STRATEGIC PARTNERS
February 12, 2003
MEMPHIS, Tenn. -- Transaction processor Concord EFS, Inc. (NYCE: CE), on Feb. 13 provided a preview of its fourth quarter earnings results, which are scheduled for release on Feb. 18.
Concord says that its diluted earnings per share was 17 1/2 cents for 2002's fourth quarter and 57 cents for the full year. Excluding acquisition, restructuring and write-off charges, and litigation settlement charges, diluted earnings per share was 68 cents for the full year.
That compares to Concord's net earnings of 17 cents a share for 2001's fourth quarter and full-year net income of 59 cents a share for 2001.
According to a news release, further details will be provided during a conference call scheduled for 11 a.m. Feb. 18.
In addition, Concord made a flurry of personnel changes.
Richard Kiphart, a Concord director since 1997, was appointed chairman of the board of Concord. A long-time investor in Concord, he is head of the Corporate Finance Department of William Blair & Company, L.L.C.
Kiphardt will assume the duties from Dan Palmer, formerly chairman and chief executive. Palmer will now serve as director and co-chief executive officer, along with Bond Isaacson, the former Bank of America executive who joined Concord as executive vice president in 2002.
Edward Labry III, a director since 1993 and Concord president since 1994, will continue in those roles.
Paul Finch Jr., the former executive vice president of systems and operations for eFunds Corporation, was named Concord's senior vice president and president of Risk Management Services. He joined Concord in January.
E. Miles Kilburn, senior vice president of business strategy and corporate development since 2001, will continue in that role.
Concord's stock fell $2.78, about 21 percent, to $10.08 following the news. Goldman Sachs downgraded Concord to in-line from outperform because of its concerns that "management changes may signal bigger problems."
