Earnings Climb At eFunds After SheddingOf ATM Fleet
SCOTTSDALE, Ariz. - (02/23/06) -- Transactions processor eFunds Corp.reported Wednesday that net income rose 12% for the fourth quarter,compared to the same period in 2004, to $12.7 million, or 27 centsa share. Revenues increased 6% to $138 million for the fourthquarter, as the company continued to diversify from its coreprocessing business to fraud prevention and risk management. Forthe fiscal year, revenues declined 9% to $501.7 million, due tolast year's sale of the company's ATM fleet to TRM Corp., but netincome rose 37% to $55.7 million, or $1.17 a share. Despite thesale of its ATMs, 6,500 of which were used for the CO-OP Network,eFunds continues to process transactions over the CO-OPNetwork.