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Evertec Receives Noncompliance Notice from NYSE

By on March 24, 2016

SAN JUAN — Puerto Rico-based Evertec Inc. received a noncompliance notice from the New York Stock Exchange (NYSE) following the company’s failure to timely file a financial report, according to a press statement released this week.

Evertec outThe payment-transaction processing firm failed to file on time its 10-K annual report for 2015, thus it is not in compliance with the NYSE’s continued listing requirements. Evertec stated that the delay was due to an ongoing evaluation over previous years’ financial statements, particularly over a net operating loss tax deduction relating to certain 2010 expenditures. This tax deduction resulted in the recognition of a deferred tax asset of approximately $14 million as of December 31, 2010, the company statement reads.

According to the NYSE, the company will have six months to file the financial report with the Securities Exchange Commission.

“The company is diligently working to complete the analysis of its prior accounting and fully expects to file the 2015 Form 10-K within the NYSE’s six-month deadline, if not sooner,” Evertec stated.

Based in Puerto Rico, the company manages more than 2 billion transactions annually, while operating in 19 Latin American countries. It serves such clients as financial institutions, merchants, corporations and government agencies, providing a range of merchant acquiring, payment processing and business solutions services.

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