This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Euronet Worldwide Reports First Quarter 2012 Financial Results

Stocks in this article: EEFT

Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports first quarter 2012 financial results.

Euronet reports the following consolidated results for the first quarter 2012:

  • Revenues of $297.6 million, a 13% increase from $262.6 million for the first quarter 2011 (16% increase on a constant currency (1) basis).
  • Operating income of $15.8 million, an 8% decrease from $17.2 million for the first quarter 2011 (5% decrease on a constant currency basis).
  • Adjusted EBITDA (2) of $35.4 million, a 5% increase from $33.6 million for the first quarter 2011 (10% increase on a constant currency basis).
  • Net income attributable to Euronet of $13.2 million or $0.26 diluted earnings per share, compared with income of $17.3 million or $0.33 diluted earnings per share for the first quarter 2011.
  • Adjusted cash earnings per share (3) of $0.33, compared with $0.30 for the first quarter 2011.
  • Transactions of 539 million, compared with 454 million for the first quarter 2011.

See the reconciliation of non-GAAP items in the attached financial schedules.

"I am pleased with the double-digit revenue and transaction growth delivered by each of our segments," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "This revenue and transaction growth was the leading contributor to the double-digit increase in adjusted cash earnings per share. I am excited about the momentum in each segment and feel we are well positioned to continue this growth in the coming quarters."

Segment and Other Results

The EFT Processing Segment reports the following results for the first quarter 2012:

  • Revenues of $49.9 million, a 12% increase from $44.4 million for the first quarter 2011 (22% increase on a constant currency basis).
  • Operating income of $6.0 million, a 2% decrease from $6.1 million for the first quarter 2011 (5% increase on a constant currency basis).
  • Adjusted EBITDA of $12 million, a 9% increase from $11.0 million for the first quarter 2011 (17% increase on a constant currency basis).
  • Transactions of 266 million, compared with 206 million for the first quarter 2011.
  • ATMs operated of 15,614 as of March 31, 2012, compared with 11,055 as of March 31, 2011.

Revenue expansion in the quarter is attributable to a 41% growth in ATMs under management, transaction growth in nearly all EFT markets, sales of value added products and acquisitions made in the fourth quarter in Poland and Romania, together with the purchase of 51% of the outstanding shares of the Euronet Middle East (ENME) joint venture during the current quarter. Partially offsetting these revenue gains was the first quarter 2011 recognition of previously deferred revenue related to a customer discontinuing a certain product in Greece. The impact of this prior year item accounted for operating income growing at a lower rate than revenue when adjusted for FX.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs