News

Concord's 2nd-quarter earnings show increase

July 25, 2001

MEMPHIS, Tenn. --Concord EFS, Inc.(Nasdaq:CEFT) reported net income of $71.2 million, or 28 cents diluted earnings per share, in the second quarter of 2001, compared to $52.3 million, or 21 cents diluted earnings per share, in the second quarter of 2000.

Revenue for the second quarter of 2001 was $420.7 million, a 24 percent increase over $338.8 million in the second quarter of 2000.

"Second quarter revenue growth continued to be strong, following record quarterly sales in the first quarter of this year," said Dan Palmer, Concord chairman and chief executive officer. "As expected, much of the revenue growth was driven by our Network Services segment, as we've successfully expanded STAR network participation and cross-sold processing to current clients."

Concord completed a public offering of 25.9 million shares of common stock at a price of $49.50 per share on June 21, which included the sale of 17 million shares by former stockholders of Star Systems, Inc., plus 8.9 million sold by Concord for general corporate purposes.