STRATEGIC PARTNERS
February 11, 2002
MEMPHIS, Tenn. -- Concord EFS Inc. reported net income of $89.8 million, or 17 cents a share, in the fourth quarter of 2001, up from $65.9 million, or 13 cents a share, in the year earlier quarter.
Analysts on average expected the firm to earn 17 cents a share, according to research firm Thomson Financial/First Call.
Excluding acquisition expenses and restructuring charges, Concord reported full-yearnet income of $302.8 million, or 59 cents a share, compared to $218.1 million, or $44 cents a share, in 2000.
Including the one-time charges related to the acquisitions of the Cash Station network and Card Payment Systems and plans to integrate these and other acquisitions, Concord's net income rose 3 percent and diluted earnings per share was flat year over year.
Concord EFS shares closed at $26.57 on Feb. 11. They rose about 48 percent last year, outperforming the S&P 500 index, which fell about 13 percent in the same period.
