Electronic payments outfit eFunds is reporting a doubling in first quarter net income to $9.4 million, versus $4.6 million in Q1 2003.
Reported operating income increased to $14 million, or 10% of net revenue, as compared to operating income of $6.6 million, or five per cent of net revenue in the year-ago period. First quarter net revenue increased 7.9 percent to $140.9 million against $130.5 million in the same period last year.
With $163 million in cash and virtually no debt, the company is on the look-out for new acquisition targets says Paul Walsh, chairman and CEO. "We will continue to use our resources to make selective investments in our business," he says.
Earlier this month eFunds completed the acquisition of Penley, Inc., which provides USA Patriot Act and OFAC compliance services and Loss Control Solutions (LCS), which offers fraud investigation case management software for the financial services industry.