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Euronet Worldwide Reports Second Quarter 2004 Financial Results

Wednesday 28 July 2004 10:57 CET | News

Euronet Worldwide, has reported consolidated revenues of $87.0 million for second quarter ended June 30, 2004. This result compares to $48.1 million for the second quarter ended June 30, 2003.

Consolidated operating income for the quarter was $7.4 million, compared to $2.8 million for the second quarter 2003. Adjusted EBITDA (operating income plus depreciation and amortization) was $10.8 million for second quarter 2004, compared to $5.9 million for the second quarter 2003. Net income for the second quarter 2004 was $4.4 million, or $0.13 fully diluted earnings per share, compared to a net loss of $2.8 million, or a loss of $0.10 per share, for the second quarter 2003. The second quarter 2004 net income included a foreign exchange gain of $0.3 million and a loss of less than $0.1 million on the early retirement of debt. Excluding this gain and loss, earnings per share were $0.12, or $4.1 million. Net income for the second quarter 2003 included foreign exchange translation loss of $3.1 million. Excluding this loss, earnings per share were $0.01, or $0.3 million. The EFT Processing Segment The EFT Processing Segment posted second quarter 2004 revenues of $18.0 million, compared to $12.2 million reported for the second quarter 2003. Operating income for the second quarter was $3.1 million, compared to the prior years same quarter of $1.2 million. Second quarter 2004 Adjusted EBITDA was $4.9 million, compared to $3.1 million for the second quarter 2003. The EFT Processing Segment processed 54.1 million transactions in the second quarter 2004 compared to 27.1 million transactions for the same period last year. The segment completed the quarter with 5,097 ATMs owned or operated, compared to 3,120 ATMs at the end of the second quarter 2003. The improved results of the second quarter 2004 over the same quarter last year are largely attributable to the continued growth in ATMs under management, primarily in our India, Poland and Romania markets, together with transactional growth from those ATMs. Euronet owns and/or operates ATMs in Hungary, Poland, Germany, Croatia, the Czech Republic, U.K., Greece, Romania, Slovakia, Kosovo, India, and Egypt. The Prepaid Processing Segment The Prepaid Processing Segment reported second quarter 2004 revenues of $65.6 million, compared to $32.2 million reported for the second quarter 2003. Operating income for the second quarter was $6.3 million, compared to the prior years second quarter results of $2.7 million. Adjusted EBITDA for the second quarter 2004 was $7.7 million, compared to $3.7 million for the second quarter 2003. Total transactions processed by the Prepaid Processing Segment in the second quarter 2004 were 54.6 million, compared to 22.8 million prepaid transactions processed in second quarter 2003. The Prepaid Processing Segment processes electronic point-ofsale prepaid transactions at more than 162,000 point-of-sale terminals across more than 68,000 retailers in Europe, Asia Pacific and the U.S. As previously announced, the company intends to expand its Prepaid Processing Segment both domestically and internationally through internal sales and promotional efforts as well as, if appropriate, acquisitions. The Prepaid Processing Segment’s second quarters year-over-year revenue improvements were the result of a continuation of strong growth from the companys e-pay group, combined with the November 2003 acquisition of transact Elektronische Zahlungssysteme GmbH (transact), a German prepaid processor, and the company’s U.S. prepaid operations, which were initiated in September 2003 with acquisition of Austin International Marketing and Investments, Inc. (AIM), with the January 2004 acquisition of Prepaid Concepts, Inc. (Precept) and further expanded with the May 2004 acquisition of Electronic Payment Solutions (EPS), an electronic point of sale company operating primarily in the southern U.S. The quarterly Adjusted EBITDA and operating income improvements were generally correlated to the increases in revenues. Depreciation and amortization included approximately $1.0 million f


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