eFunds Reports First Quarter Results

Reported operating income increased to $14.0 million, or 10.0 percent of net revenue, as compared to operating income of $6.6 million, or 5.0 percent of net revenue reported in the first quarter of 2003. First quarter net revenue increased 7.9 percent to $140.9 million as compared to net revenue of $130.5 million recorded in the first quarter of 2003. Change to Reporting Segments The Companys segment reporting was revised during the first quarter ended March 31, 2004 to reflect additional organizational and cost group changes. Revenues and expenses from certain collection activities have been reclassified between the Electronic Payments, Risk Management and Global Outsourcing segments. The allocation of corporate overhead was further refined by the realignment of certain amortization cost groups with the respective business segments that benefited from the use of the related assets. Prior year segment data has been reclassified to reflect the new segment presentation, which is detailed in the accompanying schedules.