Euronet Worldwide Reports Second Quarter 2013 Financial Results

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

Euronet reports the following consolidated results for the second quarter 2013 compared with the same period of 2012:
  • Revenues of $341.5 million, a 13% increase from $302.4 million (13% increase on a constant currency (1) basis).
  • Operating income of $27.8 million, a 40% increase from $19.9 million (38% increase on a constant currency basis).
  • Adjusted EBITDA (2) of $47.7 million, a 22% increase from $39.0 million (21% increase on a constant currency basis).
  • Net income attributable to Euronet of $18.1 million or $0.35 diluted earnings per share, compared with net income of $5.7 million or $0.11 diluted earnings per share.
  • Adjusted cash earnings per share (3) of $0.48, a 23% increase from $0.39.
  • Transactions of 587 million, a 3% increase from 570 million.

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

"Overall, this was another exceptional quarter for our business with 23% year-over-year growth in cash earnings per share for the second quarter," stated Michael J. Brown, Chairman and Chief Executive Officer. "All three segments contributed to our double-digit growth in consolidated revenue, adjusted EBITDA and operating income. EFT and Money Transfer growth remained strong, driven by network expansion and increased demand for value added products. epay continued its improvement, led by increased sales of non-mobile products and prepaid mobile growth in the U.S. With tailwinds in all three segments, we are well positioned to continue this strong momentum into the second half of the year."

Segment and Other Results

The EFT Processing Segment reports the following results for the second quarter 2013 compared with the same period of 2012:
  • Revenues of $72.2 million, a 24% increase from $58.3 million (23% increase on a constant currency basis).
  • Operating income of $15.0 million, a 46% increase from $10.3 million (43% increase on a constant currency basis).
  • Adjusted EBITDA of $22.7 million, a 37% increase from $16.6 million (34% increase on a constant currency basis).
  • Transactions of 296 million, a 2% increase from 291 million.
  • Operated 17,242 ATMs as of June 30, 2013, a 1% increase from 17,048.

Revenue, operating income and adjusted EBITDA growth in the quarter was the result of an increase in sales of value added products, improved performance from brown label ATMs in India and ATM network expansion. 

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