TSX : DCI |
August 11, 2011 09:04 ET
CALGARY, ALBERTA--(Marketwire - Aug. 11, 2011) - DirectCash Payments Inc. ("DirectCash" or the "Corporation") (TSX:DCI) today announced consolidated financial results for the three and six months ended June 30, 2011. DCPayments's consolidated financial statements for the three and six months ended June 30, 2011 and Management's Discussion & Analysis, as well as additional information about the Corporation are available on SEDAR (www.sedar.com).
Q2 2011 Financial and Operational Highlights compared Q2 2010:
- Increased EBITDA 5% to $9.5 million
- Increased Gross Profits 9% to $14.0 million
- Funds from operations payout ratio has been reduced to 54% from 85%
- Increased ATM network bringing the total number of active ATMs to 7,892
Management's Commentary
"We are very pleased with our continued consistent financial results in 2011" said Jeffrey Smith, DirectCash's President and Chief Executive Officer. The primary drivers for the improvements over the prior year period are the contributions from the acquisitions completed during 2010. Consistent performance and strong growth has been seen throughout all of DirectCash's lines of business.
DirectCash will continue to pursue growth through additional accretive acquisitions as opportunities arise. DirectCash's stable, contracted revenue stream and dominant market positions will continue to provide consistent cash dividends to DirectCash's Shareholders. DirectCash continues to focus on its Canadian and Mexican operations, and consider new geographic markets to add to recurring services revenue growth and gross profit margins.
Conversion Completion
The Fund successfully completed a previously announced plan of arrangement under the Business Corporations Act (Alberta) pursuant to which the Fund was converted from an income trust to a dividend paying corporation operating under the name "DirectCash Payments Inc.".
Beginning after January 1, 2011 (starting with the January 31, 2011 record date), Shareholders of DCPayments have received monthly payments in the form of dividends, with the initial monthly dividend set at $0.115 per Common Share.
International Financial Reporting Standards
Results are reported in Canadian dollars and have been prepared in accordance with International Financial Reporting Standards ("IFRS") for the period ended June 30, 2011.
For reconciliations of equity and total comprehensive income for comparative periods and of equity at the date of transition reported under previous Canadian GAAP to those reported for those periods and at the date of transition under IFRS see the notes to the Q2 2011 Financial Statements available for download from www.SEDAR.com.
