News

Euronet's net loss decreases in 3rd quarter

October 28, 2001

LEAWOOD, Kan. --Euronet Worldwide reported a net loss of $5.4 million in the third quarter ended Sept. 30, 2001, down from a net loss of $15.7 million in the year-earlier quarter.

Revenues were $15.68 million for the third quarter of 2001, an increase of 12 percent over third-quarter 2000 revenues of $14.03 million.

Earnings before interest, tax, depreciation and amortization (EBITDA) improved by $4.8 million from negative $3.5 million in the third quarter 2000 to positive $1.31 million for the third quarter 2001. The company also reduced its operating loss from $6.1 million in the third quarter 2000 to $938,000 in the third quarter 2001.

According to a news release, year 2000 EBITDA and operating loss amounts were adjusted to exclude non-recurring items of $10.8 million, consisting primarily of asset write downs. Euronet's third-quarter EBITDA and operating loss improved by $811,000 and $692,000, respectively, over the prior quarter.

"We are pleased with our continued improvement in EBITDA and operating results this quarter,' said Michael J. Brown, Euronet Worldwide chairman and chief executive officer. "We are solidly positioned to meet our next goal of operating profit. These bottom-line improvements, in a traditionally soft quarter, bode very well for Euronet in the coming quarter.'

Euronet said the number of ATMs it owns or operates increased by 15 percent over third-quarter 2000 from 2,571 ATMs to 2,947 ATMs at the end of this quarter. Quarterly transactions on the network increased by 31 percent, from 13.8 million in third-quarter 2000 to 18.02 million in the third quarter 2001.

Euronet owns and/or operates ATMs in Hungary, Poland, Germany, Croatia, the Czech Republic, France, the U.K., Greece, Egypt and the U.S.