Euronet Worldwide Reports First Quarter 2005 Financial Results
5 million for the first
quarter
2004.9 million reported for the
first quarter 2004.8 million for the first quarter 2004.
About
Euronet Worldwide
Euronet Worldwide is an industry leader in processing secure
electronic
financial transactions.2 $16.1)
---------
-- -----------
Net income before foreign exchange loss
(gain) and loss on early debt retirement
$7.21 $0.
vlachs seli
7 million for first quarter 2005, compared to
$10.1 million for
the first quarter 2004. Excluding this loss, diluted earnings per share were $0.4 million.2 million
, compared to 48.
(Telerecarga), a Spanish prepaid wireless top-up company; ATX Software
Ltd.5
million, compared to 83.5 million as of March 31, 2005, compared
to $166. The password is "Euronet
. The company offers outsourcing and
consulting services, integrated EFT software, network gateways
, and
electronic prepaid top-up services to financial institutions, mobile
operators and retailers
.S.8
Add: Income tax 1.5 $0.4 0.8 $7. Genaissance also
markets
its proprietary FAMILION(TM) Test, designed to detect mutations
responsible for causing Familial
Long QT and Brugada Syndromes, two causes of
sudden cardiac death.
For more information on Genaissance
, visit the Company's website at:
http://www.Aromanian is a dialect of Romanian spoken by some 150
,000 people throughout the Balkan Peninsula in Albania, Bulgaria, Greece, FYR Macedonia and Romania.
diaspora rroma
A.2 million at December 31, 2004.m. The conference call will be broadcast on the
Internet and can
be accessed via the Euronet Worldwide Internet site
at www.com/investors/library/presentations.4
- 3.2 - 1.4 $10. Department of Agriculture,
under its
National Scrapie Eradication Program, for over a year now. Vovis continued.com.metropolis balkans
10 diluted earnings per
share, for the first quarter 2004. Operating income for the first quarter was $5., Greece, Romania,
Slovakia, Kosovo,
Albania, India, and Egypt. This increase
does not take into consideration the
effects of foreign exchange gains
or losses, gains or losses on the early retirement of debt,
discontinued
operations, and other non-operating or unusual items that
Euronet cannot reasonably project.2 million
shares of common stock,
subject to adjustment. Since the assumed conversion of the debentures
is
not dilutive for the three months ended March 31, 2005, the impact
has been excluded from the calculation
of diluted earnings per share;
however, the impact on earnings per share is expected to be dilutive
in future periods, and, accordingly, the 4.asp?ID=91373."
For those unable to attend the live
broadcast, a replay will be
available beginning approximately one hour after the event at
www
. Euronet is also the largest provider of prepaid processing,
or top-up services, for prepaid mobile
airtime.
Consolidated Statement of Operations and Comprehensive Income
(unaudited - in
thousands, except share and per share data)
Three Months Ended
March 31,
2005 2004
----------- -----------
Consolidated Statements of Operations Data:
Revenues:
EFT Processing
$23,889 $14,940
Prepaid Processing
89,381 62,919
Software and related revenue 3,936 3,196
----------- -----------
Total
117,206 81,055
--
--------- -----------
Operating expenses:
Direct operating costs
82,372 56,645
Salaries and benefits 11,949 9,454
Selling
, general and administrative 6,138 4,889
Depreciation and amortization
5,025 3,554
----------- ---
--------
Total operating expenses 105,484 74,542
----------- -----------
Operating income
11,722 6,513
----------- ---------
--
Other income (expenses):
Interest income 1,207
571
Interest expense (1,588) (1,836)
Loss on early retirement
of debt - (71)
Income (loss) from unconsolidated affiliates
245 (21)
Foreign exchange gain (loss), net (2,842) 235
----------- -----------
Total other expense
(2,978) (1,122)
---------
-- -----------
Income from continuing operations before
income taxes and minority interest
8,744 5,391
Income tax expense (3,830) (2,105
)
Minority interest (88) -
----------- -----------
Net income
4,826 3,286
Translation adjustment (1,961) (205)
----------- -----------
Comprehensive income
$2,865 $3,081
===========
===========
Net Income per share - basic:
Net income
$0.8
Add: Minority
interest - - - 0.1
$5.0 6.7 $3.vlach closely
Consolidated operating income for the
quarter was $11.1 million
.S. Participants should go to
the web site at least 15 minutes before this event to download and
install
any necessary audio software. To dial in for
the replay, the call-in number is +1-877-660-6853 (USA
) or
+1-201-612-7415 (non-USA). Copies of these filings may be obtained by
