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Euronet's listing transferred to Nasdaq SmallCap Market
LEAWOOD, Kansas -- Euronet Services Inc. announced that the listing of its shares will be transferred to the Nasdaq SmallCap Market effective as of the open of business on Nov. 8. Euronet was previously listed on the Nasdaq National Market, but no longer meets the "net tangible assets" requirement of the Nasdaq Marketplace Rules. Euronet also announced revenues of $11.8 million during the third quarter of 1999. The operating loss was $5.6 million for the quarter, a 19 percent decrease from the previous quarter. The company's operating loss and negative EBITDA have both decreased for the last three consecutive quarters, and negative EBITDA reached an all-time low of $3.1 million in the third quarter. Excluding costs associated with the redeployment of ATMs in the third quarter, the comapny said direct costs of the ATM network operations also would have decreased over the last three quarters. Michael Brown, Euronet's chairman and CEO, said, "We believe reaching EBITDA positive for the ATM network during the fourth quarter is attainable based on the decrease in ATM operating costs and growth in ATM usage we are seeing." Software revenues for the third quarter totaled $4.8 million, or 41 percent of total revenues. "As we expected, we are seeing slower software sales in the third and fourth quarter of this year due to the lead-up to the year 2000," Brown said. "However, we have successfully widened and quickened our software delivery channel, which should enhance this division's performance once sales pick up again in the new year." As of Sept. 30, Euronet owned and/or operated 1,817 ATMs, compared with 1,644 ATMs at the end of the second quarter. Euronet owns 82 percent of the ATMs, and the remainder are bank-owned ATMs operated under outsourcing agreements. The company has a presence in Hungary, Poland, Germany, Croatia, the Czech Republic, France, the U.K. and the U.S.
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