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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.