Excel Corporation (EXCOP) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $0.23 million in the quarter, against a net loss of $0.43 million in the last year period. Revenue during the quarter surged 294.27 percent to $4.27 million from $1.08 million in the previous year period. Total expenses were 84.39 percent of quarterly revenues, up from 58.66 percent for the same period last year. That has resulted in a contraction of 2573 basis points in operating margin to 15.61 percent.
Operating income for the quarter was $0.67 million, compared with $0.45 million in the previous year period.
“We are pleased to report another strong quarter of solid earnings growth, with relative stability in our merchant base. With the recent completion of our new $25 million term loan facility, the Company is well positioned to execute on completing additional merchant portfolio acquisitions in the coming year,” stated T. A. “Kip” Hyde, Jr., Excel's Chief executive officer.
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