Earnings On The Rise At eFunds

Electronics funds processor eFunds Corp. said net income rose 13% for its second quarter to $5.1 million, or 11 cents a share, from $4.5 million, or 10 cents a share, for the same period last year, despite flat revenue growth.

The company, which provides important switching and processing for the credit union-owned CO-OP Network, said revenues for the period were $133 million, down slightly from the $133.5 million in last year's second quarter, but expenses were also down by almost $2 million for the period. Still, earnings for the first six months of the year were down 25% to $9.7 million, or 21 cents a share, from $13 million, or 27 cents a share, for the first half last year, due mainly to a decrease of $4 million (1.5%) in revenues to $263.5 million. eFunds operates a fleet of 14,500 ATMs through its Access Cash International unit which is used by the CO-OP.