ALBERTA, Canada — DirectCash Income Fund reported a 10 percent increase in second-quarter revenue, hitting CAN $21.8 million (U.S. $20.5 million) in 2008 compared to CAN $20 million (U.S. $18.8 million) in 2007. For the first half of the year, revenue is up 8.8 percent, from CAN $39.8 million (U.S. $37.5 million) to CAN $43.8 million (U.S. $41.2 million).
Net income for the quarter was up 270 percent, totaling CAN $706,586 (U.S. $665,000), and up 169 percent, totaling CAN $190,767 (U.S. $179,620).
DirectCash attributes the strong increase to growth in its prepaid MasterCard business.
"In the second quarter of 2008, we have continued to demonstrate our ability to continually generate consistent financial performance," said Jeffrey Smith, DirectCash's president and chief executive. "The primary drivers for the improvement over the prior year are strong gross profit additions from our prepaid MasterCard business, and growth in margins in each of our business segments on a quarter-over-quarter basis. The ATM business, which is the backbone of our fund, continues to generate consistent performance."
