LEAWOOD, Kan., April 29, 2014 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. ("Euronet" or the "Company") (Nasdaq:EEFT), a leading electronic payments provider, reports first quarter 2014 financial results.
Euronet reports the following consolidated results for the first quarter 2014 compared with the same period of 2013:
- Revenues of $353.3 million, a 5% increase from $335.6 million (6% increase on a constant currency (1) basis).
- Operating income of $24.4 million, a 27% increase from $19.2 million (24% increase on a constant currency basis).
- Adjusted EBITDA (2) of $43.6 million, an 11% increase from $39.4 million (9% increase on a constant currency basis).
- Net income attributable to Euronet of $16.0 million or $0.30 diluted earnings per share, compared with net income of $12.0 million or $0.24 diluted earnings per share.
- Adjusted cash earnings per share (3) of $0.46, a 21% increase from $0.38.
- Transactions of 590 million, a 5% increase from 562 million.
See the reconciliation of non-GAAP items in the attached financial schedules."This was an exciting start to 2014 for Euronet highlighted by our announcements of the pending acquisition of HiFX and our partnership with Walmart," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "Operationally, our EFT Segment had another outstanding quarter. Money transfer continued to see strong revenue growth across our markets and epay remained consistent through sustained sales of higher-margin products, all contributing to starting the year off with a strong 21% growth year-over-year in cash EPS." Segment and Other Results The EFT Processing Segment reports the following results for the first quarter 2014 compared with the same period of 2013:
- Revenues of $74.6 million, an 18% increase from $63.3 million (20% increase on a constant currency basis).
- Operating income of $12.8 million, a 94% increase from $6.6 million (88% increase on a constant currency basis).
- Adjusted EBITDA of $20.2 million, a 36% increase from $14.9 million (33% increase on a constant currency basis).
- Transactions of 301 million, a 9% increase from 276 million.
- Operated 18,558 ATMs as of March 31, 2014, a 3% increase from 17,949.