eFunds’ Q3 revenue from continuing operations is up 25%

Third quarter 2005 net revenue at eFunds Corp., provider of electronic payments and risk management services, reached $133.2 million, up 25% over the $106.4 million of net revenues reported a year earlier. The figures are from continuing operations and exclude the impact of the sale of the company’s ATM deployment business last November. Excluding the impact of the company`s acquisition of WildCard Systems in July, revenues from operating segments increased 7% over third quarter 2004.

Third quarter 2005 net income increased 48% to $15.8 million compared to net income of $10.7 million for the same quarter in 2004. Results for the quarter ended September 30, 2005 include a non-recurring $4.7 million benefit from the adjustment of certain tax reserves.

For the nine months ended Sept. 30, eFunds reported net income of $43.1 million compared with net income of $29.5 million in the first nine months of 2004. Net revenue from continuing operations increased 14% to $363.7 million from $318.3 million in the first nine months of 2004.

"Our risk management business exhibited good revenue growth due to both organic improvement and our acquisition activity,” said Paul Walsh, chairman and CEO. “Operating income for this segment was also up significantly over the comparable prior year period.”