eFunds Reports LowerEarnings
SCOTTSDALE, Ariz. - (05/04/06) -- Funds processor eFunds Corp. saidWednesday that first quarter earnings declined 10% to $10.7million, or 23 cents a share, compared to the first quarter lastyear. The main reason for the decline in net was a $3 millionoperating loss incurred by the company's Wildcard prepaid solutionsunit acquired in 2005. First quarter revenues rose a strong 22% to$139.7 million. eFunds provides processing for several major creditunion operations, including the CO-OP Network electronic fundstransfer system.