SCOTTSDALE, Ariz. - eFunds Corporation (NYSE: EFD) reported first quarter net income of
$9.4 million, or 19 cents per diluted share, on revenues of $140.9 million, compared with net income of $4.6 million, or 10 cents per diluted share, on revenues of $130.5 million reported in 2003's first quarter.
Calling the quarter "a solid start in 2004," Paul Walsh, the company's chairman and chief executive said the company would continue to make selective investments in its business.
In April eFunds completed the acquisition of Penley, Inc., which provides USA Patriot Act and
OFAC compliance services, and Loss Control Solutions (LCS), which offers fraud investigation case management software for the financial services industry. The aggregate initial purchase price of approximately $6 million for Penley and LCS was funded from cash on hand.
Walsh said the products will give eFunds an entry point to extend its business into the credit card, insurance and broker dealer markets.
For the quarter, eFunds' Electronic Payments division reported net income of $8 million on revenues of $49.7 million, down from $9.1 million in 2003's first quarter.
The ATM Management division reported net income of $274,000 on revenues of $35 million, an improvement from a $438,000 loss in 2003's first quarter.
Risk Management's net income was $11.7 million on revenues of $35 million, up from $6.4 million in 2003's first quarter.
Global Outsourcing reported net income of $4 million on revenues of of $20.9 million, up from $1.4 million in 2003's first quarter.
Corporate reported a net loss of $10 million, flat from 2003's first quarter.
