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Washington, D.C. 20549





Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 2, 2022


CoreCard Corporation

(Exact name of registrant as specified in its charter)


(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

One Meca Way

Norcross, Georgia 30093

(Address of Principal Executive Offices) (Zip Code)

(770) 381-2900

(Registrant's telephone number, including area code)


(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value for the classCCRDNYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 2, 2022, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. 

Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1 Press Release dated November 2, 2022
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 CoreCard Corporation
Date: November 2, 2022By: /s/ Matthew A. White        
  Matthew A. White
  Chief Financial Officer



CoreCard Corporation Reports Third Quarter 2022 Results

CoreCard Raises Topline Fiscal 2022 Growth Guidance to 40+%

NORCROSS, Ga., Nov. 02, 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 September 30, 2022.

"CoreCard’s strong performance continued in the third quarter and resulted in total revenue of $14.5 million, in-line with our expectations. Our significant top-line growth was driven by 52% growth in processing and maintenance revenue and professional services revenue growth of 13%,” said Leland Strange, CEO of CoreCard Corporation. "As a result of our solid performance during the first nine months of 2022, we are confident in topline growth expectations of at least 40% for fiscal 2022, compared to our previously provided guidance of at least 30%.”

“Our growth in processing is expected to continue and we will be steadily increasing investments in our infrastructure and people in anticipation for 2023. The opportunity ahead of us is significant. CoreCard provides a proven best-in-class credit platform and remains a growth business focused on meeting the evolving needs of modern issuers while generating long-term value for our shareholders," concluded Strange.

Financial Highlights for the three months ended September 30, 2022

Total revenues in the three-month period ended September 30, 2022, was $14.5 million compared to $12.9 million in the comparable period in 2021.

In the following table, revenue is disaggregated by type of revenue for the three months ended September 30, 2022 and 2021:

 Three Months Ended
 September 30,
(in thousands)20222021
License$  $1,783 
Professional services 7,776   6,893 
Processing and maintenance 5,267   3,457 
Third party 1,407   802 
Total$14,450  $12,935 

Income from operations was $1.7 million for the third quarter compared to income from operations of $3.3 million in the comparable prior year quarter.

Net income was $1.4 million for the third quarter compared to net income of $2.5 million in the comparable prior year quarter.

Earnings per diluted share was $0.16 for the third quarter compared to $0.29 in the comparable prior year quarter.

Investor Conference Call

The company is holding an investor conference call today, November 2, 2022, at 11:00 A.M. Eastern Time. Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/corecard11022022_q32022_en/en 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 questions@corecard.com prior to the call. A transcript of the call will be posted on the company’s website at investors.corecard.com as soon as available after the call.

The company will file its Form 10-Q for the period ended September 30, 2022, with the Securities and Exchange Commission today. For additional information about reported results, investors will be able to access the Form 10-Q on the company’s website at investors.corecard.com or on the SEC website, www.sec.gov.

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.

For further information,
email CoreCardIR@icrinc.com

CoreCard Corporation


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

 Three Months Ended
September 30,
Nine Months Ended
September 30,
  2022   2021
   2022   2021
Services$14,450  $11,152  $39,657  $31,119 
Products    1,783   14,283   4,083 
Total net revenue 14,450   12,935   53,940   35,202 
Cost of revenue    
Services 8,431   6,104   23,824   16,091 
Total cost of revenue 8,431   6,104   23,824   16,091 
Marketing 80   97   231   179 
General and administrative 1,107   1,069   4,048   3,190 
Research and development 3,129   2,356   8,916   7,109 
Income from operations 1,703   3,309   16,921   8,633 
Investment income (loss) 39   53   196   (215)
Other income 60   74   126   230 
Income before income taxes 1,802   3,436   17,243   8,648 
Income taxes 443   902   4,358   2,269 
Net income$1,359  $2,534  $12,885  $6,379 
Earnings per share:   
Basic$0.16  $0.29  $1.50  $0.72 
Diluted$0.16  $0.29  $1.49  $0.72 
Basic weighted average common shares outstanding 8,538,954   8,714,579   8,596,654   8,803,760 
Diluted weighted average common shares outstanding 8,559,665   8,744,818   8,621,388   8,835,427 

CoreCard Corporation


(in thousands, except share and per share amounts)

As of September 30, 2022December 31, 2021
ASSETS (unaudited)   (audited) 
Current assets:  
Cash$27,068  $29,244 
Marketable securities 983   
Accounts receivable, net 7,815   5,547 
Other current assets 4,575   2,046 
Total current assets 40,441   36,837 
Investments 6,550   6,355 
Property and equipment, at cost less accumulated depreciation 12,846   10,371 
Other long-term assets 4,054   4,585 
Total assets$63,891  $58,148 
Current liabilities:  
Accounts payable$1,842  $2,763 
Deferred revenue, current portion 1,129   2,263 
Accrued payroll 2,481   2,145 
Accrued expenses 350   404 
Income tax payable   1,004 
Other current liabilities 2,248   2,274 
Total current liabilities 8,050   10,853 
Noncurrent liabilities:  
   Deferred revenue, net of current portion 474   164 
   Deferred tax liability   788   549 
   Long-term lease obligation 2,344   2,708 
Total noncurrent liabilities         3,606   3,421 
Stockholders’ equity:  
Common stock, $0.01 par value: Authorized shares - 20,000,000; 
Issued shares – 9,007,815 and 9,001,311 at September 30, 2022 and December 31, 2021, respectively;  
Outstanding shares – 8,510,565 and 8,689,815 at September 30, 2022 and December 31, 2021, respectively 90   90 
Additional paid-in capital 16,421   16,261 
Treasury stock, 497,250 and 311,496 shares at September 30, 2022 and December 31, 2021, respectively, at cost (16,369)  (11,327)
Accumulated other comprehensive income (loss) 164   (194)
Accumulated income 51,929   39,044 
Total stockholders’ equity 52,235   43,874 
Total liabilities and stockholders’ equity$63,891  $58,148