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Concord EFS reports record financial results
MEMPHIS, Tenn. -- Concord EFS Inc. announced record financial results for the 1999 fourth quarter and full year. Fourth-quarter revenue was $250 million, up 41 percent over fourth quarter 1998. Net income was $40.5 million, or 19 diluted earnings per share, up 54 percent and 46 percent, respectively, over fourth quarter 1998. Including an additional severance cost of $1.4 million which was incurred during the fourth quarter for Electronic Payment Services Inc. (EPS), net income was $39.7 million and 19 diluted earnings per share. For the year, revenue was $830.1 million, compared to $634.5 million a year earlier, a 31 percent increase. Net income was $129.4 million, or 63 diluted earnings per share, up 46 percent and 40 percent, respectively, over 1998. Those results exclude the fourth-quarter severance charge and one-time acquisition and restructuring charges incurred with the merger of Concord and EPS. Including those charges, net income was $101.7 million and 49 diluted earnings per share. "Our rapid integration of EPS early in the year generated significant momentum in sales and helped us quickly realize cost savings within our combined operations," said Dan Palmer, Concord chairman and CEO. "Strong transaction growth in our core processing businesses, high contract renewal rates and continued decline in selling, general and administrative expenses as a percent of revenues also helped propel us into our best earnings year ever."
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