Euronet Worldwide Inc., which conducts the majority of its operations outside the United States, last week reported net income of $2.8 million for the first quarter ended March 31. The Leawood, Kan.-based electronic-payments processor reported a net loss of $12.3 million during the same period last year. Revenue totaled $250 million, up 7% from $233.7 million.
Transactions processed during the quarter totaled 391.5 million, up 14.6% from 341.6 million.
The EFT processing segment reported revenue of $48.6 million, up 5.2% from $46.2 million. The segment processed 187.4 million transactions during the quarter, up 22.2% from 153.3 million.
Europay renamed its Prepaid Processing segment epay during the quarter to recognize the unit’s ongoing expansion into nonmobile products such as bill payment, transportation, music and entertainment. “We felt that our epay brand name better reflected the nature of the segment,” Jeff Newman, Europay executive vice president and general counsel, told analysts during a conference call last week.
The epay unit reported revenue of $145.3 million, up 8% from $134.5 million. It processed 199.8 million transactions during the quarter, up 8.4% from 184.3 million.
Euronet’s Money Transfer segment reported revenue of $56.1 million, up 5.8% from $53 million. It processed 4.3 million funds transfers during the quarter, up 7.5% from 4 million.
