DirectCash Payments Inc. Announces Results of Operations for Y/E Dec 31, 2015

CALGARY, AB–(Marketwired – March 22, 2016) –  DirectCash Payments Inc. (“DCPayments” or the “Company”) (TSX: DCI) today announced consolidated financial results for the three months and year ended December 31, 2015.

Financial and Operational Highlights:

  • Improved Funds from Operations payout ratio to 54.4% for the year ended December 31, 2015, compared to 56.9% in the prior year
  • Growth in transaction volumes in all business segments for the three months and year ended December 31, 2015 compared to the prior year periods

Increase in ATM transactions of 7% Increase in Other Services transactions of 4% and 3%, respectively

  • Increased the number of active ATMs as at December 31, 2015 to 21,454
  • Reached agreement to settle all class action lawsuits filed against the Company
  • Acquisitions of $3.5 million and A$1.9 million respectively of ATM processing contracts for approximately 195 ATM locations in Canada and approximately 250 ATM locations in Australia
  • Re-purchased and cancelled 55,000 common shares throughout the 2015 year under the Company’s current Normal Course Issuer Bid at an average price of $12.04 per common share
  • Refinanced the Company’s credit facility to increase the Australian dollar sublimit, improve cash flow management and create a natural hedge between the Australian and Canadian currencies 
  • Increased Canadian vault cash rental agreement limit from $100 million to $150 million, improving operational flexibility
  • Successfully implemented price increases and Dynamic Currency Conversion across global business
  • Executed a long-term renewal of the Company’s service and marketing agreements with DirectCash Bank to 2027
  • Extended agreement to acquire DirectCash Bank to August 15, 2016 to accommodate ongoing Office of the Superintendent of Financial Institutions review
  • Subsequent to the quarter, acquired A$1.9 million of ATM processing contracts for approximately 170 ATM locations in Australia

Management’s Commentary

“2015 results are in line with our expectations, as we continue to grow our payments and transaction processing business. The fourth quarter was highlighted by a successful tuck-in acquisition in Canada, as we continue to expand our existing Canadian ATM operations, and successfully reaching an agreement to settle all class action lawsuits related to the Cash Store, which enables us to focus on growth and expansion of product offerings worldwide. Our business continues to generate strong cash flow, and we are excited to execute our plans for continued diversification of our global payments business,” said Jeffrey Smith, DCPayments’ President and Chief Executive Officer

Summary financial and operating results for the three months and year ended December 31, 2015 are set forth below and complete copies of the Company’s …read more http://www.marketwired.com/mw/release.do?id=2108329&sourceType=3

 

Other Point of Sale News

  1. The Cheesecake Factory Selects MyCheck For Its New Mobile App Solution
  2. Shoptalk Confirms Keynote Speakers from Leading Retailers, Commerce Disruptors
  3. Drop Tank to Accelerate Deployment of C-Store Loyalty Programs
  4. Ebates Survey Finds Adults and Teens Agree – Retail Therapy Is Good for the Soul
  5. Paypal and Stripe Eager To Service Cuba
  6. USA Technologies Expands Board of Directors with Selection of New CSO
  7. Global Digital Payments to Reach 3.6 Trillion This Year, Juniper Research Finds
  8. American Apparel Uses RFID And Postmates To Bring On-Demand Delivery
  9. Cayan Announces Third Annual Hackathon in March