STRATEGIC PARTNERS
July 29, 2002
LEAWOOD, Kan. -- The stronger euro compared with the U.S. dollar contributed to Euronet Worldwide's second-quarter loss, but revenue rose compared with last year.
For the quarter that ended June 30, Euronet (Nasdaq: EEFT) reported a loss of $4.7 million, or 21 cents a share, compared with earnings of $7.6 million, or 37 cents a share, a year ago.
Earnings were well below analysts' consensus estimate for the company's second-quarter loss of 2 cents a share, according to Thomson Financial/First Call.
Euronet said in a written statement that the stronger euro yielded a foreign exchange loss of $3.8 million, compared with a foreign exchange gain of $3.2 million a year ago.
Operating income for the quarter was $953,000, compared with an operating loss of $2.7 million last year.
Revenue for the quarter was $17.5 million, up 16 percent from $15.1 million a year ago.
Euronet CFO Kendall Coyne said that the year-ago quarter's earnings were boosted by a one-time foreign exchange gain of $3.2 million and a $7.3 million gain from the early redemption of bonds.
As of June 30, Euronet owned or operated 2,840 ATMs in Hungary, Poland, Germany, Croatia, the Czech Republic, the United Kingdom, Greece and Egypt, compared to 2,548 ATMs in the previous quarter.
Euronet said that quarterly transactions on the network increased 36 percent, from 13.8 million in 2001's second quarter 2001 to 18.7 million in the second quarter of 2002. Transactions in the second quarter 2002 improved from 15.6 million in 2002's first quarter.
