MEMPHIS, Tenn.-- Concord EFS, Inc. (NASDAQ: CEFT), an electronic payment solutions provider, announced first quarter 2000 revenue of $257.8 million, up 45 percent over the first quarter of 1999.
Excluding charges in both quarters of 2000 and 1999, net income for the first quarter 2000 was $38.3 million, or 18 cents diluted earnings per share, both up 50 percent over the first quarter 1999.
These results exclude pretax acquisition-related charges of $0.8 million incurred 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. (EPS).
Including the charges, net income was $37.6 million or diluted earnings per share of 17 cents in the first quarter of 2000 compared to a net loss of $1.3 million or diluted loss per share of $0.01 in the year-earlier quarter.
Dan M. Palmer, chairman and CEO, said, "From a growth perspective, the quarter was dominated by accelerating merchant sign-ups and fast conversions of BUYPASS customers to Concord's complete processing solutions. In addition, the strong quarter was driven by a continuing shift from traditional checks and cash to electronic payments in supermarkets and the emerging pay-at-the-pump segment."
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