14 Nov 2013 18:58 ET Marketwire Canada DirectCash Payments Inc. ("DirectCash" or the "Company") (TSX:DCI) today announced consolidated financial results for the three and nine months ended September 30, 2013. Financial and Operational Highlights: -- Increased the nine month Revenue 39% to $176 million -- Increased the nine month Gross Profit 50% to $89 million -- Increased the nine month EBITDA 30% to $50 million -- Business continues to generate solid financial results with Funds from Operations payout ratio of 53% and 58% for the three and nine months ended September 30, 2013 respectively Subsequent to the Quarter Highlights: -- Successfully completed the acquisition of Threshold Financial Technologies Inc. a full service integrated ATM solution provider of comprehensive and innovative payments processing and ATM managed services solutions in Canada -- Entered into two Canadian vault cash rental agreements with a major Canadian financial institution for up to $100 million -- Negotiated amendments existing Credit Agreement to provide greater operational flexibility -- Have entered into a $15.2 million bought deal equity financing Management's Commentary "We are very pleased with our third quarter and year to date results, demonstrating positive returns for our shareholders, and our recent successful completion of the acquisition of Threshold, which has given us the opportunity to expand our existing Canadian operations into the complementary, highly strategic credit union and financial institution ATM outsourcing and payments processing space. We look forward to integrating this business and continuing to grow shareholder value," said Jeffrey Smith, DirectCash's President and Chief Executive Officer. DirectCash will continue to seek to increase efficiencies and to pursue growth through additional accretive acquisitions as opportunities arise. DirectCash's stable and contracted revenue stream in our various geographic markets will continue to provide consistent cash dividends to DirectCash's Shareholders.(TM) Summary financial and operating results for the three and nine months ended September 30, 2013 are set forth below and complete copies of the Company's Financial Statements and Management's Discussion & Analysis ("MD&A") are available on SEDAR at (www.sedar.com). |