TransCard, LLC on Thursday announced the completion of its restructuring plan and positive results for the first quarter of 2014. The company attained significant increases in revenues and associated margin within its first quarter.
During this same period, TransCard reduced its overhead significantly as a result of a restructuring plan adopted in the fourth quarter of 2013. These changes allowed the company to achieve positive net income and ebitda for the period.
“TransCard is very pleased with the results of its transition from a development stage company in late 2013, to a focused emerging growth organization in 2014,” said Mark Patterson, chief financial officer of TransCard. “We are poised to continue to expand revenues and profits as we further develop our cloud-based debit card processing platform. We are very grateful to TransCard’s founder, our ownership and the team of dedicated employees who established the vision, laid the foundation and made this transition possible. It was truly a team effort and a result of several years of hard work.”
Greg Bloh, president of TransCard, said, “TransCard has successfully transitioned into a cloud-based debit card processing and program management company over the past few years. We have partnered with prominent industry leading organizations to build out our network of services to almost 300 FI’s and numerous corporate clients. As we look towards the future, TransCard is poised to launch some additional creative solutions within the payments industry.”