October 24, 2014 9:49 AM ET

IT Services

Company Overview of JetPay Corporation

Company Overview

JetPay Corporation provides payment services–debit and credit card processing, payroll, and card services to businesses and their employees in the United States. It operates through two segments, Payment Processing and Payroll Processing. The company offers debit and credit processing and ACH payment services to small and medium-sized businesses, as well as large entities who process Internet transactions and recurring billings; payroll, tax filing, and related services to small and medium-sized employers. It also transaction processing services, such as end-to-end encryption and tokenization; high speed network and authorization; batch processing; gift cards; fraud protection; and Website o...

1175 Lancaster Avenue

Suite 100

Berwyn, PA 19132

United States

149 Employees

Phone:

484-324-7980

Key Executives for JetPay Corporation

Founder
Age: 76
Total Annual Compensation: $300.0K
Chief Financial Officer and Principal Accounting Officer
Age: 54
Total Annual Compensation: $226.5K
Vice Chairman
Age: 61
Total Annual Compensation: $243.7K
Compensation as of Fiscal Year 2013.

JetPay Corporation Key Developments

JetPay Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

JetPay Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. Revenues were $7.73 million for the three months ended June 30, 2014 as compared to $7.29 million for the same period in 2013, representing an increase of $434,000, or 6.0%. Operating loss for the three months ended June 30, 2014 was $1.07 million, compared to an operating loss of $364,000 for the same period in 2013. Operating loss is net of depreciation and amortization expense of $663,000 for each of the three months ended June 30, 2014 and 2013. The increase in the operating loss was attributable to an increase in selling, general, and administrative expenses of $866,000 which included non-recurring legal settlement costs of $482,000 and a non-cash loss on the disposal of fixed assets of $237,000. Net loss was $2.3 million, or a net loss applicable to common stockholders of $2.9 million, a loss per share applicable to common stockholders of $0.25 per share, compared to a net loss and net loss applicable to common stockholders of approximately $1.7 million, or a loss of $0.14 per share, for the three months ended June 30, 2013. The increase in net loss was directly related to the increase in SG&A expenses. Loss before income taxes was at $2.32 million against $1.62 million reported last year. EBITDA was at a negative $0.415 million against a positive EBITDA of $0.169 million reported last year. Adjusted EBITDA for the three months ended June 30, 2014 of $500,000 was 6.5% of revenues as compared to adjusted EBITDA for the three months ended June 30, 2013 of $795,000 or 10.9% of revenues. The decrease in adjusted EBITDA in the current period was directly related to the company's investment in significantly expanding its marketing efforts and its professional sales team, including the addition of experienced national sales directors in both the Company's Payment Services operations and its Payroll Services operations. Revenues were $15.90 million for the six months ended June 30, 2014 as compared to $14.98 million for the same period in 2013, representing an increase of $914,000, or 6.1%. Operating loss for the six months ended June 30, 2014 was $1.03 million, compared to operating income of $482,000 for the same period in 2013. The decrease in the operating income was attributable to an increase in SG&A expenses of $1.2 million, which included non-recurring legal settlement costs of $482,000 and a non-cash loss on the disposal of fixed assets of $237,000. Net loss for the six months ended June 30, 2014 was approximately $3.8 million, or a net loss applicable to common stockholders of $4.8 million or a loss per share applicable to common stockholders of $0.41 per share, compared to a net loss and loss per share applicable to common stockholders of $767,000, or a loss of $0.07 per share, for the six months ended June 30, 2013. The increase in net loss was directly related to the increase in SG&A expenses, including the non-routine items noted above and a benefit in 2013 from a non-cash favorable change in the fair value of a derivative liability of $1.66 million. Loss before income taxes was at $3.65 million against $0.71 million reported last year. EBITDA was at $0.291 million against $1.22 million reported last year. Adjusted EBITDA was at $1.48 million against $2.31 million reported last year.

JetPay Corporation, Annual General Meeting, Aug 05, 2014

JetPay Corporation, Annual General Meeting, Aug 05, 2014., at 10:00 US Eastern Standard Time. Location: Dechert LLP, 2929 Arch Street. Agenda: To consider the election of two directors to the board of directors for three-year terms; and to consider the ratification of the appointment of Marcum LLP as JetPay's registered public accounting firm for fiscal year 2014.

JetPay Corporation Reports Earnings Results for the First Quarter Ended March 31, 2014

JetPay Corporation reported earnings results for the first quarter ended March 31, 2014. The company generated positive EBITDA from operations of $706,000 on reported revenues of $8.2 million. EBITDA for the three months ended March 31, 2014 was 8.6% of revenues as compared to EBITDA for the three months ended March 31, 2013 of $1.05 million or 13.7% of revenues. The slight decrease in EBITDA in the current period was directly related to the Company's investment in significantly expanding its marketing efforts and its professional sales team, including the addition of experienced national sales directors in both the Company's Payment Services operations and its Payroll Services operations. Revenues were $8.17 million as compared to $7.69 million for the same period in 2013, representing an increase of $481,000, or 6%. Operating income was approximately $43,000, compared to operating income of $845,000 for the same period in 2013. Net loss was approximately $1.39 million, or a net loss applicable to common stockholders of $1.89 million after accretion of convertible preferred stock of $509,000, or a loss of $0.16 per share, compared to net income of approximately $885,000, $0.08 basic income per share and $0.01 per share on a fully diluted basis, for the three months ended March 31, 2013. EBITDA was $706,000 compared to $1,051,000 for the same period a year ago.

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