SCOTTSDALE, Ariz.- eFunds Corp. reported first quarter net revenue of $114.2 million, an 8 percent increase from Q1 2004, according to a news release.
Overall revenue dropped 19 percent from Q1 '04's $140.9 million - the result of the sale of the company's ATM deployment business in November 2004.
First quarter net income was 27 cents per share, compared to net income of 20 cents per share for the same period in 2004.
"During the quarter, we saw revenue growth in our EFT processing and business process outsourcing businesses and steady improvement in the performance of our risk management operations," said Paul F. Walsh, eFunds' chairman and chief executive. "Overall, we feel that our first quarter results reflect solid progress toward meeting our full year financial and operational objectives. We also executed against our stated strategy to deploy capital toward complementary acquisitions and our share repurchase program."
eFunds acquired ClearCommerce Corp., a provider of fraud-prevention and payment-processing solutions, during Q1 '05. It also executed an agreement to acquire India Switch Company, an India-based provider of ATM management and processing services.
That transaction is expected to close in the second quarter.
eFunds also executed an agreement to acquire all of National Check Protection Services' assets. NCPS provides new account verification and employment screening services for financial services companies, Walsh said. And the company introduced a $100 million share repurchase program during 1Q '05- a program through which eFunds bought back approximately 4.6 million of its shares this year.
