Source: Pipeline Data
Pipeline Data, a provider of payment processing solutions and services, today announced its financial results for the second quarter ended June 30, 2007. Revenue increased 57% to a second quarter record of $13.1 million from $8.4 million for the same period last year.
Gross Profit increased 34% to $4.4 million from $3.3 million for the same period last year. Adjusted EBITDA for the quarter was $1.6 million up 25% from $1.3 million for the same quarter last year. Adjusted EBITDA rose 45% from $1.1 million for the first quarter ended March 31, 2007.
For the first six months of 2007, revenue increased 58% to a record of $24.9 million from $15.8 million for the same period last year. Gross Profit increased 35% to $8.3 million from $6.2 million for the same period last year.
MacAllister Smith, CEO, stated, "Our operating results for the second quarter were marked by excellent growth in our core businesses. Pipeline will continue to expand gross profit and EBITDA through aggressive organic growth and the reinvestment of our positive cash flows. As previously stated, we expect gross profit margin to expand further in the third quarter of this year due to more favorable pricing from key vendors."