The Money Shot With all the financial jibber jabber in that NR, this is what stuck out to me....
The core UAE payroll card business delivered a negative EBITDA of ($305,497) for the 4 months ended December 31, 2011. However, of this amount, $289,000 was attributable to the increased costs of carrying the recently acquired Worker's Equity portfolio on a costly platform as an interim measure pending certification of the Mint Global Processing platform which has now been received. It is important to note that the "new" contracts secured as part of the Workers Equity Holdings portfolio and associated cards have not yet been loaded to the Mint platform.
They came within $16,500 of turning a profit on an EBITDA basis. That is outstanding!!!
2012 is going to "the" year for Mint.