EFunds earnings down as company restates prior results

EFunds earnings down as company restates prior results

Electronic payments outfit has reported a fall-off in earnings for the third quarter and re-stated its financial results for 2000 and 2001 with the Securities and Exchange Commission.

EFunds had delayed filing its Q3 statements with the SEC while it reviewed the accounting treatment of certain transactions in 2000 and 2001 and tax matters related to its Indian operations.

In its statement today, the company reported net income of $10.7 million, or $0.23 per diluted share for the three months ended 30 September, 2002 down from $13.7 million in the same period last year. Revenue rose slightly during the quarter to $144 million from $141.3 million last year.

The company says it expects full year 2002 revenues to be in the range of $539 million to $545 million. These amounts include approximately $2 million of revenue from its restatement.

The review took in a $5 million data license agreement signed in the second quarter of 2000 and $6.2 million of data license sales that occurred in the second quarter of 2001 as well as accounting for transactions with the Star ATM network.

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