IMGCAP(1)]
Citing, in part, changes in the value of foreign currencies compared with the U.S. dollar, Euronet Worldwide Inc. last week reported significantly higher net income but lower revenue for the third quarter ended Sept. 30. The Leadwood, Kan.-based electronic-payments processor, which conducts about 75% of its operations outside the United States, reported net income of $18.9 million, up considerably from $1.9 million for the same period last year. Revenue fell 5.7%, however, to $264.8 million from $280.7 million. The company processed 387.3 million transactions during the quarter, up 7.9% from 358.9 million a year earlier. Euronet's EFT segment brought in $50.9 million in revenue, down 6.4% from $54.4 million. The company processed 188.4 million EFT transactions during the quarter, up 8.2% from 174.2 million during the same period last year. Euronet operated 9,473 ATMs as of Sept. 30, down 8.8% from 10,384 ATMs a year earlier. Prepaid processing brought in $153.6 million in revenue, down 7.9% from $166.8 million. Euronet processed 194.4 million prepaid transactions during the quarter, up 7.8% from 180.4 million. Its funds-transfer business generated revenues of $60.3 million, up 1.3% from $59.5 million. The company processed 4.5 million money transfers, up 4.7% from 4.3 million a year earlier.
