Euronet reports 2nd quarter results

Euronet reports 2nd quarter results
Tags: Bank / Credit Union
March 5, 2002

LEAWOOD, Kan. -- Euronet Services Inc. (NASDAQ: EEFT) recorded revenues of $12.9 million for the second quarter of 2000, an increase of 22 percent over second-quarter 1999 revenue of $10.7 million. Revenues for the quarter also represent an increase of 8 percent, or $1 million, over first quarter 2000 revenues of $11.9 million.

The ATM Network Services Division posted a strong performance with revenues for the quarter of $8.9 million, up 51 percent over revenues of $5.9 million in the same period of 1999. The operating loss for the division was cut to $1.6 million in 2000's second quarter from $4 million in 1999's second quarter and $2.8 million in 2000's first quarter.

The EBITDA result for the ATM division also improved to positive $400,000 from negative $2.3 million in second-quarter 1999 and negative $800,000 in first-quarter 2000.

The Software Division's revenues increased by 8 percent over the first quarter of 2000, to $4 million in second-quarter 2000. This increase comes on top of a 40 percent increase in software revenues between the last quarter of 1999 and the first quarter of 2000. The software sales backlog has also increased to $3.4 million at June 30, 2000, from $2.7 million at March 31, 2000.

The company's operating loss for this quarter was $6.3 million, reduced from $7 million in second-quarter 1999 and $7.2 million in first- quarter 2000. EBITDA improved by 23 percent, from a loss of $4.7 million in second-quarter 1999 to a loss of $3.6 million for second- quarter 2000, and by 20 percent over first-quarter 2000's negative EBITDA of $4.5 million.

The company's net loss was $10.5 million for second-quarter 2000 as compared to $11.3 million for first-quarter 2000 and $6.9 million for second-quarter 1999.

The number of ATMs owned or operated by Euronet Services increased by 53 percent over the past year, from 1,644 ATMs at June 30, 1999 to 2,518 ATMs at the end of this quarter. Quarterly transactions on the network increased by 87 percent, from 6.9 million in second quarter 1999 to 12.9 million in second quarter 2000.