A 2007 acquisition helped Euronet Worldwide Inc.'s revenue rise in the first quarter, but it swung to a loss, in part because of charges incurred in its bid to buy MoneyGram International Inc.
The Leawood, Kan., electronic payments provider said its revenue rose 45% from a year earlier, to $247.1 million. But it posted a $6.8 million loss, after turning a $9.5 million profit a year ago.
Euronet's April 2007 purchase of the money transfer company Ria Envia Inc. dramatically increased its transfer business. Revenue in the money transfer unit in the first quarter was $52.3 million, versus $800,000 a year earlier.
Euronet, which reported its first-quarter results April 30, announced an unsolicited bid for MoneyGram in the fourth quarter, and spent $20 million to buy 1.3 million of its shares. MoneyGram's shares plummeted after it announced poor financial results, and Euronet decided in February to abandon its bid.
