CoreCard Corporation Reports Fourth Quarter 2021 Results

NORCROSS, Ga., Feb. 15, 2022 (GLOBE NEWSWIRE) -- CoreCard Corporation [NYSE: CCRD], the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, announced today its financial results for the quarter ended December 31, 2021.

“CoreCard’s strong performance continued in the fourth quarter and resulted in full year top-line growth of 34%, which was at the high end of our upwardly revised expectations,” said Leland Strange, CEO of CoreCard Corporation. "We recognized $1.8 million in license revenue in the quarter, bringing full year license revenue to $5.9 million, an increase of 63% year-over-year. Additionally, our full year professional services revenue grew by 22%, while our processing and maintenance revenue grew by 38% compared to fiscal 2020. The investments we are making in our platform and processing capabilities are already showing significant results. Our new office in Bogotá, Colombia, is gaining traction, and the team we have in place is scaling well. CoreCard is a best-in-class platform that is extremely well positioned to capture the growing demand for next-generation card management platforms by large and complex modern card issuers."

Mr. Strange continued, "Looking ahead, we expect topline growth of 20% to 25% in fiscal 2022, the opportunity ahead of us is sizable, and CoreCard remains a growth business focused on meeting the evolving needs of modern issuers while generating long-term value for our shareholders."

Financial Highlights for the three and twelve months ended December 31, 2021

Total revenue in the three-month period ended December 31, 2021, was $13,046,000 which represents an increase of 36% compared to the comparable period in 2020. Revenue of $48,248,000 for full fiscal year 2021 was up 34% from fiscal year 2020.

In the following table, revenue is disaggregated by type of revenue for the three and twelve months ended December 31, 2021 and 2020:

  Three Months Ended Twelve Months Ended
  December 31, December 31,
(in thousands) 2021
 2020 2021
License $1,782 $2,000 $5,865 $3,600
Professional services  6,419  4,783  25,159  20,610
Processing and maintenance  3,856  2,412  14,113  10,228
Third party  989  428  3,111  1,435
Total $13,046 $9,623 $48,248 $35,873

Income from operations
was $3,026,000 for the fourth quarter compared to income from operations of $2,732,000 in the comparable prior year quarter. Full year 2021 income from operations was $11,658,000 compared to $11,295,000 in the comparable prior year.

Net income was $2,660,000 for the fourth quarter compared to net income of $2,119,000 in the comparable prior year quarter. Full year 2021 net income was $9,039,000 compared to $8,161,000 in the comparable prior year.

Earnings per diluted share was $0.30 for the fourth quarter compared to $0.24 in the comparable prior year quarter. Full year 2021 earnings per diluted share was $1.03 compared to $0.91 in the comparable prior year.

Investor Conference Call Today

The company is holding an investor conference call today, February 15th, 2022, at 11 A.M. Eastern Time. Interested investors are invited to attend the conference call by accessing the webcast at or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to prior to the call. A transcript of the call will be posted on the company’s website at as soon as available after the call.

The company will file its Form 10-K for the period ended December 31, 2021, with the Securities and Exchange Commission in early March. For additional information about reported results, investors will be able to access the Form 10-K on the company’s website at or on the SEC website,

About CoreCard Corporation

CoreCard Corporation (NYSE: CCRD) provides a pioneering card management platform built for the future of global transactions in a digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

Forward-Looking Statements

The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words “believes,” “plans,” “expects,” “will,” “intends,” “continue,” “outlook,” “progressing,” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

CoreCard Corporation
(unaudited, in thousands, except share and per share amounts)

  Three Months Ended
December 31,
 Twelve Months Ended
December 31,
  2021   2020   2021   2020 
Services$11,264  $7,623  $42,383  $32,273 
Products 1,782   2,000   5,865   3,600 
Total net revenue 13,046   9,623   48,248   35,873 
Cost of revenue    
Services 6,811   4,009   22,902   15,427 
Products --   --   --   -- 
Total cost of revenue 6,811   4,009   22,902   15,427 
Marketing 99   38   279   132 
General and administrative 1,360   1,168   4,550   3,866 
Research and development 1,750   1,676   8,859   5,153 
Income from operations 3,026   2,732   11,658   11,295 
Investment income (loss) 43   193   (172)  (1,044)
Other income 47   66   277   378 
Income before income taxes 3,116   2,991   11,763   10,629 
Income taxes 456   872   2,724   2,468 
Net income$2,660  $2,119  $9,039  $8,161 
Earnings per share:    
Basic$0.31  $0.24  $1.03  $0.91 
Diluted$0.30  $0.24  $1.03  $0.91 
Basic weighted average common shares outstanding 8,696,984   8,900,524   8,777,066   8,919,602 
Diluted weighted average common shares outstanding 8,730,912   8,998,293   8,809,603   9,014,985 

CoreCard Corporation
(in thousands, except share and per share amounts)

As of December 31, 2021   2020
Current assets:    
Cash$29,244  $37,956 
Accounts receivable, net 5,547   3,270 
Notes and interest receivable, current portion 220   -- 
Other current assets 1,826   1,263 
Total current assets 36,837   42,489 
Investments 6,355   1,921 
Notes and interest receivable, net of current portion 147   2,681 
Property and equipment, at cost less accumulated depreciation 10,371   6,914 
Other long-term assets 4,438   3,020 
Total assets$58,148  $57,025 

Current liabilities:  
Accounts payable$2,763  $714 
Deferred revenue, current portion 2,263   1,322 
Accrued payroll 2,145   1,901 
Accrued expenses 404   321 
Income tax payable 1,004   954 
Other current liabilities 2,274   4,850 
Total current liabilities 10,853   10,062 
Deferred revenue, net of current portion 164   -- 
Deferred tax liability 549   818 
Long-term lease obligation 2,708   1,994 
Total noncurrent liabilities 3,421   2,812 
Stockholders’ equity:  
Common stock, $0.01 par value: Authorized shares - 20,000,000;  
Issued shares – 9,001,311 and 8,929,368 at December 31, 2021 and 2020, respectively;  
Outstanding shares – 8,689,815 and 8,885,797 at December 31, 2021 and 2020, respectively 90   89 
Additional paid-in capital 16,261   15,836 
Treasury stock, 311,496 and 43,571 shares as of December 31, 2021 and 2020, respectively, at cost (11,327)  (1,639)
Accumulated other comprehensive loss (194)  (140)
Accumulated income 39,044   30,005 
Total stockholders’ equity 43,874   44,151 
Total liabilities and stockholders’ equity$58,148  $57,025 

For further information, call
Matt White, 770-564-5504 or
email to

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Source: CoreCard Corporation