Comdata Corp., a leading provider of funds transfer and check authorization services, said its 1994 revenue rose to $243 million, a 15% increase from 1993.
The Brentwood, Tenn.-based company posted 1994 net income of $28.1 million, or 89 cents per share, compared to a $217 million loss in 1993.
"This is the first year Comdata posted a profit since it underwent a highly leveraged buyout in 1987," said George L. McTavish, chairman and chief executive officer. "Our results were in line with analysts' projections, and we are encouraged by our performance."
Fourth-quarter revenues were $61.8 million, up 12% from 1993. Fourth- quarter earnings were 23 cents per share.
Comdata sells transaction processing services to the trucking and gaming industries. Its improved earnings reflect, in part, the proliferation of gambling establishments.