Revenues rise for Wright Express
Payment processor Wright Express Corp. in South Portland reported a 24% increase in revenues for 2010.
The company, which handles payment processing for commercial and government fleet vehicles, saw revenue rise from $315 million in 2009 to $390 million in 2010, according to a press release. On a GAAP basis, net income was $2.25 per share in 2010, down from $3.55 last year, while adjusted net income, a non-GAAP number, grew 26% to $2.75 per share compared with $2.18 per share last year. The company also saw revenue for the fourth quarter rise 38% to $114.9 million, which included $17.4 million from its September acquisition of the Australian assets of Retail Decisions. The company also reported an adjusted net income of $28.8 million for the last quarter, an increase from $22.1 million for the same quarter in 2009.
Wright Express uses fuel price derivate instruments to mitigate the risk of volatile fuel prices. For the fourth quarter, the company's GAAP results include an unrealized $10 million pre-tax loss on those instruments, according to the release.
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