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Euronet Worldwide Announces Fourth Quarter 2003 Financial Results

Friday 20 February 2004 19:07 CET | News

Euronet Worldwide has reported annual consolidated revenues of $204.4 million for 2003, an increase of 188% over 2002 revenues of $71.0million, reflecting the acquisitions in 2003 of e-pay, transact and AIM.

Consolidated revenue for the fourth quarter 2003 was $70.1 million, an increase of 277% over fourth quarter 2002 revenues of $18.6 million. Adjusted EBITDA (operating income plus depreciation) was $25.4 million for 2003 compared to $9.2 million for 2002; Adjusted EBITDA was $8.8 million for fourth quarter 2003 compared to $1.8 million for the fourth quarter 2002. Operating income was $13.3 million for 2003 compared to an operating loss of $0.4 million for 2002; operating income for the fourth quarter 2003 was $5.7 million compared to an operating loss of $0.9 million in the fourth quarter 2002. Net income for 2003 was $11.8 million, or $0.41 per share, compared to a net loss of $6.5 million, or a $0.28 per share loss, for 2002. Net income for the year 2003 included a gain on the sale of the U.K. ATM Network of $18.0 million, foreign exchange translation losses of $9.7 million and losses from discontinued operations of $0.2 million. Excluding this gain and these losses, earnings per share was $0.13, or $3.6 million for the year, compared to a loss of $0.19 per share, or a $4.4 million loss, in 2002, after excluding the effects of foreign exchange losses, losses on early retirement of debt and income from discontinued operations. Net loss for the fourth quarter 2003 was $2.2 million, or $0.08 per share loss. The fourth quarter 2003 net loss included a foreign exchange translation loss of $4.5 million; excluding this loss, earnings per share was $0.08, or $2.4 million for the fourth quarter. Management analyzes historical results adjusted for certain items that are not necessarily ongoing in nature, that are incremental to the baseline of the business or that are non-operational in nature. Generally, these items include gains or losses associated with the sale of business assets or operations, market development costs, foreign exchange translations, discontinued operations and other similar items. Management believes the exclusion of these items provide a better basis for evaluating the underlying business unit performance. The attached schedules provide a full reconciliation of any Non-GAAP Financial Measures. The EFT Processing Segment reported annual revenues for 2003 of $52.8 million, a decrease of $1.1 million, or 2%, over 2002 revenues of $53.9 million. Adjusted EBITDA for the EFT Processing Segment for the year 2003 was $13.9 million compared to $13.4 million for the year 2002. Operating income for the year 2003 was $6.6 million compared to $4.8 million for the year 2002. Fourth quarter 2003 revenues were $15.8 million, up 5% over fourth quarter 2002 revenues of $15.1 million and up 22% over third quarter 2003 revenues of $12.9 million. Fourth quarter 2003 operating income was $2.3 million and Adjusted EBITDA was $4.0 million compared to fourth quarter 2002 operating income of $1.4 million and Adjusted EBITDA of $3.9 million. The year-over-year revenue decrease of $1.1 million was attributable to the January 2003 sale of the Segments U.K. ATM Network, which was nearly offset by growth in the EFT Processing Segment. If the effects of the U.K. ATM Network sale and related outsourcing agreement were excluded from 2002, 2003s revenues and Adjusted EBITDA increased by $11.9 million, or 29%, and $3.3 million, respectively. The year-over-year increases in operating income and Adjusted EBITDA were largely attributable to a 45% increase in transactions processed, an 11% increase in ATMs under management and expense control management, which more than offset the $0.9 million in 2002 operating income related to the U.K. ATM Network operations sold in January 2003. The EFT Processing Segment processed 114.7 million transactions for the full year 2003 and 33.2 million transactions in the fourth quarter 2003 compared to 79.2 million and 22.7 million transactions for the same periods last year, respectively. The Segment completed the ye


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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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