NORCROSS, Ga., May 02, 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 March 31, 2024. "Overall revenue of $13.1 million in the first quarter was in-line with our expectations, reflecting continued year-over-year growth in processing and maintenance of 13%, which was offset by lower professional services revenue, primarily driven by our largest customer," 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." Financial Highlights for the three months ended March 31, 2024 Total revenues in the three-month period ended March 31, 2024, was $13.1 million compared to $14.8 million in the comparable period in 2023. In the following table, revenue is disaggregated by type of revenue for the three months ended March 31, 2024, and 2023:       Three Months Ended   March 31, (in thousands) 2024 2023 License $ -- $ -- Professional services   5,826   8,341 Processing and maintenance   6,152   5,430 Third party   1,098   985 Total $ 13,076 $ 14,756           Income from operations was $0.5 million for the first quarter compared to income from operations of $1.8 million in the comparable prior year quarter. Net income was $0.4 million for the first quarter compared to net income of $1.3 million in the comparable prior year quarter. Earnings per diluted share was $0.05 for the first quarter compared to $0.15 in the comparable prior year quarter. Adjusted earnings per diluted share was $0.07 for the first quarter compared to $0.15 in the comparable prior year quarter. Adjusted EBITDA was $1.7 million for the first quarter compared to $3.5 million in the comparable prior year quarter. Use of Non-GAAP Financial Measures Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "Information Regarding Non-GAAP Financial Measures". Investor Conference Call The company is holding an investor conference call today, May 2, 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/corecard050224/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 March 31, 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 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.   CoreCard CorporationCONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share amounts)     Three Months Ended March 31,   2024 2023 Revenue     Services $13,076   $14,756   Products --   --   Total net revenue 13,076   14,756   Cost of revenue     Services 9,500   9,804   Products --   --   Total cost of revenue 9,500   9,804   Expenses     Marketing 114   69   General and administrative 1,427   1,549   Development 1,508   1,514   Income from operations 527   1,820   Investment income (loss)