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“Money management solutions provider Green Dot Corp. (GDOT: News ), Thursday said its profit for the first quarter increased from a year ago, recording a 26 percent increase in revenues. However, adjusted earnings for the quarter fell short of Street estimates by a penny.
Green Dot reported a first quarter GAAP net income of $12.7 million, compared to $12.8 million in the first quarter last year. On a per-share basis, GAAP earnings increased to $0.29 from $0.27 in the prior-year quarter.
Non-GAAP net income for the quarter rose 27 percent to $17.5 million from $13.8 million in the similar quarter of 2010. Non-GAAP earnings on a per-share basis for the first quarter was $0.39, compared to $0.31 in the previous year quarter.”
This missed analysts estimated earnings:
“Ten analysts had a consensus revenue estimate of $119.24 million for the year.
Total operating expenses for the quarter increased to $96.8 million from $68.7 million in the same quarter last year. Operating income declined to $20.5 million from $24.1 million a year ago. Income tax provision for the quarter was $7.9 million, as compared to $11.3 million in the year ago quarter.”
Green Dot also reported several card stats for Q1, including an increase of 35% in year over year activations:
“Number of general purpose reloadable debit cards activated for the quarter was 2.21 million, up 23 percent from last year. Green Dot’s number of cash transfers were 7.98 million, an increase of 35 percent over the first quarter of 2010.
Number of active cards at the end of the quarter increased 27 percent to 4.28 million from a year ago. Gross dollar volume for the first quarter was $4.6 billion, an increase of 62 percent over a year ago.”