Wright Express Announces Second Quarter Earnings
SOUTH PORTLAND, MAINE
– Wright Express Corporation has reported financial results for the second quarter ended Jun. 30, 2006. Total revenue for the second quarter of 2006 increased 33 percent to $76.2 million from $57.3 million for the second quarter of 2005. Net income to common shareholders on a GAAP basis for the second quarter of 2006 was $9.9 million, or $0.24 per diluted share, compared with $15.0 million, or $0.37 per diluted share, for the comparable quarter last year.
On a non-GAAP basis, the company’s adjusted net income for the second quarter of 2006 increased to $14.1 million, or $0.34 per diluted share, from $11.2 million, or $0.27 per diluted share, for the year-earlier period.
Wright Express uses fuel-price derivative instruments to mitigate financial risks associated with the variability in fuel prices. For the second quarter of 2006, the company’s GAAP financial results include an unrealized $7.5 million pre-tax, non-cash, mark-to-market loss on these instruments. For the second quarter of 2005, the company reported an unrealized pre-tax, non-cash, mark-to-market gain of $6.6 million.
Second-Quarter 2006 Performance Metrics:
Average number of vehicles serviced increased six percent from the second quarter of 2005 to approximately 4.3 million.
Total fuel transactions processed increased eight percent from the second quarter of 2005 to 61.1 million. Payment processing transactions increased 12 percent to 46 million, and transaction processing transactions decreased five percent to 15.1 million.
Average expenditure per payment processing transaction grew to $57.45, an increase of 30 percent from the same period last year.
Average retail fuel price increased 30 percent to $2.86 per gallon, from $2.20 per gallon for the second quarter a year ago.
Total MasterCard purchase volume grew 47 percent to $332.7 million, from $225.7 million for the comparable period in 2005.
Wright Express paid $15 million in principal on its financing debt during the second quarter of 2006.