SCOTTSDALE, Ariz. - eFunds Corporation (NYSE: EFD) reported second quarter net income of $9.4 million, or 19 cents per diluted share, compared with net income of $5.1 million, or 11 cents per diluted share, reported in 2003's second quarter.
Net revenue for the quarter increased 5.8 percent to $140.7 million, compared to net revenue of $133 million recorded in 2003's second quarter.
For the six months ended June 30, eFunds reported net income of $18.8 million, or 38 cents per diluted share, compared with net income of $9.7 million, or 21 cents per diluted share, in the first half of 2003.
Net revenue increased 6.9 percent to $281.6 million, compared to $263.5 million reported in thefirst six months of 2003. Results for the latest second quarter and six months ended
June 30 included restructuring and contract loss charges of $1.3 million.
According to Paul Walsh, the company's chairman and chief executive, eFunds' Electronic Payments segment posted revenue growth of 14 percent in the second quarter, primarily due to higher EFT processing volumes. The segment tallied revenue of $51.7 million, up from $45.2 million in 2003's second quarter.
"The results of our ATM business were consistent with our expectations," Walsh said. The ATM Management segment contributed $34.5 million of revenue in 2004's second quarter, down 5 percent from $36.3 million in 2003's second quarter.
The company reconfirmed its previous outlook that net revenues for 2004 will increase approximately 5 to 10 percent over 2003's net revenues of $532.1 million. Additionally, the company expects full year diluted EPS to increase 25 to 30 percent in over the diluted EPS of 61 cents reported in 2003.