contacting the Company
or the SEC.1 2.7
Add: Depreciation
and amortization 2.2 0.1
Less: Foreign
exchange gain - - - (0.5 0.8
$0.1
=========== =========== ========== =============
EURONET WORLDWIDE, INC.1 (0. Scientists have identified forms of a sheep gene
that may determine
a sheep's susceptibility to being infected with scrapie. Such statements are subject
to certain factors, risks and
uncertainties that may cause actual results, events and performance
to differ
materially from those referred to in such statements, including, but not
limited to
, Genaissance's ability to fund its drug development efforts, the
extent to which genetic markers
(haplotypes) are predictive of clinical
outcomes and drug efficacy and safety, the attraction of
new business and
strategic partners, the adoption of the Company's technologies by the
pharmaceutical
industry, the acceptance of the Company's cardiac tests by
health care providers, the timing and
success of clinical trials, competition
from pharmaceutical, biotechnology and diagnostics companies
, the strength of
the Company's intellectual property rights and those risks identified in the
Quarterly
Report on Form 10-Q for the quarter ended June 30, 2005, filed with
the Securities and Exchange Commission
on August 9, 2005, and in other filings
the Company makes with the Securities and Exchange Commission
from time to
time. The forward-looking statements contained herein represent the judgment
of Genaissance
as of the date of this release.helsinki vlach
The Prepaid
Processing Segment processes electronic point-of-sale
prepaid
transactions at more than 205,000 point-of-sale terminals across more
than 94,000 retailers
in Europe, Asia Pacific and the U. Moreover, the Prepaid Processing Segment
benefited to a marginal
extent from the late first quarter 2005
contributions of three newly acquired companies: Telerecarga
S. As required by EITF 04-8, "The Effect of
Contingently Convertible Debt on Diluted Earnings per
Share,"
regardless of whether the conditions upon which the debentures would
be convertible into
shares of the company's common stock have been
met, if dilutive, the impact of the contingently issuable
shares is
included in the calculation of diluted earnings per share under the
"if converted" method
.euronetworldwide.vcall. Euronet operates and services the largest
pan-European group of ATMs and
operates the largest India shared ATM
network.2)
Less: Rounding and
other
(0.1) (0.6 7.8 1. The cards inactivate infectious agents,
can be shipped
and stored at room temperature and are suitable for automated
DNA processing.diaspora dialect
(NASDAQ: EEFT), a leading
electronic payments provider, announced
consolidated revenues of $117.8 million, or $0.3 million
,
or $0.0 million, compared to $3. Prepaid market.22 to $0. The debentures are potentially
convertible
into approximately 4. For those without Internet
access, the conference call-in number is +1-877
-407-9210 (USA) or
+1-201-689-8049 (non-USA).
Consolidated Summary Balance Sheets
(unaudited - in thousands)
As of As of
March 31, December 31,
2005 2004
----------- --------------
ASSETS
Current assets:
Cash and cash equivalents
$72,984 $124,198
Restricted cash 107,896
69,300
Inventory - PINs and other 18,224 18,949
Trade accounts
receivable, net of allowance
for doubtful accounts 114,276 110,306
Other current assets, net 28,349 22,013
----------- --------------
Total current assets 341
,729 344,766
Property, plant and equipment, net 42,007 39,907
Goodwill
and intangible assets, net 286,203 212,598
Other assets, net
18,588 21,204
----------- --------
------
Total assets $688,527 $618,475
=========== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and other current
liabilities
$313,440 $283,918
Current portion of debt obligations and
short-term borrowings
9,088 9,265
-------
---- --------------
Total current liabilities 322,528 293,183
Obligations under capital leases, excluding
current installments 15
,450 16,894
Deferred income tax 22,762 17,520
Debt obligations
140,000 140,000
Other long-term liabilities
2,314 3,093
Minority interest 6,341 5,871
----------- --------------
Total liabilities
509,395 476,561
Stockholders' equity 179
,132 141,914
----------- --------------
Total liabilities and stockholders' equity $688,527 $618,475
=========== ==============
EURONET WORLDWIDE, INC.1
Less: Interest
income - (0.8 (0.1
Rounding
0. "We have been
providing similar genotyping services to the U
.vlachs armani
Operating income for the first quarter 2005 was
$7.8 million, compared to the prior year's first
quarter results of
$6.5 million prepaid
transactions processed in the first quarter 2004.
