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 second quarter 2014. The Company reported second quarter 2014 gross revenue of $45.5 million, an increase of 14% from $40.0 million reported in the second quarter of 2013. Revenue growth was driven by the strong organic growth in the Payment Processing suite of products.
Marc Sheinbaum, president and chief executive officer, said, "Overall, we are pleased with our performance this quarter. We have experienced strong organic growth in both Payment Transaction and Higher Education revenue, and are also encouraged by growth in non-refund deposits. We continue to deliver value to our customers and operate effectively in this challenging environment."
After making an allowance for possible customer restitution of $8.75 million, which reduced gross revenue from $45.5 million to net revenue of $36.7 million, the Company reported second quarter 2014 non-GAAP adjusted diluted EPS of $0.05, as compared to $0.04 for the same period a year ago. Non-GAAP adjusted net income, which excludes certain non-recurring, non-cash items and other items, was $2.5 million in second quarter 2014, which compares to non-GAAP adjusted net income of $2.2 million in the second quarter of 2013. In the second quarter of 2014, non-GAAP adjusted EBITDA was $7.2 million, as compared to $5.9 million last year. GAAP diluted EPS was a loss of $0.08 in the quarter, as compared to income of $0.07 recorded in the second quarter of 2013. The Company reported a second quarter 2014 GAAP net loss of $3.8 million compared to GAAP net income of $3.6 million in the second quarter of 2013.
Total enrollment at higher education clients that signed an agreement for Refund Management services increased approximately 339,000 to 5.1 million at the end of the second quarter of 2014. Total enrollment at higher education clients that have signed up for at least one of our Refund Management, Payment Processing, or Campus Labs services totals approximately 13 million.
Keywords for this news article include: Public Education, Higher One Holdings Inc..
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