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Euronet Worldwide Reports Third Quarter 2004 Financial Results

Friday 29 October 2004 00:21 CET | News

Euronet Worldwide, has reported consolidated revenues of $99.9 million for the third quarter ended September 30, 2004.

These results compare to $53.1 million for the third quarter ended September 30, 2003. Consolidated operating income for the quarter was $10.0 million, compared to $3.7 million for the third quarter 2003. Adjusted EBITDA (operating income plus depreciation and amortization) was $14.2 million for third quarter 2004, compared to $6.8 million for the third quarter 2003. Net income for the third quarter 2004 was $6.0 million, or $0.17 fully diluted earnings per share, compared to a net income of $1.4 million, or $0.05 per share, for the third quarter 2003. The third quarter 2004 net income included a foreign exchange gain of $0.4 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 $0.16, or $5.6 million. Net income for the third quarter 2003 included a loss on discontinued operations of less than $0.1 million and a foreign exchange translation loss of $0.2 million; excluding these losses, earnings per share were $0.06, or $1.7 million. Management analyzes historical results adjusted for certain items that are not necessarily ongoing in nature and that are incremental to the baseline of the business or 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, early debt retirement and other similar items as discussed in this press release. Management believes the exclusion of these items provides a better basis for evaluating the underlying business unit performance. The attached schedules provide a full reconciliation of any such non-GAAP financial measures. The EFT Processing Segment posted third quarter 2004 revenues of $20.9 million, compared to $12.9 million reported for the third quarter 2003. Operating income for the third quarter was $4.2 million, compared to the prior years same quarter of $2.3 million. Third quarter 2004 Adjusted EBITDA was $6.5 million, compared to $4.1 million for the third quarter 2003. The EFT Processing Segment processed 70.1 million transactions in the third quarter 2004 compared to 31.0 million transactions for the same period last year. The segment completed the quarter with 5,404 ATMs owned or operated, compared to 3,254 ATMs at the end of the third quarter 2003. The improved results of the third quarter 2004 over the same quarter last year are largely attributable to the continued growth in ATMs under management, primarily in our Indian, Polish and Romanian 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 reported third quarter 2004 revenues of $75.4 million, compared to $36.5 million reported for the third quarter 2003. Operating income for the third quarter was $7.7 million, compared to the prior years third quarter results of $3.0 million. Adjusted EBITDA for the third quarter 2004 was $9.3 million, compared to $3.9 million for the third quarter 2003. Total transactions processed by the Prepaid Processing Segment in the third quarter 2004 were 59.8 million, compared to 26.3 million prepaid transactions processed in the third quarter 2003. The Prepaid Processing Segment processes electronic point-of-sale prepaid transactions at more than 168,000 point-of-sale terminals across more than 79,000 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 Segments third quarters year-over-year revenue improvements were the result of a continuation of transaction growth from the companys e-p


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