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Fourth Quarter 2013 Highlights:
- Revenue increased 7.8 percent year-over-year, with the strongest performance in the Small Business Services segment, which grew 11.8 percent followed by Financial Services which grew 5.5 percent.
- Revenue from marketing solutions and other services increased 19.8 percent year-over-year and accounted for 25 percent of total revenue in the quarter.
- Gross margin was 63.6 percent of revenue, down from 64.5 percent in the fourth quarter of 2012. The primary drivers of the decline were a shift in product and services mix and higher delivery and material costs.
- Selling, general and administrative (SG&A) expense increased 5.1 percent from last year primarily driven by additional SG&A expense from acquisitions and spending on other revenue-generating initiatives, partially offset by lower medical expenses.
- Operating income increased 0.3 percent year-over-year and includes restructuring and transaction-related costs and a non-cash asset impairment charge due to a write-down of a Small Business Services customer relationship intangible asset. Adjusted operating income, which excludes these items in both periods, increased 8.4 percent year-over-year from higher revenue per order, continued cost reductions and lower medical expenses.
- Diluted EPS increased 8.4 percent year-over-year driven primarily by stronger operating performance and lower interest expense, partially offset by a higher effective tax rate compared to 2012. The 2012 tax rate benefited from favorable discrete items. Results for 2012 also included a charge of $0.07per diluted share related to the early retirement of debt.
Segment Highlights
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- People:
- Lee Schram
- Places:
- Shoreview, Minn.
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