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Euronet Worldwide Swings To Profit In Q1

Euronet Worldwide, a US-based electronic payments provider, has posted a net income of $2.8m, or $0.05 diluted earnings per share, for the first quarter ended March 31, 2010, compared to a net loss of $12.3m, or $0.24 diluted loss per share, for the first quarter 2009.

Euronet revenues were $250m, compared to $233.7m for the first quarter 2009. Operating income for the first quarter of 2010 was $18.2m, compared to $9.7m for the first quarter 2009.

Adjusted EBITDA was $34.6m, compared to $29.7m for the first quarter of the previous year.

Mike Brown, chairman and CEO of Euronet, said: “The results for the first quarter reflect the advantage of Euronet’s global product diversity. The 5% constant dollar expansion in adjusted EBITDA was result of strong growth in the EFT Segment’s adjusted EBITDA, offset by continued pressure from the money transfer segment, while the epay segment’s adjusted EBITDA was steady year over year.

“We also started to see the rate of decline in transfers from the US to Mexico taper off in the first quarter with a 14% decline year over year, but more importantly only a 7% decline for March 2010 over March 2009.”