By a News Reporter-Staff News Editor at Education Letter -- Higher One Holdings, Inc. (NYSE:ONE) ("Higher One" or the "Company"), announced financial results for the fourth quarter and full year 2013. The Company reported fourth quarter 2013 revenue of $56.6 million, an increase of 13.7% from $49.8 million reported in the fourth quarter of 2012. Full year 2013 revenue came in at $211.1 million, as compared to $197.7 million in 2012. Revenue growth was driven by organic growth in the SmartPay and CASHNetŪ suite of payment products, as well as revenue from the acquisition of Campus Solutions.
Mark Volchek, Chief Executive Officer, said, "I am pleased with the strides we have made in the past quarter, as well as in the full year of 2013. Our revenue continues to show year-over-year growth, aided by a combination of organic growth and contribution from the Campus Solutions acquisition. Our OneDisburse sales continued at an impressive pace by adding over 256,000 new SSE in the quarter and 547,000 SSE for the full year. We are seeing further growth in non-refund deposits. We believe that these factors as well as the investments we are making into the business are positioning the company for long-term growth."
Volchek added, 'We continue to operate in a difficult and complex operating environment due in part to our relationships with multiple bank partners that are overseen by different regulators. On a related note, the Department of Education has established a negotiated rulemaking committee that will convene next week and I am pleased to announce that Casey McGuane, our Chief Operating Officer, has been selected as a primary negotiator to the rulemaking committee on behalf of third-party servicers."
Non-GAAP adjusted net income, which excludes certain non-recurring or non-cash items, was $8.1 million in fourth quarter 2013, which compares to non-GAAP adjusted net income of $9.2 million in fourth quarter 2012. Fourth quarter 2013 non-GAAP adjusted diluted EPS was $0.17, as compared to $0.17 for the same period a year ago. In the fourth quarter of 2013, non-GAAP adjusted EBITDA was $16.0 million, as compared to $16.4 million last year. Non-GAAP adjusted diluted EPS was $0.60 for the year. Non-GAAP adjusted EBITDA was $57.8 million for 2013. The Company reported fourth quarter 2013 GAAP net income of $6.3 million compared to GAAP net income of $12.1 million in fourth quarter 2012. GAAP diluted EPS was $0.13 in the quarter, as compared to $0.22 in the fourth quarter of 2012. GAAP diluted EPS was $0.29 for 2013, which compares to $0.65 in 2012.
Total enrollment at higher education clients that have signed an agreement for OneDisburse services increased to 5.0 million, an increase of approximately 358,000 from 4.6 million at the end of the fourth quarter of 2012. Total enrollment at higher education clients that have signed up for at least one of our OneDisburse, CASHNet, Campus Labs or Campus Solutions modules totals approximately 13 million.
Keywords for this news article include: Public Education, Higher One Holdings Inc..
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