Concord EFS, Inc. reported yesterday record financial results for the third quarter of 1999. Third quarter revenue increased 29% to $216.1 million when compared to the same period of the prior year. Net income for the third quarter was $35.6 million or $0.17 diluted earnings per share, increases of 50% and 42%, respectively, over same period of the prior year.
Historical results include the results of Electronic Payment Services, Inc. which was acquired by Concord EFS, Inc. on February 26, 1999 and accounted for as a pooling of interests. Additionally, during the third quarter of 1999 the Board of Directors approved a three for two stock split which was distributed on September 22, 1999. Earnings per share and related per share data have been restated to reflect the stock split.
For the nine months ended September 30, 1999, revenue increased 27% to $580.1 million. Excluding acquisition and restructuring charges incurred in the first quarter of 1999, nine month net income was $88.9 million or $0.44 diluted earnings per share, up 42% and 38%, respectively, when compared to the same period of the prior year. The charges, which were incurred in association with the merger of Concord EFS, Inc. and Electronic Payment Services, Inc., totaled $26.9 million, net of taxes, or $0.13 diluted earnings per share. Including the charges, net income was $62.0 million or $0.30 diluted earnings per share for the nine months ended September 30, 1999.
Concord is a vertically integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to selected markets. Concord’s primary activities include providing credit, debit, check authorization and electronic benefits transfer (EBT) processing services to supermarket, petroleum, convenience store and other retailers; and providing gateway processing, ATM driving and MAC(R) network access to the financial services industry. Concord also provides electronic payment and payroll services to trucking companies, truck stops and other niches of the market.
For more information on Concord EFS 3Q/99 visit CardData ([www.carddata.com]).