FINANCE

AutoNation drives higher net income, revenue during Q1

BY Dan Berthiaume

Fort Lauderdale, Fla. – AutoNation Inc. reported net income of $91 million during the first quarter of fiscal 2014, about 10% higher than $83 million in the same period a year earlier. Revenue totaled $4.4 billion, up 7% from $4.1 billion.

Revenue increases resulted from stronger performance in all business sectors, including new vehicles, used vehicles, parts and service, and finance and insurance.

“AutoNation delivered solid growth in EPS and operating income in the first quarter of 2014 compared to the prior year, driven by gross profit growth in all of our business sectors,” said Mike Jackson, chairman and CEO. “We continue to expect U.S. industry new vehicle unit sales to increase 3% to 5%, bringing U.S. industry new vehicle sales above 16 million units in 2014."

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FINANCE

MasterCard to acquire Pinpoint

BY Dan Berthiaume

Purchase, N.Y. – MasterCard has entered into an agreement to acquire Pinpoint Pty. Ltd., an Australian provider of loyalty and rewards services to financial institutions across the Asia Pacific region. This acquisition is expected to close in second quarter 2014.

Pinpoint, which was founded in 1984 and headquartered in Sydney, has a growing footprint across the region into markets such as China, Hong Kong, India, Taiwan, and Japan. Its customer base includes financial institutions and merchants. MasterCard says this acquisition, in combination with its capabilities, will benefit issuers, providing them more effective and efficient rewards programs to offer their customers. It is also intended to help merchants target new customers while retaining their existing client base,

“Bringing innovative and personalized rewards solutions to cardholders and customers is a priority for MasterCard,” said Vicky Bindra, president, Asia/Pacific, Middle East and Africa. “This is why it’s exciting when we come across companies such as Pinpoint that excel in this area. Not only does Pinpoint offer a competitive edge in Australia, its growing presence across Asia Pacific also holds much promise and will allow us to offer more effective programs to our customers and cardholders.”

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FINANCE

DSW names Shopko exec new CFO

BY Dan Berthiaume

Columbus, Ohio — DSW Inc. has appointed Mary Meixelsperger as CFO effective May 1. Meixelsperger replaces Douglas Probst, who is retiring from DSW on the same day.

Meixelsperger joins DSW from Shopko Stores, where she held the roles of CFO, controller and treasurer since 2005. Prior to Shopko, Meixelsperger was the CFO for two non-profit organizations between 1993-2004 and was the CFO for Worldmark Group, a private equity firm, between 1986-1991. Meixelsperger started her career in public accounting at Arthur Young and Co. She will start at DSW Inc. on April 21 and will report directly to president and CEO Michael MacDonald.

“We are pleased that Mary is joining the DSW team,” said MacDonald. “Mary is a seasoned executive with a breadth of experiences in merger integration, strategic systems planning and implementation, financial analysis and tax planning. With her leadership, we will position DSW for continued growth and progress towards our strategic goals.”

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