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 first quarter 2014. The Company reported first quarter 2014 revenue of $66.6 million, an increase of 16.0% from $57.4 million reported in the first quarter of 2013. Revenue growth was driven by the addition of payment processing revenue from the Campus Solutions business acquired from Sallie Mae and from organic growth in the pre-existing Payment Processing suite of products.
Marc Sheinbaum, Chief Executive Officer, said, "I am pleased with the solid revenue growth that we experienced in the first quarter. Our Payment Processing and Higher Education revenue continue to grow at impressive rates, driven by Campus Solutions contributions and organic payment processing growth. We experienced strong sales in both Refund Management and Payment Processing in the first quarter. The amount of non-refund deposits continues to grow and help expand our deposit base. With our strong foundation and increasingly diversified business lines, I believe that we have the ability to create long-term value for our shareholders."
First quarter 2014 non-GAAP adjusted diluted EPS was $0.25, as compared to $0.25 for the same period a year ago. Non-GAAP adjusted net income, which excludes certain non-recurring or non-cash items, was $12.2 million in first quarter 2014, which compares to non-GAAP adjusted net income of $12.0 million in first quarter 2013. In the first quarter of 2014, non-GAAP adjusted EBITDA was $22.7 million, as compared to $21.6 million last year. GAAP diluted EPS was $0.20 in the quarter, as compared to $0.20 in the first quarter of 2013. The Company reported first quarter 2014 GAAP net income of $9.7 million compared to GAAP net income of $9.8 million in first quarter 2013.
Total enrollment at higher education clients that signed an agreement for Refund Management services increased to 5.1 million, an increase of approximately 398,000 from 4.7 million at the end of the first quarter of 2013. Total enrollment at higher education clients that have signed up for at least one of our Refund Management, Payment Processing, or Educational Services modules totals approximately 13.2 million.
Keywords for this news article include: Public Education, Higher One Holdings Inc..
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