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
Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports second quarter 2012 financial results.
Euronet reports the following consolidated results for the second quarter 2012 compared with the same period of 2011:
Revenues of $302.4 million, an 8% increase from $279.8 million (18% increase on a constant currency (1) basis).
Operating income of $19.9 million, a 6% increase from $18.8 million (19% increase on a constant currency basis).
Adjusted EBITDA (2) of $39.0 million, a 4% increase from $37.4 million (16% increase on a constant currency basis).
Net income attributable to Euronet of $5.7 million or $0.11 diluted earnings per share, compared with net income of $11.9 million or $0.23 diluted earnings per share.
Adjusted cash earnings per share (3) of $0.39, compared with $0.35.
Transactions of 570 million, a 13% increase from 503 million.
See the reconciliation of non-GAAP items in the attached financial schedules.
"I am pleased our business delivered very strong second quarter earnings with consolidated constant currency revenue and operating income growth of 18% and 19%, respectively," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "While we are working through challenges in the epay Segment, our EFT and Money Transfer businesses posted exceptionally strong results through their constant currency operating income growth of 29% and 42%, respectively, and are poised for continued growth as we head into the second half of the year."
Segment and Other ResultsThe EFT Processing Segment reports the following results for the second quarter 2012 compared with the same period of 2011:
Revenues of $58.3 million, a 16% increase from $50.4 million (35% increase on a constant currency basis).
Operating income of $10.3 million, a 12% increase from $9.2 million (29% increase on a constant currency basis).
Adjusted EBITDA of $16.6 million, a 14% increase from $14.5 million (32% increase on a constant currency basis).
Transactions of 291 million, a 25% increase from 233 million.
ATMs operated of 17,048 as of June 30, 2012, a 41% increase from 12,058.
Revenues, operating income and Adjusted EBITDA increased in the second quarter as a result of ATM network expansion across Europe and India, transaction growth in nearly every market, increased sales of value added products and the purchase of 51% of the outstanding shares of the Euronet Middle East (ENME) joint venture during the first quarter 2012.