Mint Announces Quarter 1 Results
31 May 2013 - 8:34AM
Marketwired Canada
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Mint Technology Corp. ("Mint or the "Company") (TSX VENTURE:MIT) announced today
that it filed its 2013 1st Quarter ("Q1") Financial Statements, Q1 Management
Discussion and Analysis ("MD&A") and related CEO and CFO Certificates for the Q1
trading performance ended March 31, 2013 (the "Q1 Filings") on May 30, 2013.
Total Revenue from operations was $1,138,520 for the quarter ended March 31,
2013, up from $937,760 for the quarter ended March 31, 2012 (+21%). While this
increase is pleasing it should be noted that the Company's mobile top up voucher
business MEPS was inactive from February 26 to May 2, 2013 due to a major
upgrade in the technology platform which is now complete and back online. The
Company's microfinance subsidiary Mint Capital is yet to reach full deployment
pending financing facilities being finalized.
Total expenses were $4,131,382 of which expenses attributable to the Operating
Businesses were $1,759,775.
Comprehensive Net Loss attributable to continuing businesses for the three
months ended March 31, 2013 was ($2,992,862) which included a Loss of
($2,371,607) derived from the Corporate costs and Non UAE activities of the
Company and compared to ($3,086,551) for the three months ended March 31, 2012.
Cash totaled $1,157,534 at March 31, 2013 up from $632,761 (+83%) for the period
ended March 31, 2012.
The Corporation presents a reconciliation of Earnings before Interest, Tax,
Depreciation and Amortization:
Group Comprehensive Loss for the Period $ (2,992,862)
Add Back Interest, Tax, Depreciation, Amortization
Interest and Accretion $ 945,990
Tax 0
Depreciation $ 97,462
Amortization $ 202,818
EBITDA $ (1,746,592)
Non-Cash Items
Derivative Warrant Liability $ 199,032
Total Non-Cash Items $ 199,032
Adjusted EBITDA (after Non-cash items) $ (1,945,624)
Mint's CEO Nabil Bader said today, "I am fully aware as the President & CEO that
the delivery of positive results is the ultimate measuring stick of any company.
Our people, our products and our partnerships in the region in which we operate
are 'best of breed'. We have invested significant sums to create this platform
and now, with the continuing support of our shareholders and financiers as
recently announced, it is time to capitalize on these assets."
Mint's Chairman, Chris Hogg, said, "We believe an important measure in
delivering shareholder value is a company's ability to continuously improve,
retain and add customers and build new partnerships. We have a strong base now
in UAE, Qatar, Saudi Arabia, Egypt and developing projects in other MENA
countries as well as having launched a pilot program and built the
infrastructure and support for our microfinance product. We are adding 8,000 new
cards onto our Mint Middle East platform per month and adding 500 merchants per
month to our Mint Electronic Payments System platform. We have two new
partnerships with SAIB in Saudi Arabia and ECARD in Egypt. We are confident
these accomplishments will deliver the positive results we are looking for in
the following fiscal quarters."
Forward-Looking Statements
Certain statements in this news release constitute "forward-looking" statements.
These statements relate to future events or our future performance.
Forward-looking statements include the expected improving operating performance.
All such statements involve substantial known and unknown risks, uncertainties
and other factors which may cause the actual results to vary from those
expressed or implied by such forward-looking statements. Forward-looking
statements reflect current expectations regarding future events and operating
performance and speak only as of the date of this news release. Forward-looking
statements involve significant risks and uncertainties, they should not be read
as guarantees of future performance or results, and they will not necessarily be
accurate indications of whether or not such results will be achieved. Actual
results could differ materially from those anticipated due to a number of
factors and risks. Although the forward-looking statements contained in this
news release are based upon what management of Mint believes are reasonable
assumptions on the date of this news release, Mint cannot assure investors that
actual results will be consistent with these forward-looking statements. The
forward-looking statements contained in this press release are made as of the
date hereof and Mint disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new information, future
events or otherwise, except as required under applicable securities regulations.
ABOUT MINT TECHNOLOGY CORP.
Established in 2004, Mint is the world's first vertically integrated prepaid
card and payroll services provider with its own ATM network, payment processing
platform and proprietary branded card product delivered to workers in the United
Arab Emirates and expanding to other parts of the Middle East. Mint operates
through 4 subsidiaries, Mint Middle East LLC, a payroll card services provider;
Mint Capital LLC, a financial products distribution company; Mint Global
Processing Inc., a fully integrated third party processing platform; and ePAY, a
mobile airtime POS and Merchant network solutions business. Mint has 98
employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where
Mint is listed on the TSX Venture Exchange: MIT.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mint Technology Corp.
Nicole Souadda
Head of Investor Relations & Compliance
(610) 995-2655
nsouadda@mintinc.com
Mint Technology Corp.
Nabil Bader
President & CEO
+971 506457719
nbader@mintinc.com
www.mintinc.com
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