Cash (used in) provided by investing activities

(4,744)

5,569

23,350

CASH FLOWS FROM FINANCING ACTIVITIES:




Purchase of company stock

(10,363)

(749)

Net proceeds from issuance of common stock

482

82

Capital lease obligations and other financing arrangements

(34)

(34)

(36)

Cash used in financing activities

(34)

(9,915)

(703)

Net (decrease) increase in cash and cash equivalents

(689)

(5,997)

23,788

Cash and cash equivalents at beginning of period

39,760

45,757

21,969

Cash and cash equivalents at end of period

$ 39,071

$ 39,760

$ 45,757

 

 

SOURCE Official Payments Holdings, Inc.

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