SCOTTSDALE, Ariz. - eFunds Corp. reported a 32 percent increase in net income from the third quarter of 2004 to the third quarter of 2005. According to a news release, net income hit $15.8 million, or 34 cents per share, up from $10.7 million, or 22 cents per share, a year ago.
Earnings for the quarter were down, from $140 million in '04 to $133 million in '05. The company said that dip resulted from the sale of its ATM deployment business in November 2004.
Excluding the impact of the WildCard Systems acquisition (which resulted in a $2.1 million operating loss) in July, revenue from eFunds' operating segments was up 7 percent from 3Q '04.
For the nine months ended Sept. 30, eFunds reported net income of $43.1 million, up 32 percent from $29.5 million during the same period last year.
"Our electronic payments segment continues to perform well, and we are seeing continued strong growth and margin improvement in our core EFT processing business," said Paul Walsh, eFunds' chairman and chief executive. "WildCard's performance is exceeding our original expectations, and we believe this acquisition will help us further accelerate the performance profile of this segment."