The
Prepaid Processing Segment's first quarter's year-over-year
revenue improvements were the result
of a continuation of transaction
growth together with benefits of acquisitions completed in periods
after the first quarter 2004.
All segments included, transactions processed in the first quarter
2005 were 144. The account number is 286 and the
conference ID number is 146861.euronetworldwide
. With corporate headquarters in Leawood, Kansas, USA, and
21 worldwide offices, Euronet serves clients
in approximately 70
countries.
These risks and other risks are described in the company's periodic
filings with the Securities and Exchange Commission, including but not
limited to Euronet's Form
10-Q for the periods ended March 31, 2004;
June 30, 2004; and September 30, 2004 and its Form 10
-K for the year
ended December 31, 2004.13 $0.4 - 2.Genaissance Will Provide
Exclusive Genotyping Services for Greek Scrapie Contract
Antisel is Genaissance's distributor for
its
products and services in Greece, Bulgaria and the former Yugoslav Republic of
Macedonia.
"We are delighted that Genaissance will be the exclusive genotyping
provider for this contract
," said Gerald F."
"We are pleased to be working with Genaissance," said Alan Kofsky, Vice
President
Sales, Whatman, Inc.genaissance.farsarotul vlach
----Euronet Worldwide,
Inc. Adjusted EBITDA (operating income plus
depreciation and
amortization) was $16. Euronet owns and/or operates ATMs in Hungary, Poland, Germany
,
Croatia, the Czech Republic, U.
The Prepaid Processing Segment reported first quarter 2005
revenues of $89.5
million in incremental recurring sales and marketing costs to
strengthen
efforts in the growing U.vcall.9 $4.1) - -
--
--------- ----------- ---------- -------------
Subtotal - Operating
income
5., Genaissance
Pharmaceuticals, Inc. "We believe that our proprietary FTA(R) cards
are
ideal for collecting samples, especially for the Ag market where samples
have to be collected in
the field.
FTA(R) is a registered trademark of Whatman Plc.echoes mihai
4 million, compared to $62.6
Add: Foreign
exchange loss - - - 2.2)
Less: Income
from
unconsolidated
affiliates - (0.1) - -
----------- ----------- ---------- -------------
Earnings before
interest
, taxes,
depreciation and
amortization
(Adjusted EBITDA) $3.mihai minorities
The
improved results
of the first quarter 2005 over the same quarter last
year are largely attributable to the continued
growth in ATMs under
management, primarily in our Indian, Polish and Romanian markets,
together
with transactional growth from those and all other managed
ATMs. Adjusted EBITDA for the first quarter
2005 was $10.2 million at December 31, 2004. Management believes the exclusion
of these items provides
a better basis for evaluating the underlying
business unit performance.com/CEPage.2 $3.3
Add: Income tax 0.2 - - 1.A.helsinki pindos
K.S. based provider of
electronic prepaid voucher
solutions, in which we increased our ownership percentage to 51% by
acquiring
an additional 41% ownership share of that company; and
Dynamic Telecom, Inc. This increase was primarily
due to the EFT
Processing Segment implementation of ATM outsourcing agreements in
India, Romania
and Poland, combined with continued growth and
acquisitions in the Prepaid Processing Segment. The
call and webcast replay will be
available for one month.3 5.veria balkan
Excluding this
gain, diluted
earnings per share were $0.09, or $3. The EFT Processing Segment
processed 77.2 million for amortization
of intangible assets assigned for purchase accounting related to the
acquisitions in the Prepaid
Processing Segment. The
decrease in unrestricted cash was largely due to acquisition-related
payments
for Transact, Movilcarga, Telerecarga and ATX. You can also access the Earnings presentation
at www
.2 6. Vovis, Ph.aromanian mihai
13
diluted earnings per share, compared to a net income of $3.
The
EFT Processing Segment posted first quarter 2005 revenues of
$23.0 million.
Adjusted EBITDA is
a calculation commonly used as a basis for
investors, analysts and credit rating agencies to evaluate
and compare
the periodic and future operating performance and value of companies
within the transaction
processing industry.com/CEPage.
