Wright Express Corp. (WXS, Financial) filed Quarterly Report for the period ended 2012-09-30.
Wright Express Corp has a market cap of $2.79 billion; its shares were traded at around $72.88 with a P/E ratio of 18.6 and P/S ratio of 5. Wright Express Corp had an annual average earning growth of 5.3% over the past 5 years.
Our account servicing revenue remained relatively flat for the three months ended September 30, 2012, compared to the same period last year. Account servicing revenue increased $3.2 million for the nine months ended September 30, 2012, as compared to the same period in 2011. Approximately $1.4 million of this increase is related to additional WEXSmart units in service as compared to the same period in the prior year. The remaining increase is primarily due to operations of rapid!, as compared to the prior year, which was acquired at the end of the first quarter in 2011.
Payment processing revenue for the three months ended September 30, 2012, increased $5.6 million, as compared to the same period in the prior year, and increased $18.4 million for the nine months ended September 30, 2012, as compared to the same period in the prior year. These increases are primarily driven by higher corporate charge card purchase volume from our single use account product in the online travel service and insurance/warranty markets and by increased market penetration with our corporate charge card product. The corporate charge card net interchange rate for the three months ended September 30, 2012, was down 9 basis points to 0.897 percent, which equates to a reduction in revenue of approximately $2.9 million, as compared to the third quarter of last year, primarily due to contract mix, increased foreign spend, which generally has a lower interchange rate than domestic transactions, and a reduction in customer specific incentives received. The corporate charge card net interchange rate for the nine months ended September 30, 2012, was down 9 basis points to 0.900 percent, which equates to a reduction in revenue of approximately $7.4 million, as compared to the same period in the prior year, primarily due to contract mix, increased foreign spend and a reduction in customer specific incentives received.
Other revenue for the three months ended September 30, 2012, increased approximately $1.8 million as compared to the same period in the prior year, and increased $8.0 million for the nine months ended September 30, 2012, as compared to the same period in the prior year. These increases are primarily due to increased fees related to cross border charges.
Salary and other personnel expenses increased $3.5 million for the nine months ended September 30, 2012, as compared to the same period last year. This increase is primarily due to the acquisition of rapid! Paycard, which occurred at the end of the first quarter in 2011 and additional sales staff.
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Wright Express Corp has a market cap of $2.79 billion; its shares were traded at around $72.88 with a P/E ratio of 18.6 and P/S ratio of 5. Wright Express Corp had an annual average earning growth of 5.3% over the past 5 years.
Highlight of Business Operations:
Payment processing revenue increased $8.6 million for the nine months ended September 30, 2012, compared to the same period last year. The increase is primarily due to the 3 percent increase in the average domestic price per gallon of fuel, which represented approximately $3.4 million of the increase. Domestic payment processing transactions increased 1 percent over the same period in the prior year, resulting in an increase in revenue of $5.0 million.Our account servicing revenue remained relatively flat for the three months ended September 30, 2012, compared to the same period last year. Account servicing revenue increased $3.2 million for the nine months ended September 30, 2012, as compared to the same period in 2011. Approximately $1.4 million of this increase is related to additional WEXSmart units in service as compared to the same period in the prior year. The remaining increase is primarily due to operations of rapid!, as compared to the prior year, which was acquired at the end of the first quarter in 2011.
Payment processing revenue for the three months ended September 30, 2012, increased $5.6 million, as compared to the same period in the prior year, and increased $18.4 million for the nine months ended September 30, 2012, as compared to the same period in the prior year. These increases are primarily driven by higher corporate charge card purchase volume from our single use account product in the online travel service and insurance/warranty markets and by increased market penetration with our corporate charge card product. The corporate charge card net interchange rate for the three months ended September 30, 2012, was down 9 basis points to 0.897 percent, which equates to a reduction in revenue of approximately $2.9 million, as compared to the third quarter of last year, primarily due to contract mix, increased foreign spend, which generally has a lower interchange rate than domestic transactions, and a reduction in customer specific incentives received. The corporate charge card net interchange rate for the nine months ended September 30, 2012, was down 9 basis points to 0.900 percent, which equates to a reduction in revenue of approximately $7.4 million, as compared to the same period in the prior year, primarily due to contract mix, increased foreign spend and a reduction in customer specific incentives received.
Other revenue for the three months ended September 30, 2012, increased approximately $1.8 million as compared to the same period in the prior year, and increased $8.0 million for the nine months ended September 30, 2012, as compared to the same period in the prior year. These increases are primarily due to increased fees related to cross border charges.
Salary and other personnel expenses increased $3.5 million for the nine months ended September 30, 2012, as compared to the same period last year. This increase is primarily due to the acquisition of rapid! Paycard, which occurred at the end of the first quarter in 2011 and additional sales staff.
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