Concord EFS record earnings continue

MEMPHIS, Tenn. -- Concord EFS, Inc. (Nasdaq:CEFT), a leading electronic commerce provider and owner of the MAC Network, continued its strong financial performance with second-quarter 2000 revenue of $290.1 million, up 43 percent over the second quarter of 1999.

Net income for the second quarter 2000 was $46 million, or 21 cents diluted earnings per share, up 49 percent and 40 percent, respectively, over the second quarter 1999. For the six months ended June 30, 2000, revenue, net income and diluted earnings per share were $547.9 million, $84.3 million and 39 cents, respectively, representing increases of 44 percent, 49 percent and 44 percent, respectively, over the same period of the prior year.

Results of each six-month period exclude pretax acquisition-related charges of $800,000 incurred during the first quarter of 2000 in the acquisition of Card Payment Systems, Inc. (CPS) and pretax acquisition and restructuring charges of $34.8 million incurred during the first quarter of 1999 in the acquisition of Electronic Payment Services, Inc.

Including the charges, diluted earnings per share was 38 cents and 14 cents for the six months ended June 30, 2000 and 1999, respectively.

"Revenue growth during the second quarter was fueled by strong sales through our expanded ISO channel, continued cross-sell and conversion of settlement contracts, and above-market transaction growth within our market segments," said Dan Palmer, Concord chairman and CEO.