Euronet Worldwide Reports First Quarter 2010
April 27, 2010 07:40 PM Eastern Daylight Time
LEAWOOD, Kan.--(EON: Enhanced Online News)--Euronet Worldwide, Inc. (“Euronet” or the “Company”)
(NASDAQ: EEFT), a leading electronic payments provider, today announced its first quarter 2010 financial results.
Euronet's consolidated first quarter 2010 financial highlights included:
l Revenues of $250.0 million, compared to $233.7 million for the first quarter 2009.
l Operating income of $18.2 million, compared to $9.7 million for the first quarter 2009.
l Adjusted operating income(1) of $18.2 million, compared to $15.2 million for the first quarter 2009.
l Adjusted EBITDA(2) of $34.6 million, compared to $29.7 million for the first quarter 2009.
l Net income of $2.8 million, or $0.05 diluted earnings per share, compared to net loss of $12.3 million, or
$0.24 diluted loss per share, for the first quarter 2009.
l Adjusted cash earnings per share(3) of $0.32, compared to $0.31 for the first quarter 2009.
l Transactions of 391.5 million, compared to 341.6 million for the first quarter 2009.
See the reconciliation of non-GAAP items in the attached supplemental data.
“The results for the first quarter reflect the advantage of Euronet’s global product diversity,” said Mike Brown, the
Company’s Chairman and Chief Executive Officer. “The 5% constant dollar expansion in adjusted EBITDA was
result of strong growth in the EFT Segment’s adjusted EBITDA, offset by continued pressure from the Money
Transfer Segment, while the epay segment’s adjusted EBITDA was steady year over year. We also started to see
the rate of decline in transfers from the U.S. to Mexico taper off in the first quarter with a 14% decline year over
year, but more importantly only a 7% decline for March 2010 over March 2009.”
The comparison of the Company’s results for the first quarter 2010 to the first quarter 2009 was impacted by: i)
fluctuations in foreign currency values against the U.S. dollar, ii) a g