CINCINNATI – Vantiv, a card processor for 800 credit unions, reported an $18.4-million loss for its first quarter, primarily due to the refinancing of debt related to its initial public offering last month.
The first quarter loss compares to a $3.5 million net pro forma for the same period last year, when Vantiv was privately owned by Fifth Third Bancorp and Advent International and known as Fifth Third Processing Solutions.
Vantiv’s latest results included a loss of $91.8 million from charges related to the company’s IPO. The IPO earned Fifth Third Bancorp, which owned 49% of Vantiv, $115 million in pre-tax gains.
Revenue increased 17% in the first quarter to $432.8 million, from $371.4 million in the same period last year.
Vantiv said transactions in its merchant services segment rose 16% during the quarter, while the rate per transaction in the unit grew 17%.
