Excel Corp (OTCMKTS:EXCC) Shares Surge Nearly 30% on Strong Earnings

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Excel Corp (OTCMKTS:EXCC) shares were up 29.31% to $0.0750 on Monday and flat in after-hours trading. The company has a market cap of $7.26 million at 96.76 million shares outstanding. Share prices have been trading in a 52-week range of $0.02 to $0.09.

Excel Corp is a company that sells integrated financial and transaction processing services to small and medium sized businesses throughout the United States. It provides these services through its subsidiary eVance Processing Inc, featuring an an integrated suite of third-party merchant payment processing services and related proprietary software enabling products that deliver credit and debit card-based Internet payments processing solutions to small and mid-sized merchants operating in physical brick and mortar business environments, online and in retail settings requiring both wired and wireless mobile payment solutions.

In its latest earnings report, Excel Corp reported that it made gross revenues of $4,446,291 and earned net income from continuing operations of $667,109.

Following a relatively strong first quarter, we delivered an even stronger performance in the second quarter, nearly doubling our net operating income when compared to our results in the first quarter of 2016. The positive impact and improved financial results from our restructuring in April speak for themselves,” remarked Excel Corp CEO Kip Hyde, Jr.

He added that the eVance Processing Inc subsidiary is successfully integrated into the company. Also, the company is expecting to complete a new financing facility in the third quarter, which is intended to refinance their current debt, provide additional working capital and provide capital for further acquisitions. With that, he projected continued positive cash flow and net income from continuing operations for the remainder of the year.

Although the company had a flat EPS, this compares favorably to the $0.001 loss per share reported in the same quarter a year ago. However, due to the acquisition of the US operations of Calpian Inc in November 2015, the previous year figures might not make a reliable comparison.

 

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