FleetCor Reports First Quarter 2011 Financial Results

Atlanta based FleetCor Technologies, Inc., a leading independent global provider of specialized payment products and services to businesses, commercial fleets, major oil companies, petroleum marketers and government fleets, reported financial results for its first quarter ended March 31, 2011.

"We are very pleased with our first quarter results. In the first quarter we reported adjusted net income growth of 20%, on a pro forma basis, which is in line with our previously announced organic growth earnings target " said Ron Clarke, chairman, president and chief executive officer, FleetCor Technologies, Inc. "Our strategy continues to be growing the business through organic measures, signing new partnership agreements, such as the recently announced major oil company agreement, and pursuing acquisitions, particularly in emerging markets."

Financial results for the first quarter of 2011:

GAAP Results

Total revenues, net in the first quarter of 2011 increased 6.5% to $111.0 million compared to $104.2 million in the first quarter of 2010.

Net income in the first quarter of 2011 increased 18.2% to $32.3 million, or $0.39 per diluted share, compared to $27.3 million, or $0.34 per diluted share in the first quarter of 2010.

Non GAAP Results

Adjusted revenues (revenues, net less merchant commissions) in the first quarter of 2011 increased 10.9% to $102.7 million compared to $92.6 million in the first quarter of 2010.

Adjusted net income in the first quarter of 2011 increased 20% to $39.3 million, or $0.47 per diluted share, compared to $32.7 million, or $0.39 per diluted share in the first quarter of 2010 on a pro forma basis (to reflect the impact of public company expenses, non-cash compensation expenses, decrease in the effective tax rate, effective during the first quarter of 2011, and fully diluted shares effective in the first quarter of 2011, as if these changes had occurred during the first quarter of 2010).

Reconciliations of GAAP results to non GAAP results and pro forma adjustments are provided in exhibit 1 attached. Additional supplemental data is provided in exhibit 2.

2011 Outlook

FleetCor Technologies, Inc. is re-affirming its financial guidance for 2011 as follows:

Revenue between $460 million to $480 million

Adjusted Net Income between $155 million to $165 million

Adjusted Net income per diluted share between $1.83 to $1.95

"We remain confident about our full year guidance, given the generally positive economic environment , and the progress on our organic growth initiatives," said Mr. Clarke.

The Company's full year 2011 guidance includes the following:

Approximately $2 million of incremental cash operating costs for public company expenses.

A 1.9% increase in our effective tax rate from 28.7% in 2010 to 30.6% in 2011.

An increase of 3.9 million diluted shares outstanding from 80.8 million shares in 2010 to 84.7 million shares in 2011.

If these incremental costs and shares had been incurred in 2010, the Company's full year 2010 Adjusted Net Income would have been $138.3 million, or $1.63 per diluted share.

The Company's full year 2011 guidance is presented on a constant currency basis and assumes similar macroeconomic and business conditions exist in 2011 as did in 2010. This guidance does not reflect the impact of any future acquisitions or material new partnership agreements.

 

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