LEAWOOD, Kansas -- Electronic payments provider Euronet Worldwide, Inc. (NASDAQ: EEFT) reported a net loss for of $2.8 million, or 10 cents per share for 2003's second quarter, compared to a loss of $4.7 million, or 21 cents per share, in 2002's second quarter.
According to a news release, the latest quarter's loss included a foreign exchange translation
loss of $3.1 million. Excluding the effects of this loss, Euronet would have earned $300,000 or one cent per share.
The EFT Processing segment posted second quarter 2003 revenues of $12.2 million, EBITDA of $3.1 million and operating income of $1.2 million, down slightly from revenues of $12.9 million, EBITDA of $3.5 million and operating income of $1.6 million in 2002's second quarter.
The company attributed the decrease in operating results to the January 2003 sale of the segment's UK ATM network, partially offset by business growth and expense management over the past year. Without the impact of the UK ATM network sale, second quarter revenues would have increased $2.3 million and the operating income would have decreased $100,000 over 2002's second quarter 2002.
According to the release, the segment processed 27.1 million transactions in 2003's second quarter, up from 18.7 million transactions for the same period in 2002. The segment completed the quarter with 3,120 ATMs owned and/or operated in Europe and India, compared to 2,840 ATMs at the end of 2002's second quarter.
The Prepaid Processing segment reported second quarter 2003 revenues of $32.2 million, EBITDA of $3.7 million and operating income of $2.7 million. Included in the segment's operating income is approximately $200,000 related to costs necessary to enter the prepaid transaction processing markets in Poland and the United States.
Excluding the market development costs, the Prepaid Processing Segment's operating income and EBITDA would have been $2.9 million and $3.9 million.
Euronet processed 22.8 million electronic prepaid transactions at more than 50,000
point-of-sale terminals located in the UK., Australia, Malaysia and New Zealand during the quarter.
The Software Solutions segment reported $3.8 million in revenues compared to $4.6 million in revenues for 2002's second quarter 2002. Operating income for the segment was $400,000, down from $500,000 in 2002's second quarter.
According to the release, Euronet estimates its earnings per share for the full year will be in the range of 10 cents to 13 cents a share, excluding the effects of foreign exchange gains and losses and the sale of the UK ATM network.
