Principal revenue was $21.8 million, up 12 percent compared to $19.4 million in the same period last year. Other partner revenue was $1.7 million, down from $1.8 million reported in the same period of last year and down from $3.7 million in the fourth quarter of 2009.
The company reported net income for the first quarter of 2010 at $460,000 compared to a net loss of $1.1 million reported in the first quarter of 2009.
During the first quarter of 2010, Points International reported positive EBITDA of $246,000 compared to an EBITDA loss of $580,000 in the same period of 2009.
CEO Rob MacLean attributed the revenue increase to the company’s marketing campaign and the growth of its current products.
“Points delivered record revenue during the first quarter as our ongoing marketing and promotional efforts, in conjunction with our loyalty partners, led to an increase in transaction activity of 33 percent over the same period last year, with particular strength across our largest North American partners,” MacLean stated in the press release. “We are particularly pleased to have posted significant year-over-year gains in EBITDA and net income, as we benefitted from the rapid growth of many existing products as well as the launch of new partnerships and products throughout the past year, all while aggressively managing our operating expenditures. Our strong first-quarter results are a reflection of the health of our business model, strong execution by the Points team and ongoing momentum in establishing new programs and partnerships, as evidenced by the recent addition of our newest partner, Virgin America.”
The company also offered an outlook for the remainder of 2010, raising revenue guidance twice in 2010, reflecting the strength of the company’s business. Recent revenue guidance for 2010 increased to between $85 million to $95 million, up from previous estimates between $75 million to $85 million, based on increases in transactional activity and recent and upcoming product and partnership launches.
MacLean said the company could be affected by a rebound in European currency and that it is positioned to benefit from its efforts to establish new partnerships.
“While some near-term inputs are impacting our margin and EBITDA results, we believe there may be further EBITDA upside in 2010 should European currencies rebound from recent lows versus the U.S. dollar, and we see potential positive mix shifts in our business. We are mining our current installed base, driving strong transactional activity, and are having great success establishing new partnerships. Our consumer efforts are on track and will be contributing to growth this year. We are focused on aggressively expanding our revenue footprint while improving the bottom-line results of our business, and this is setting the stage for exciting growth for our company for the balance of 2010 and beyond,” MacLean stated.
For more information visit www.pointsinternational.com.