Envoy, a Transaction Processor, Reports '94 Revenues up 27%

Envoy Corp., which has agreed to sell its merchant point of sale operations to First Data Corp., said revenues rose 27% in 1994, to $54.4 million.

The Nashville-based transaction processor reported virtually no change in net income, at $4.7 million, or 41 cents a share. But that came after more than $2.5 million of nonrecurring charges equaling 14 cents a share, including $1.5 million related to the merger.

Excluding the charges, net income would have been $6.3 million, which is $1.6 million, or 33%, above the 1993 net.

For the fourth quarter, revenues increased 21%, to $15.3 million, but net income was down by $679,000, or 39%, to $1.05 million, or nine cents a share. About $800,000 of the merger-related costs were among $1.2 million of one-time charges in the quarter.

Fred C. Goad Jr., president and chief executive, said a stockholders meeting will be held in mid-March to vote on the First Data offer. The Hackensack, N.J.-based information processing company announced an agreement last August to buy Envoy's merchant processing and terminal businesses for $156 million to $177 million in stock.

First Data, the No. 1 processor of bank credit card accounts, will bulk up in merchant processing through Envoy and another pending purchase - Card Establishment Services of Melville, N.Y.

Envoy's financial transactions rose 28% last year, to 327 million. Health care volume, which Envoy is retaining, increased 47%, to 302 million.

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