Profits Rise At eFunds
SCOTTSDALE, Ariz. - (08/05/04) -- Payments processor eFunds saidWednesday that net income for its second quarter almost doubled to$9.1 million or 19 cents a share, on the strength of a strongperformance by the company's electronic payments operations. Thecompany, which processes transactions for the credit union-ownedCO-OP Network, said revenues for electronic payments processingrose 14% to $51.7 for the quarter, and total revenues increased 6$to $141 million. However, revenues form the company's ATMmanagement operations, which provides ATMs for the CO-OP Network,declined 5% to $34.6 million, for the period. Second quarterhighlights included the company's acquisitions of Penley Inc andLoss Control Solutions. For the first six months of the fiscal yeareFunds reported a 7% rise in revenues to $282 million, and analmost doubling in earnings to $18.8 million, or 38 cents a share,from $9.7 million, or 21 cents a share, for the first half lastyear.