May 2, 2012 | last updated June 1, 2012 2:16 pm

Higher One's 1Q net rises 22 percent

New Haven's Higher One Holdings Inc. saw first-quarter profits climbed 22 percent amid a 12 percent gain in subscription sales for its on-campus electronic payment service.

For three months ended March 31, Higher One netted $13. 4 million, 23 cents a fully diluted share, up from $11 million, or 19 cents a share, netted the same period last year.

First-quarter revenues were $57.8 million vs. $51.4 million a year ago.

Higher One said revenue growth was mostly due to an increase in the number of OneAccounts and a gain in the number of schools that have contracted for its services.

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