LEAWOOD, Kan. -- Euronet Services Inc. (Nasdaq:EEFT) announced net income of $7.6 million, or 40 cents a share, for the second quarter of 2001, up from a loss of $10.5 million, or 64 cents a share, in the year-earlier quarter.
Euronet also reported revenues of $15.94 million for the second quarter of 2001, an increase of 23 percent over second-quarter 2000 revenues of $12.92 million.
Euronet's second-quarter revenues also represent an increase of 8 percent, or $1.12 million, over first-quarter 2001 revenues of $14.82 million.
Earnings before interest, tax, depreciation and amortization (EBITDA) improved by more than $4 million from negative $3.59 million in the second quarter 2000 to positive $496,000 for the second quarter 2001. The company also showed improvement in its operating results. The operating loss was reduced from $6.29 million in the second quarter 2000 to $1.63 million in the second quarter 2001.
Euronet's revenues, EBITDA and operating results exceeded analyst expectations for the second quarter 2001, according to a Euronet news release.
"We have passed a major milestone in achieving EBITDA-positive results this quarter," said Michael J. Brown, Euronet's chairman and chief executive officer. "We are now totally focused on our next goals, which are to become cash flow positive and profitable."
Kendall Coyne, Euronet's chief financial officer, said the company has reduced its notes and other long-term liabilities by more than $20 million since the beginning of 2001, to $56.49 million at June 30, from $77.19 million at Dec. 31, 2000, through exchanges of senior discount notes for stock. "To date, we have drawn down $2 million of the $4 million credit facility provided by certain shareholders," he said.
The number of ATMs owned or operated by Euronet Worldwide increased by 14 percent over second-quarter 2000 from 2,518 ATMs to 2,863 ATMs at the end of this quarter. Quarterly transactions on the network increased by 29 percent, from 12.92 million in second-quarter 2000 to 16.70 million in the second quarter 2001. Euronet owns and/or operates ATMs in Hungary, Poland, Germany, Croatia, the Czech Republic, France, the U.K., Greece, Egypt and the U.S.
