eFunds Aided By Sale Of ATMNetwork

Register now

SCOTTSDALE, Ariz. - (05/05/05) -- Funds processor eFunds Corp. saidnet income for its first quarter surged 40% to $13.2 million, or 26cents a share, from the same period last year, after the companyshed its industry-leading fleet of ATMs. The company said revenuesdeclined by 19% to $140.9 million, for the quarter, due to lastyear's sale of its 17,200 ATMs to Portland, Ore.-based TRM Corp.The company, which still processes transactions for the 7,000TRM-owned ATMs that are part of the CO-OP Network, said the $150million sale has enabled it to refocus its business on processingand fraud prevention solutions. The company also said it completeda $100 million stock buyback program during the first quarter.Separately, eFunds said it has agreed to acquire National CheckProtection Services, a provider of new account verification andemployment screening for financial services companies.

For reprint and licensing requests for this article, click here.