LEAWOOD, Kan. -- Euronet Worldwide (Nasdaq: EEFT) said it posted operating income of $150,000 in the first quarter of 2002, an improvement of $3.44 million over first-quarter 2001 operating loss of $3.29 million and an increase of $100,000 million over fourth-quarter 2001 operating income of $50,000.
The company's net income in 2002's first quarter was $3.5 million, up from a net loss of $994,000 in the year-earlier quarter. Consolidated revenues were $17.04 million for the first quarter 2002, an increase of 20 percent over first-quarter 2001 revenues of $14.16 million.
The majority of revenues, $12 million, were generated by Euronet's Processing Services segment, which includes the ATMs it owns as well as those it operates for others. That performance marked a 20 percent increase over revenues of $10 million for the same period of 2001.
As of March 31, 2002, Euronet owned and/or operated a total of 2,548 ATMs in Hungary, Poland, Germany, Croatia, the Czech Republic, the UK, Greece and Egypt, compared to 2,400 ATMs on Dec. 31, 2001. Quarterly transactions on the network increased 24 percent from 12.62 million in the first quarter 2001 to 15.61 million in the first quarter 2002.
Euronet's Software segment reported $4.86 million revenues for first quarter 2002, an increase of 22 percent over first-quarter 2001 revenues of $3.98 million. The first-quarter 2002 revenues include $1.33 million in revenues from the Alltel Information Services licensing agreement signed on Jan. 4, 2002.
Michael J. Brown, Euronet Worldwide chairman and chief executive officer, said in a news release that the company will continue to add ATMs, banks, mobile operators and new markets to its transaction-processing infrastructure.
