LEAWOOD, Kan. - Euronet Worldwide Inc. reported first quarter revenue and net-income increases for the first quarter of 2007 - increases the company attributed to transaction growth. According to a news release, Euronet processed 270.2 million transactions during the quarter, up 35 percent from the 199.5 million transactions it processed in 1Q 2006.
Euronet's EFT Processing Segment wrapped the quarter with 9,182 ATMs, up from the 7,613 ATMs it owned and operated at the close of 1Q '06. The segment's growth stems from the addition of ATMs under outsource-management agreements, the company said.
Euronet owns and/or operates ATMs in Hungary, Poland, Germany, Croatia, the Czech Republic, the United Kingdom, Greece, Romania, Slovakia, Albania, Serbia, Montenegro, Ukraine, India and China.
The company's consolidated revenue was up 16 percent from the 1Q '06, coming in at $170.4 million, compared to $147 million. Net income hit $9.6 million, 24 cents per share, up 2 percent from $9.4 million last year.
Operating income was $12.1 million, down slightly from $12.3 million in 1Q '06. Start-up investments related to the company's money-transfer product coupled with the expiration of exclusive mobile-operator commissions in Spain adversely affected operating income.
The Prepaid Processing Segment also showed growth, processing electronic point-of-sale prepaid transactions at more than 356,000 POS terminals across more than 186,000 retail locations in Europe, Asia Pacific, Africa and the United States. The segment's total prepaid transactions hit 139.5 million in 1Q '07, up from the 96.4 million it processed during the same period last year.
