Excel Corporation Reports Third Quarter Outcomes
November 16, 2015: 02:18 PM ET
IRVING, Texas, Nov. 16, 2015 (WORLD NEWSWIRE)– Excel Corporation (OTCQB: EXCC), a leading company of incorporated monetary and transaction processing services to merchants throughout the United States today reported its consolidated results for the 3rd quarter ended September 30, 2015.
Excel tape-recorded revenues of $3,971,228 for the quarter ended September 30, 2015, a boost of 13.6 % over the 3rd quarter of 2014. Bottom line from operations reduced 64.6 % from $1,015,427 for the 3 months ended September 30, 2014 to $359,181 for the 3 month ended September 30, 2015. The considerable reduction in the quarterly operating loss of $656,246 was due primarily to increased sales volume and enhanced operating margins at Excel’s wholly-owned subsidiary, Securus Payments (“Securus”). For the 9 months ended September 30, 2015, bottom line from operations also decreased 63.9 % from $2,439,406 to $879,997. When changed for non-cash stock payment and the expense of a one-time litigation settlement, our adjusted net loss for the 3rd quarter and 9 months were decreased to $190,027 and $403,268 respectively, a substantial enhancement over the exact same prior year durations. Excluding corporate overhead, Securus generated operating earnings of $90,831 and $481,772 for the three months and nine months ended September 30, 2015.
Excel Corporation CEO, T. A. “Kip” Hyde Jr. specified, “Securus continues to show strong sales development with increased operating earnings. We have been concentratingconcentrating on our most effective sales channels, and have enhanced our customer service functions with new programs to enhance continuous merchant complete satisfaction and retention. We expect to complete this year with record profits and continued margin enhancement. In addition, as our brand-new merchant cash advance sales operation begins to reveal outcomes, we expect to see increased sales and running income through this year and next.”
For the quarter ended September 30, 2015, the Business announced the following outcomes: [the Table listed below presents summary monetary data; see the Business’s Form 10-Q submitted on November 16, 2015 for full financials and extra info]:
Excel Corporation and Subsidiaries
Consolidated Statements of Operations
For the Three Months Ended For the 9 Months Ended September 30, September 30, 2015 2014 2015 2014Revenues Devices lease revenue $2,889,381 $2,768,930 $9,093,792 $4,644,546 Deal and processing costs 1,060,224 725,366 3,274,158 1,129,922 Other profits 21,623 — 21,623 — Total incomes 3,971,228 3,494,296 12,389,573 5,774,468 Expenses and expenses Cost of items sold 877,992 689,171 2,596,666 1,114,312 Payroll 2,631,657 2,557,227 7,821,752 4,786,689 Outside commissions 322,957 589,379 1,202,980 892,396 Other selling, general, and administrative expenditures 497,803 673,946 1,648,172 1,420,477 Total costs & & costs 4,330,409 4,509,723 13,269,570 8,213,874 Bottom line from operations (359,181) (1,015,427) (879,997) (2,439,406)Other earnings Gain on sale of residual portfolio — — — 2,800,000 Gain on settlement of debt — — — 175,101 Overall other income — — — 2,975,101 Interest cost 66,773 111,354 213,373 314,739 Net earnings (loss) prior to earnings taxes (425,954) (1,126,781) (1,093,370) 220,956 Income tax expenditure (advantage) Current (157,603) (381,258) (404,547) (81,297)Deferred 157,603 394,537 404,547 81,297 Overall income tax cost — 13,279 — — Net earningsEarnings (loss) $(425,954) $(1,113,502) $(1,093,370) $220,956 Profits (Loss) Per Share Basic & & Diluted$(0.004) $(0.012) $(0.011) $0.003 Weighted Average Shares Impressive Basic & & Diluted 99,259,070 96,759,070 98,152,843 84,558,609 See accompanying notes to unaudited combined monetary statements. Adjustments to Bottom line from Operations Stock Compensation $70,787 $78,391 $218,362 $357,365 Lawsuits Settlement 98,367 — 258,367 — Adjusted Loss from Operations $(190,027) $(937,036) $(403,268) $(2,082,041)
Disclosure of Non-GAAP Financial Procedures
