LEAWOOD, Kan. -- Euronet Worldwide (Nasdaq:EEFT), a provider of secure electronic financial transaction products, announced revenues of $14.82 million for the first quarter of 2001, an increase of 24 percent over first-quarter 2000 revenues of $11.94 million.
Euronet's first-quarter revenues also represent an increase of 7 percent over fourth-quarter 2000 revenues of $13.86 million.
EBITDA improved by 67 percent, from negative $4.47 million in the first quarter 2000 to negative $1.47 million for the first quarter 2001. The operating loss was reduced from $7.2 million in the first quarter 2000 to $3.65 million in the first quarter 2001. The net loss was $990,000 for first quarter 2001 compared with $11.29 million for the same period last year.
Euronet's revenues, EBITDA and operating results exceeded all published analysts' expectations for the first quarter 2001.
"We are firmly committed to becoming EBITDA positive for the second quarter," said Michael J. Brown, Euronet's chairman and CEO.
The Network Services Division had first-quarter revenues of $10.85 million, up 31 percent over revenues of $8.26 million for the same period of 2000. This is a 7 percent increase over fourth-quarter 2000 revenues of $10.14 million and is the 24th consecutive quarter of revenue growth for this division.
Software Division revenues increased by 8 percent compared to the first quarter of 2000, to $3.98 million in first quarter 2001, up from $3.68 million in first quarter 2000. This division's revenues also increased 7 percent compared to fourth-quarter 2000 revenues of $3.72 million.
The company says it expects to see a continued improvement in operating costs during second quarter 2001 due to the restructuring efforts undertaken in fourth quarter 2000 and first quarter 2001.
"We believe that the accelerating and recurring revenues of our ATM network, our wireless banking and mobile recharge solutions will contribute to further improvements in our EBITDA and operating results," Brown said. "We are also pleased with the performance of our software division this past quarter. We believe the demand for our transaction software solutions combined with cost reduction actions we have taken over the past several months will provide improved and continued positive EBITDA."
The number of ATMs owned or operated by Euronet Worldwide increased by 12 percent over first quarter 2000 from 2,383 ATMs to 2,661 ATMs at the end of this quarter. Euronet owns and/or operates ATMs in Hungary, Poland, Germany, Croatia, the Czech Republic, France, the Middle East, the U.K., Greece and the U.S.
Quarterly transactions on the network increased by 35 percent, from 11 million in first quarter 2000 to 14.9 million in first quarter 2001.
