SOUTH PORTLAND, ME
– Wright Express has reported financial results for the quarter ended Mar. 31, 2006. Total revenue for the first quarter of 2006 increased 24 percent to $64.6 million from $52.2 million for the first quarter of 2005. Net income to common shareholders on a GAAP basis for the first quarter of 2006 was $11.4 million, or $0.28 per diluted share, compared with a net loss of $18.5 million, or $0.46 per share, for the comparable quarter last year. On a non-GAAP basis, the company’s adjusted net income for the first quarter of 2006 increased to $12.3 million, or $0.30 per diluted share, from $11.3 million, or $0.28 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 first quarter of 2006, the company’s GAAP financial results include an unrealized $1.4 million pre-tax, non-cash, mark-to-market loss on these instruments. For the first quarter of 2005, the unrealized pre-tax, non-cash, mark-to-market loss was $34.4 million.
First-Quarter 2006 Performance Metrics:
Average number of vehicles serviced increased 10 percent from the first quarter of 2005 to approximately 4.3 million.
Total fuel transactions processed increased 11 percent from the first quarter of 2005 to 58.1 million. Payment processing transactions increased 16 percent to 43.5 million, and transaction processing transactions decreased 3 percent to 14.6 million.
Average expenditure per payment processing transaction grew to $48.63, an increase of 25 percent from the same period last year.
Average retail fuel price increased 22 percent to $2.41 per gallon, from $1.97 per gallon for the first quarter a year ago.
Total MasterCard purchase volume grew to $269.4 million, an increase of 5 percent from the comparable period a year ago.
Wright Express paid $6.5 million in principal on its financing debt during the first quarter of 2006.