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eFunds hits 52-week high, earnings up 23 percent

February 22, 2006

The Arizona Republic:eFunds logged a 23 percent earnings jump during the fourth quarter of 2005, which ended Dec. 31. The payments-processing, outsourcing and risk-management firm earned $12.7 million, or 27 cents a share, during the quarter, up from $11.3 million, or 22 cents a share, a year earlier. "We're positioning ourselves as a company with double-digit revenue growth and 20-percent operating margins," said Paul Walsh, eFunds' chairman and chief executive officer.

For all of 2005, eFunds earned $55.7 million, or $1.17 a share, as revenue topped a half-billion dollars at $501.7 million. The gains reflect eFunds' drive to jettison less-profitable businesses. Last year it dropped its business of managing thousands of ATMs found in retail locations. Meanwhile, it made several notable acquisitions, including the purchase of Wildcard Systems, a company that provides prepaid cards for banks and retailers.

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