Reconciliation of Net Income to Adjusted EBITDA by Segment
(unaudited - in millions)
Three Months
Ended March 31, 2005
------------------------------------------------
EFT Prepaid Software
Processing Processing
Solutions Consolidated
----------- ----------- ---------- -------------
Net Income $4.0
Rounding (0.8
Add: Loss on early
retirement of debt - - - 0.1
----------- -----------
Income per share - diluted
$0. (Nasdaq: GNSC) announced today that it will provide its
high-throughput sample handling and
genotyping services to Antisel A.rroma helsinki
9 million reported for the first
quarter 2004. First
quarter
2005 Adjusted EBITDA was $8.1
million, compared to $7.K. Eastern Daylight Time to
discuss these
results.asp.14 $0.10
=========== ===========
Diluted weighted average shares outstanding 36,528,742 33,351,456
=========== ===========
EURONET WORLDWIDE
, INC.9) - (1.8 0.5
Add: Depreciation
and amortization
1.pindos travelogue
1 million for the first
quarter ended March 31, 2004.8
million.6 million,
compared to the
prior year's first quarter of $2. (Dynamic), a prepaid wireless top-up company in
the U. No
fees
are charged to access any event.6 0.0 $10.09
=========== ===========
Diluted weighted average shares outstanding 36,528,742 33
,351,456
=========== ===========
The Company
's product development strategy is focused on
drug candidates with promising clinical profiles and
finding genetic markers
to identify a responsive patient population.rroma olympos
These results compare to $81
.
Net income for the first quarter 2005 was $4.21,
or $7.9 million, compared to $14. Euronet's
actual
results may vary materially from those anticipated in such
forward-looking statements as
a result of a number of factors,
including: technological developments affecting the market for the
company's products and services; foreign exchange fluctuations; and
changes in laws and regulations
affecting the company's business.9 11.D. is developing innovative products based
on its
proprietary pharmacogenomic technology and has a revenue-generating
business in DNA and pharmacogenomic
products and services.
asterios closely
The
first quarter 2005 net income included a foreign exchange loss of $2
. The
segment completed the quarter with 6,201 ATMs owned or operated,
compared to 3,870 ATMs at
the end of the first quarter 2004. Total
transactions processed by the Prepaid Processing Segment
in the first
quarter 2005 were 67. As
previously announced, the company intends to expand its
Prepaid
Processing Segment both domestically and internationally through
internal sales and promotional
efforts as well as, if appropriate,
acquisitions.
The quarterly Adjusted EBITDA and operating
income improvements
generally correlated to the increases in revenues. Offsetting
operating income
in the first quarter 2005 was approximately $0.23.2 million shares would be
included in the calculation
of diluted earnings per share.
We believe that Adjusted EBITDA provides useful information to
investors
because it is an indicator of the strength and performance
of our ongoing business operations, including
our ability to fund
capital expenditures, acquisitions and operations and to incur and
service
debt. The company has
processing centers located in the U. Visit the company's web site at www."
About Genaissance Pharmaceuticals, Inc. This strategy is designed to
enable Genaissance
to leverage existing clinical data and, thus, reduce the
costs and risks associated with traditional
drug development and increase the
probability of clinical success and commercialization.balkan travelogue
1 million
for the
first quarter 2004, primarily due to increases in professional fees,
largely driven by
the requirements of the Sarbanes-Oxley Act of 2002,
and salary expense resulting from overall company
growth. While depreciation and amortization are considered
operating costs under generally accepted
accounting principles, these
expenses primarily represent non-cash current period allocation of
costs
associated with long-lived assets acquired in prior periods.S.1
Add: Interest
expense
0.5) - (0. S.S.metropolis pindos
(ATX), a U.S.4 million processed in the
first quarter
2004. Moreover, management
analyzes historical results adjusted for certain items that are
non
-operational or not necessarily ongoing in nature and that are
incremental to the baseline of the
business.
EURONET WORLDWIDE, INC.11
=========== ===========
Basic weighted average shares outstanding 33,883
,451 30,120,295
=========== ===========
Net
Income per share - diluted:
Net income $0.3 $0.1)
- (0.6)
----------- ----------- ---------- -------------
Subtotal: Operating
income 2.2 3."
"We have a relationship
with Whatman to further develop the Ag genotyping
market," Dr.
