Earnings Surge After eFunds ShedsATMs
SCOTTSDALE, Ariz. - (08/04/05) -- Net income rose 50% at paymentsprocessor eFunds Corp. for the second quarter, to $14.1 million, or30 cents a share, after the company sold its ATM operations. Secondquarter revenues declined 17% to $116.3 million, reflecting lastyear's sale of the company's fleet of 17,200 ATMs to TRM Corp. As aresult, eFunds, which still maintains the machines sold to TRM andprocesses transactions for half the machines on the CO-OP Network,reported an 18% drop in first half revenues to $230.5 million. Forthe first six months of the year, eFunds reported a 30% rise in netincome to $27.3 million, or 56 cents a share, compared to the firsthalf last year. Second quarter highlights included the acquisitionsof National Check Protection Services and India Switch Company, andan agreement to acquire WildCard Systems.