CoreCard Corporation, 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 December 31, 2021.

“CoreCard’s strong performance continued in the fourth quarter and resulted in full year top-line growth of 34%, which was at the high end of our upwardly revised expectations,” said Leland Strange, CEO of CoreCard Corporation. "We recognized $1.8 million in license revenue in the quarter, bringing full year license revenue to $5.9 million, an increase of 63% year-over-year. Additionally, our full year professional services revenue grew by 22%, while our processing and maintenance revenue grew by 38% compared to fiscal 2020. The investments we are making in our platform and processing capabilities are already showing significant results. Our new office in Bogotá, Colombia, is gaining traction, and the team we have in place is scaling well. CoreCard is a best-in-class platform that is extremely well positioned to capture the growing demand for next-generation card management platforms by large and complex modern card issuers."

Mr. Strange continued, "Looking ahead, we expect topline growth of 20% to 25% in fiscal 2022, the opportunity ahead of us is sizable, and CoreCard remains a growth business focused on meeting the evolving needs of modern issuers while generating long-term value for our shareholders."

Financial Highlights for the three and twelve months ended December 31, 2021

Total revenue in the three-month period ended December 31, 2021, was $13,046,000 which represents an increase of 36% compared to the comparable period in 2020. Revenue of $48,248,000 for full fiscal year 2021 was up 34% from fiscal year 2020.

In the following table, revenue is disaggregated by type of revenue for the three and twelve months ended December 31, 2021 and 2020:

Income from operations was $3,026,000 for the fourth quarter compared to income from operations of $2,732,000 in the comparable prior year quarter. Full year 2021 income from operations was $11,658,000 compared to $11,295,000 in the comparable prior year.

Net income was $2,660,000 for the fourth quarter compared to net income of $2,119,000 in the comparable prior year quarter. Full year 2021 net income was $9,039,000 compared to $8,161,000 in the comparable prior year.

Earnings per diluted share was $0.30 for the fourth quarter compared to $0.24 in the comparable prior year quarter. Full year 2021 earnings per diluted share was $1.03 compared to $0.91 in the comparable prior year.

Investor Conference Call Today

The company is holding an investor conference call today, February 15^th, 2022, at 11 A.M. Eastern Time. Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/corecard02152022/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 www.corecard.com as soon as available after the call.

The company will file its Form 10-K for the period ended December 31, 2021, with the Securities and Exchange Commission in early March. For additional information about reported results, investors will be able to access the Form 10-K on the company’s website at www.corecard.com or on the SEC website, www.sec.gov.