Green Dot Sees Strong Growth In First Earnings Report (GDOT)

Green Dot Corporation (NYSE: GDOT) just reported its first earnings report as a public company.  The prepaid financial services company reported a 48% jump up in Non-GAAP operating revenues to $92.8 million, followed by a 20% gain in non-GAAP income of $15.5 million.

The company has now issued well over 12 million general purpose reloadable card accounts since our founding.  Here were the remaining stats:

• General purpose reloadable debit cards activated was 1.5 million, up 67%.
• Cash transfers was 6.4 million, up 56%.
• Active cards was 3.2 million, up 60%.
• Gross dollar volume was $2.4 billion, up 77%.

Unfortunately, there are no estimates available yet as the quiet period is still ongoing.  Shares closed down 0.79% at $46.56 on only 59,000 shares.  Not bad considering the IPO priced at $36.00 just last month, above the range indicated of $32.00 to $35.00.

JON C. OGG