We report our financial outcomes in accordance with usually accepted accounting principles (“GAAP”). Nevertheless, management thinks the presentation of certain non-GAAP monetary measures provides useful info to management and investors regarding monetary and company trends associating with the Business’s financial condition and outcomes of operations, and that when GAAP financial steps are viewed in conjunction with the non-GAAP financial measures, investors are offered with a more significant understanding of the Business’s ongoing operating performance. In addition, these non-GAAP financial measures are amongst the main signs management uses as a basis for evaluating performance. For all non-GAAP financial steps in this release, we have actually supplied corresponding GAAP monetary steps for comparative purposes.We refer to the term”Changes to Bottom line from Operations” and “Adjusted Loss from operations”in different places of our financial discussion. The Business determines its non-cash, considerable and one-time charges each period, consisting of non-cash stock payment expense and significant lawsuits settlement expenses and excludes these charges to calculate particular non-GAAP adjusted operating measurements. Earnings(loss )from operations, and Net earnings (loss)are each changed by omitting the overall non-cash, considerable and one-time charges identified by the Business to calculate Adjusted earnings( loss)from operations and Adjusted net income( loss), respectively (the”Non-GAAP Financial Procedures”). These Non-GAAP Financial Measures are not procedures of operating efficiency under GAAP and for that reason should not be thought about in seclusion nor interpreted as an option to operating profit, net incomeearnings (loss)or money flowscapital from operating, investing or funding activities, each as identified in accordance with GAAP nor need to they be thought about as a step of liquidity. Additionally, considering that the Non-GAAP Financial Steps are not measurements determined in accordance with GAAP, and hence are susceptible to differing interpretations and computations, the Non-GAAP Financial Procedures, as provided, might not be equivalent to likewise titled measures provided by other companies.About Excel Corporation Headquartered in Irving, Texas, Excel Corporation supplies monetary and deal processing services to small and medium size merchants throughout the United States. Through Securus Payments, its wholly-owned subsidiary obtained in April 2014, Excel is a single source carrier for practically all kinds of merchant payment processing, including the new Apple Pay mobile payment and digital wallet service from Apple Inc. Securus operates as a national retail Independent Sales Organization(“ISO “)and Member Service Service provider(“MSP”), using its own direct sales and marketing teams and fully integrated client relationship management systems to provide ongoing assistance to its merchant consumers. In June 2015, Excel subsidiary, Excel Business Solutions, gotten and started selling merchant cashcash loan under the brand name Mother and Pop Merchant Solutions(” M&P “). As an ISO sales and management business, M&P places moneycash loan for merchants through its own ISO network in addition to the Securus ISO network. With over 350 employees and independent sales agents nationwide, Excel is among the biggest ISO/MSP companies in the United States. Excel Corporation typical stock is traded Over-The-Counter on the OTCQB under stock sign: EXCC. Extra information about the Company can be discovered at www.ExcelCorpUSA.com. All statements from Excel Corporation in this press release that
are not based on historical truth are”positive statements “within the significance of the PSLRA of 1995 and the arrangements of Area 27A of the Securities Act of 1933, as modified, and Section 21E
of the Securities Exchange Act of 1934, as changed. While the Business’s management has actually based any forward-looking statements included herein on its current expectations, the information on which such expectations were based may change. These positive statements rely on a number of assumptions concerning future occasions and go through a variety of risks, unpredictabilities, and other aspects, manya lot of which are beyond our control, that could trigger real outcomesresult in materially vary from such statements. Such risks, unpredictabilities, and other factors include, however are not necessarily restricted to, those set forth under the caption “Threat Aspects”in the Company’s most currentnewest Type 10-K and 10-Q filings, and amendments thereto, along with other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and brand-new threats may develop. Accordingly, financiers ought to not place any dependence on forward-looking statements as a forecast of actual outcomes. The Company disclaims any intention to, and undertakes no responsibility to, upgrade or revise any forward-looking statement. Investors & Analysts Contact: Robert L. Winspear Chief Financial Officer 972.476.1000