Genaissance Pharmaceuticals
, Inc. The Company's lead
therapeutic product, vilazodone for depression, is in Phase II of development
.balkan diaspora
Business Editors/Technology Editors
LEAWOOD, Kan. Net income for the first quarter 2004
included a
foreign exchange translation gain of $0.8
million for the first quarter 2004.3 million
transactions in the first quarter 2005 compared
to 34.
Reconciliation of Net Income to Adjusted
EBITDA by Segment
(unaudited - in millions)
Three Months Ended March 31, 2004
---------------------------------
---------------
EFT Prepaid Software
Processing Processing Solutions Consolidated
----------- ----------- --
-------- -------------
Net Income $1. - Will Address EU Mandate for Sheep
-Breeding Programs That Confer
Resistance to Scrapie -
NEW HAVEN
, Conn. "With Whatman, we believe that we address both
the sample collection and genotyping issues
so that we will have a competitive
advantage for the growing trait identification and traceability
market.mihai armani
9 million transactions for the same period last year.6 million of
expenses in the first quarter
2005, compared to $2. Euronet's
total indebtedness was $164. Generally, these items
include gains
or losses associated with the sale of business assets or
operations, market development costs, foreign
exchange translations,
discontinued operations, early debt retirement and other similar items
as
discussed in this press release. U.com or via Vcall at
http://www.asp?ID=91373 as well as via phone
., Europe and Asia, and processes
electronic top-up transactions at more than 205,000 point-of-sale
terminals across more than 94,000 retailers in Europe, Asia Pacific
and the U.1) 0.1
- -
----------- ----------- ---------- -------------
Earnings before
interest, taxes,
depreciation and
amortization
(Adjusted EBITDA
) $8.2)
Less: Interest
income - (0.8 $3.
Scrapie is a fatal, degenerative disease affecting the central nervous
system of sheep and goats
.
This press release contains forward-looking statements, including
statements about the
expected growth and development of Genaissance's
business, such as Genaissance's ability to effectively
complete its vilazodone
and clozapine programs, detect associations between clinical outcomes and
genetic variation, the ability to assess how genetic variation can affect drug
response, efforts
to build a drug candidate pipeline, the timing and outcome
of its genetic testing programs and the
ability of Genaissance to apply its
technologies to the development, marketing and prescribing of
drugs and
Genaissance's ability to detect associations between clinical outcomes and
genetic variation
.seli dialect
Euronet also announced that it expects earnings per share for the
second quarter 2005 to be approximately
$0.
In December 2004, the company issued convertible senior debentures
that if converted in the
future would have a potentially dilutive
effect on the company's stock.
Euronet Worldwide
will host an analyst conference call on
Wednesday, April 27, 2005, at 9:00 a.S.euronetworldwide.com
Any statements contained in this news release that concern the
company's or management's intentions
, expectations, or predictions of
future performance, are forward-looking statements.8
Add: Interest
expense 0.1 $1.7
=========== =========== ==========
=============
EURONET WORLDWIDE, INC. Selidis
Bros., which has been
awarded a contract by the Hellenic Ministry of
Rural Development and Food as part of Greece's efforts
to implement the
European Union's mandate for establishing a breeding program in sheep that
confers
resistance to scrapie.aromanian vlach
7 million, compared to $6.7 million. Depreciation
and amortization included
approximately $1.
The company's unrestricted cash on hand was $73. The attached schedules provide
a full
reconciliation of any such non-GAAP financial measures.0 $6.5 2.3
Foreign
exchange loss (gain) 2.aromanian echoes
2 million for the first quarter ended
March 31, 2005
.2 million.
The Corporate Services Segment And Other had $2.0 million as of
March 31, 2005
as compared to $124.7 1.6
Rounding - (0.
Reconciliation
of Net Income Excluding FX, Discontinued Operations,
Gain on Sale and Retirement
of Debt
(unaudited - in millions, except share and per share data)
Three months ended
March 31,
-----------------------
2005 2004
----------- -----------
Net income $4
.2)
Loss on early debt retirement - 0. There is no scientific evidence
to indicate that
scrapie possesses a risk to human health, but the disease has serious economic
consequences
for sheep producers whose flocks become infected with the
disease., Executive Vice
President and
Chief Technology Officer of Genaissance. Genaissance disclaims any
obligation to update any forward
-looking statement.metropolis mihai
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