Credit card processing company First Data has posted its first quarterly profit in more than seven years yielding a possibility for a potential initial public offering of the company in 2015.
The Atlanta-based firm reported its fourth quarter net income amounting to $12m as against a loss of $123m in the same period in 2013, generating its first profit in 29 quarters since the 2007 privatization.
Consolidated revenue for the fourth quarter has increased by 3% from the prior year period amounting to $2.9bn, driven by 8% increase in the company’s unit that provides a range of products to 3,500 card-issuing financial institutions and 13% growth in international segments.
Fourth quarter adjusted revenue growth that amounted to $1.8bn, has gone up by 6% against the prior year period, with the company reporting $712m in adjusted EBITDA, and $420m in operating profit.
For the fourth quarter, the company has generated $436m in cash flow from operations after $220m in cash interest payments.
Frank Bisignano chairman and CEO said: "This past year saw the launch of numerous new products, the development of strategic partnerships, and a significantly strengthened capital position.
"We look to 2015 and beyond with great anticipation as we leverage our assets, relationships, and innovative solutions to help drive the future of commerce."