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Euronet shows strong EFT processing, prepaid growth in '06
February 25, 2007
LEAWOOD, Kan. - Euronet Worldwide Inc. reported a near doubling of net income for the year Feb. 20, when it released final financials for 2006. The company reported net income of $46.3 million, $1.17 per share, up from $22.4 million, 61 cents per share, in 2005. For the fourth quarter, net income more than doubled, hitting $15.4 million, up from $7.2 million in 4Q '05.
Revenue for the year came in at $629.2 million, an increase of 18 percent from $531.2 million in 2005. For the quarter, revenue hit $166.8 million, up 16 percent from $144.3 last year.
The company attributed is strong performance to a 23 percent increase in ATMs under management as well as notable transaction-volume growth from ATMs and Euronet Card Services Greece, formerly Instreamline, which Euronet acquired in 4Q '05.
The EFT processing segment ended the year with 8,885 ATMs, up from 7,211 machines at the end of 2005. The company now owns and/or operates ATMs in Hungary, Poland, Germany, Croatia, the Czech Republic, the United Kingdom, Greece, Romania, Slovakia, Albania, Serbia, Montenegro, Ukraine, India and China.
EFT revenue grew from $105.6 million in 2005 to $130.7 million in 2006. The company's prepaid segment also showed improvement, with annual revenue increasing from $411.3 million last year to $470.9 million.
The prepaid segment processes POS transactions at more than 296,000 POS terminals across more than 161,000 retail locations in Europe, Asia-Pacific, Africa and the United States. Euronet reiterated that it expects to expand its prepaid-processing segment domestically and internationally organically and through acquisitions.
In 2006, Euronet processed of 921.7 million transactions, an increase of 30 percent from 2005. During the quarter, 260.2 million transactions were processed, up from 203.1 million transactions processed during 4Q '05.
Banking Executive SummaryDistributors / ISO / IADTransaction ProcessingPrepaid / Stored Value / Gift CardUnderbanked / UnbankedDebit / CreditOtherNorth AmericaLatin AmericaPublic CompaniesMiddle East & AfricaAsia, Australia & PacificBank / Credit Union
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