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    Green Dot's 4th-qtr net income rises 77 pct

    Associated Press – Thu, Jan 26, 2012

    MONROVIA, Calif. (AP) — Green Dot Corp., which provides prepaid debit cards for companies including Wal-Mart Stores Inc. and under its own brand, announced Thursday that its fourth-quarter net income jumped 77 percent as revenue increased and new card business grew.

    Green Dot's net income rose to $13.4 million, or 33 cents a share, from $7.9 million, or 18 cents a share, in 2010's final quarter.

    Revenue increased 30 percent to $119.7 million from $91.8 million a year earlier.

    The company said the number of reloadable debit cards activated during the fourth quarter rose to 1.9 million from 1.5 million a year earlier.

    Prepaid cards are a fast-growing segment of the payments industry. While the cards are aimed mainly at people who don't have bank accounts or whose credit ratings are damaged, they also are becoming popular with consumers seeking to avoid surprise bank fees and keep from accumulating credit card balances.

    Green Dot, based in Monrovia, Calif., offers prepaid MasterCard and Visa cards that can be reloaded and used for shopping online, paying bills, buying things in stores and withdrawing cash at ATMs.

    Shares of Green Dot advanced 95 cents to end at $31.94 on Thursday. Following the after-hours announcement, they rose a penny.

     

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