Earnings Rise At eFunds
SCOTTSDALE, Ariz. - (11/03/05) -- Transaction processor eFunds Corp.reported Wednesday that third quarter profits surged 48% to $15.8million, or 34 cents a share, compared to the same period lastyear, even while revenues declined. The company, which processestransactions for the credit union-owned CO-OP Network, said totalrevenues declined 5% for the quarter, due to last year's sale ofits ATM fleet to TRM Corp. But operating expenses also declined by8% to $115.2 million, as a result of the ATMs sale. For the firstthree quarters of the year eFunds reported a 46% rise in net incometo $43.1 million, or 90 cents a share, compared to the first ninemonths last year, and a 14% decline in revenues t $363.7 million,because of the absence of the ATM revenues.