NORCROSS, Ga., Aug. 01, 2024 (GLOBE NEWSWIRE) -- CoreCard Corporation (NYSE:CCRD) ("CoreCard" or the "Company"), 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 June 30, 2024. "Overall revenue of $13.8 million in the second quarter was in-line with our expectations," said Leland Strange, CEO of CoreCard. "We continue to see encouraging results from the ongoing investment in our platform and processing capabilities, and we continue to onboard new customers that value the features and functionality offered by the CoreCard platform. The lower revenue this quarter compared to last year was primarily driven by lower license revenue and lower processing revenue from Kabbage." Financial Highlights for the three months ended June 30, 2024 Total revenues in the three-month period ended June 30, 2024, was $13.8 million compared to $15.7 million in the comparable period in 2023. In the following table, revenue is disaggregated by type of revenue for the three months ended June 30, 2024 and 2023:     Three Months Ended     June 30, (in thousands)   2024     2023 License   $ −   $ 1,794 Professional services     6,973     7,354 Processing and maintenance     5,694     5,689 Third party     1,130     855 Total   $ 13,797   $ 15,692               Income from operations was $1.1 million for the second quarter compared to income from operations of $2.7 million in the comparable prior year quarter. Net income was $0.9 million for the second quarter compared to net income of $1.9 million in the comparable prior year quarter. Earnings per diluted share was $0.11 for the second quarter compared to $0.22 in the comparable prior year quarter. Adjusted earnings per diluted share was $0.15 for the second quarter compared to $0.23 in the comparable prior year quarter. Adjusted EBITDA was $2.5 million for the second quarter compared to $4.8 million in the comparable prior year quarter. Investor Conference CallThe company is holding an investor conference call today, August 1, 2024, 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/register/corecard080124/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 prior to the call. A transcript of the call will be posted on the company's website at investors.corecard.com as soon as available after the call. The company will file its Form 10-Q for the period ended June 30, 2024, with the Securities and Exchange Commission today. For additional information about reported results, investors will be able to access the Form 10-Q on the company's website at investors.corecard.com or on the SEC website, www.sec.gov. About CoreCard Corporation CoreCard Corporation (NYSE:CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure. Forward-Looking Statements The forward-looking statements in this press release are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company's Annual Report on Form 10-K and in the Company's other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words "believes," "plans," "expects," "will," "intends," "continue," "outlook," "progressing," and "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. For further information, email CoreCard CorporationCONSOLIDATED STATEMENTS OF OPERATIONS(unaudited, in thousands, except share and per share amounts)   Three Months Ended June 30,   Six Months Ended June 30,     2024       2023       2024       2023   Revenue         Services $ 13,797     $ 13,898     $ 26,873     $ 28,654   Products −       1,794   −       1,794   Total net revenue   13,797       15,692       26,873       30,448   Cost of revenue         Services   9,090       9,296       18,590       19,101   Products −   −   −   −   Total cost of revenue   9,090       9,296       18,590       19,101   Expenses         Marketing   116       105       230       174   General and administrative   1,490       1,516       2,917       3,065   Research and development   1,952       2,092       3,460       3,605   Income from operations   1,149       2,683       1,676       4,503   Investment ...