Wright Express income rises in 2009
South Portland-based Wright Express Corp. saw its net income rise in 2009, while fourth-quarter income took a sharp drop.
On a GAAP basis, the payment processing company reported a 2009 net income of $139.7 million, up from $127.6 million in 2008, according to a press release. For the fourth quarter of 2009, its net income dropped 81% to $12.1 million, compared with $65.2 million in the same quarter of 2008. The company also saw a $14 million pretax loss on its fuel price derivatives.
Because it uses fuel price derivate instruments to mitigate the risks of volatile fuel prices, the company also reports adjusted net income, a non-GAAP number. Its adjusted net income for 2009 was $85.6 million, a 16% increase over 2008's $74.1 million. Its adjusted net income for the fourth quarter of 2009 was $22.1 million, compared with $12.5 million for the same period in 2008.
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