News

eFunds' 2Q '03 earnings in line with expectations

July 29, 2003

SCOTTSDALE, Ariz. -- eFunds Corporation (Nasdaq: EFDS) reported net income for of $5.1 million, or 11 cents per diluted share, in 2003's second quarter, up 13.3 percent from net income of $4.5 million, or 10 cents per diluted share, in 2002's second quarter.

The earnings were in line with analysts' expectations of 11 cents a share.

Revenue fell from $133.5 million in 2002's second quarter to $133 million in the latest quarter.

For the first half of 2003, eFunds reported net income of $9.7 million, or 21 cents per diluted share, on net revenue of $263.5 million. This compares to reported net income of $13 million, or 27 cents per diluted share, on net revenue of $267.5 million for the six months of 2002.

The company's Access Cash ATM management business accounted for $36.3 million in earnings in 2003's second quarter, up from $27.5 million in 2002's second quarter.

The electronic payments business, which includes ACH, POS, EFT and other processing services, electronic benefit transfer (EBT) services and EFT software sales, earned $45.3 million in 2003's second quarter, down from $52.4 million in the year-earlier quarter.

The company said it continues to expect that its full year revenues and diluted earnings per share in 2003 will be in line with its 2002 reported results.