Wright Express posts big earnings jump
Wright Express Corp., a South Portland payment processing and information management provider, reported a 1,317% increase in its 2008 fourth-quarter net income from the same period the year before.
Net income for the fourth quarter jumped to $65.2 million, from $4.6 million during the same quarter in 2007, according to a company press release. For fiscal year 2008, net income rose to $127.6 million from $51.6 million in 2007. Wright Express serviced 100,000 more vehicles in the fourth quarter compared to 2007, and total fuel transactions processed rose 6% to 66.9 million. One notable increase in its fourth-quarter income was an $87 million net gain on fuel price derivatives, compared to a loss of $25.8 million during the same period in 2007. "The company generated strong cash flow and maintained excellent liquidity in the fourth quarter and through 2008," Chairman and CEP Michael Dubyak said, according to the press release. "After paying down $42 million in financing debt and repurchasing $7.6 million in common stock during the quarter, we begin 2009 with an exceptionally strong balance sheet."
For the first quarter of 2009, the company projects revenue, based on an average retail fuel price of $1.98 per gallon, in the range of $61 million to $68 million and adjusted net income in the range of $10 million to $12 million.
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