Prime Time Group (NASDAQ: PRTH) reported Q1 EPS of ($0.09), versus ($0.10) reported last year. Revenue for the quarter came in at $96.9 million versus the consensus estimate of $115.2 million.

Highlights of Consolidated Results

First Quarter 2020, Compared with First Quarter 2019

• Revenues of $96.9 million increased 10.6% from $87.6 million.
• Gross profit of $30.6 million increased 11.0% from $27.5 million.
• Gross profit margin of 31.5% increased 11 basis points from 31.4%.
• Income from operations of $3.6 million increased $2.6 million from $1.0 million.
• Net loss of $5.9 million decreased $0.6 million from $6.4 million.
• Adjusted EBITDA of $15.8 million increased 26.8% from $12.5 million. The Company’s non-GAAP adjusted EBITDA measure is net loss before interest, taxes, depreciation and amortization (EBITDA), further adjusted for non-cash stock-based compensation and certain expenses considered non-recurring.
• Merchant bankcard processing dollar volume of $10.6 billion increased 2.6% from $10.3 billion.

"Despite the coronavirus outbreak, we experienced excellent growth in the first quarter of 2020, reflecting the continuing momentum and fundamental strength of our business segments," said Tom Priore, Executive Chairman and CEO of Priority. "Starting in mid-March, COVID-19 began to negatively impact the Company’s daily consumer payment processing volumes as the pandemic spread across the United States and restrictive shelter-in-place requirements were instituted. However, these headwinds were offset by revenue growth in our defensively positioned and counter-cyclical integrated partner payment solutions for the rent, hospitality, healthcare and B2B markets. As a result, we were able to slightly outperform our expectations for the first quarter.”

For earnings history and earnings-related data on Prime Time Group (PRTH) click here.