CINCINNATI Payments processor Vantiv reported $26.1 million in first quarter net income yesterday, compared to an $18.4-million loss for the first quarter of 2012, when costs associated with its initial public offering pushed it into the red.
The biggest difference was a $14.7-million gain on interest payments for 2013 because of last year’s refinancing of the company’s debt in relation to the IPO.
Formerly known as Fifth Third Processing Solutions, Vantiv also reported that Fifth Third Bank and Advent International, the joint partners who took the company public a year ago, plan to cash out more Vantiv shares, a total of 38.6 million shares worth almost $900 million. Each partner has earned hundreds of millions of dollars selling Vantiv shares since last year’s IPO.
The company, which processes cards for more than 800 credit unions, reported a 15% surge in first quarter revenue, to $498 million. The company said its merchants services operation had a 22% increase in revenue and financial institution revenue advanced 8%.
“I am pleased to report another strong quarter that demonstrates our continued focus on execution and ability to win market share,” said Charles Drucker, president of Vantiv.
