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 2013 Financial Results

Stocks in this article: EEFT

LEAWOOD, Kan., April 23, 2013 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. ("Euronet" or the "Company") (Nasdaq:EEFT), a leading electronic payments provider, reports first quarter 2013 financial results.

Euronet reports the following consolidated results for the first quarter 2013 compared with the same period of 2012:

  • Revenues of $335.6 million, a 13% increase from $297.6 million (14% increase on a constant currency (1) basis).
  • Operating income of $19.2 million, a 22% increase from $15.8 million (22% increase on a constant currency basis).
  • Adjusted EBITDA (2) of $39.4 million, an 11% increase from $35.4 million (11% increase on a constant currency basis).
  • Net income attributable to Euronet of $12.0 million or $0.24 diluted earnings per share, compared with net income of $13.2 million or $0.26 diluted earnings per share.
  • Adjusted cash earnings per share (3) of $0.38, a 15% increase from $0.33.
  • Transactions of 560 million, a 4% increase from 539 million.

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

"I am pleased that each of our three segments delivered revenue and operating income growth in the quarter, allowing us to exceed our guidance by delivering adjusted cash earnings per share of $0.38 for the first quarter," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "The EFT and Money Transfer Segments continued to deliver solid results driven by network and product expansion. The epay Segment returned to growth by delivering new mobile and non-mobile products. We are very excited to start the year with all three segments contributing to our revenue and profit growth."

Segment and Other Results

The EFT Processing Segment reports the following results for the first quarter 2013 compared with the same period of 2012:

  • Revenues of $63.3 million, a 27% increase from $49.9 million (28% increase on a constant currency basis).
  • Operating income of $6.6 million, a 10% increase from $6.0 million (12% increase on a constant currency basis).
  • Adjusted EBITDA of $14.9 million, a 24% increase from $12.0 million (25% increase on a constant currency basis).
  • Transactions of 274 million, a 3% increase from 266 million.
  • Operated 17,973 ATMs as of March 31, 2013, a 15% increase from 15,614.

Revenue, operating income and adjusted EBITDA expansion in the first quarter was driven by a 15% increase in ATMs under management and sales of value added services in Europe. The January 2013 acquisition of Pure Commerce contributed marginally to revenue and adjusted EBITDA growth, while operating income was reduced due to intangible amortization expense recorded for the acquisition. Without the additional non-cash intangible amortization recorded for the acquisition, the EFT Segment's first quarter operating income would have increased 33% over the prior year.

1 of 5

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 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

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