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CoreCard Corp (NYSE:CCRD), a Georgia-based prepackaged software company with a market capitalization of $168 million and impressive 62.5% return over the past year, has appointed Cherry Bekaert (EBR:BEKB) LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2025. The Audit Committee of the Board of Directors made the decision following a competitive selection process involving several accounting firms.
Effective as of February 28, 2025, Cherry Bekaert will take over the company’s auditing responsibilities. CoreCard Corp disclosed that in the two most recent fiscal years and the subsequent interim period prior to Cherry Bekaert’s engagement, there were no consultations between the company and the accounting firm regarding accounting principles for specified transactions, audit opinions, disagreements, or reportable events as defined by regulation.
This change in the company’s certifying accountant was reported in a Form 8-K filed with the Securities and Exchange Commission on Monday. The company stated that the transition to Cherry Bekaert is part of its ongoing efforts to ensure the highest standards of financial reporting and auditing practices.
CoreCard Corporation, previously known as Intelligent Systems Corp, specializes in services related to prepackaged software and operates out of Norcross, Georgia, generating annual revenue of $57.4 million with a healthy gross profit margin of 37.7%. The information regarding this change is based on a press release statement.
In other recent news, CoreCard Corporation reported its fourth-quarter earnings for 2024, exceeding analyst expectations with an earnings per share (EPS) of $0.28, compared to the forecasted $0.18. The company achieved revenue of $14.8 million for the quarter, surpassing the anticipated $14 million. This marks a 22% increase in revenue year-over-year, showcasing CoreCard’s strong financial performance. The company’s operating margin also improved significantly, reaching 14% compared to 3% in the previous year. Looking ahead, CoreCard projects 2025 revenue to be between $60 million and $64 million, with an EPS forecast of $0.88 to $0.94. The company expects revenue growth excluding its partnership with Goldman Sachs to be between 30% and 40%. Analyst firm B. Riley Securities noted that CoreCard does not plan for any license revenue in 2025, indicating a focus on processing services. CoreCard continues to onboard new customers and expand its processing capabilities, demonstrating its commitment to growth and innovation in the fintech sector.
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