LEAWOOD, Kan., Feb. 06, 2018 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. ("Euronet" or the "Company") (NASDAQ:EEFT), a leading electronic payments provider, reports fourth quarter and full year 2017 financial results.

Euronet reports the following consolidated results for the fourth quarter 2017 compared with the same period of 2016:

• Revenues of $604.6 million, a 16% increase from $519.8 million (10% increase on a constant currency⁽¹⁾ basis).
• Operating income of $41.1 million, a 29% decrease from $58.1 million (35% decrease on a constant currency basis).
• Adjusted operating income⁽²⁾ of $73.6 million, a 27% increase from $58.1 million (20% increase on a constant currency basis).
• Adjusted EBITDA⁽³⁾ of $102.9 million, a 24% increase from $83.3 million (16% increase on a constant currency basis).
• Net loss attributable to Euronet of $22.9 million or $0.44 diluted loss per share, compared with net income of $28.9 million or $0.54 diluted earnings per share.
• Adjusted earnings per share⁽⁴⁾ of $1.13, a 14% increase from $0.99.
• Transactions of 937 million, a 6% increase from 881 million.

Euronet reports the following consolidated results for the full year 2017 compared with the same period of 2016:

• Revenues of $2,252.4 million, a 15% increase from $1,958.6 million (13% increase on a constant currency⁽¹⁾ basis).
• Operating income of $266.0 million, a 6% increase from $249.8 million (3% increase on a constant currency basis).
• Adjusted operating income⁽²⁾ of $304.6 million, a 22% increase from $249.8 million (19% increase on a constant currency basis).
• Adjusted EBITDA⁽³⁾ of $415.2 million, a 20% increase from $345.2 million (18% increase on a constant currency basis).
• Net income attributable to Euronet of $156.9 million or $2.85 diluted earnings per share, compared with net income of $174.4 million or $3.23 diluted earnings per share.
• Adjusted earnings per share⁽⁴⁾ of $4.58, a 14% increase from $4.02.
• Transactions of 3,631 million, an 11% increase from 3,261 million.

"I am pleased we continued to deliver strong double-digit growth in revenue and adjusted earnings per share for the fourth quarter," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "The 14% growth in adjusted earnings per share was led by sustained growth in the EFT segment from continued investments in our ATM networks. epay also delivered a strong fourth quarter with double-digit operating income growth from the seasonally higher sales of non-mobile products, and Money Transfer delivered solid revenue growth, despite price reductions given upon extension of the Walmart agreement."

"For the full year we delivered Adjusted EPS of $4.58, a 14% year-over-year increase, and the fifth consecutive year we have delivered strong double-digit growth in Adjusted EPS," continued Mr. Brown.  "This consistently strong earnings growth is the result of continued focus by each of our segments to add more product across more devices."

On December 22, 2017, the U.S. passed tax reform legislation which has significantly impacted the Company's income taxes for 2017.  The new law required the Company to recognize its affiliates' historic deferred foreign earnings as a deemed repatriation, subjecting the earnings to U.S. tax.  The Company anticipates a preliminary charge of $41.6 million which represents the current and deferred tax impact in 2017.  The current tax amount is $28.1 million which is payable over 8 years and fully utilized our pre-tax U.S. net operating loss of approximately $134 million.  This non-recurring charge of $41.6 million has been excluded from Adjusted EPS in order to more clearly depict the operating results of the business.

In the fourth quarter 2017, the Company completed its annual goodwill impairment testing and recorded a non-cash goodwill impairment charge of $31.8 million related to the Company's epay businesses in the Middle East, North America and the United Kingdom.  In order to provide a more transparent comparison of operating results, adjusted operating income has been provided to exclude the impact of these impairments from the fourth quarter and full year results.  Full year adjusted operating income also excludes the $2.3 million impairment charge recorded in the second quarter 2017 related to the Company's decision to close its Pure Commerce office in South Korea.

See the reconciliation of non-GAAP items in the attached financial schedules.

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