IMGCAP(1)]
Pipeline Data Inc. Tuesday posted revenue of $12.1 million for the second quarter ended June 30, an 8% decrease from $13.1 million for the same period a year ago. The Quincy, Mass.-based payments processor posted a net loss of $918,000, $90,000 more than the $828,000 net loss a year ago. Processing volume decreased 11%, to $349.8 million from $392.9 million. In its U.S. Securities and Exchange filing, the company attributed its decreased revenue to a reduction in overall transaction volume caused mostly by the removal of unprofitable merchant accounts. Pipeline announced in May it signed a merger agreement to acquire CoCard Marketing Group LLC (CardLine, 5/20), and the company attributes the increase in its total operating expenses to expenditures incurred in anticipation of the merger, according to a statement from the company. Total operating expenses increased 8%, to $4.3 million for the quarter from $4 million a year ago. A Pipeline representative did not return calls for comment by CardLine deadline.
