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May 1, 2009

Euronet Worldwide Q1 net loss widens

Currency devaluations against the U.S. dollar put negative impact on company

By CBR Staff Writer

Euronet Worldwide, an electronic payments provider, has reported a net loss attributable to the company of $12.3m, or $0.24 per diluted share, for the first quarter ended March 31, 2009, compared to a net loss attributable to the company of $8.6m, or $0.18 per diluted share, for the first quarter ended March 31, 2008.

According to the company, net loss for the first quarter of 2009 was $12m, compared to a net loss of $8.1m during the corresponding quarter of 2008.

It said that for the first quarter of 2009, total revenues were $233.7m, compared to $244.8m for the same quarter of 2008, while operating income for the first quarter of 2009 was $9.7m, compared to $13.2m for the corresponding quarter of 2008.

The annual report by the company reads that adjusted cash earnings per share of $0.31 per share exceeded the company’s first quarter 2009 guidance of $0.27 per share due primarily to revenue recognized in the first quarter 2009 related to fees for two contract terminations previously announced with the fourth quarter 2008 results.

Total assets as of March 31, 2009 declined to $1.34 billion from $1.45 billion as of December 31, 2008.

Euronet Worldwide is engaged in processing secure electronic financial transactions. The company offers payment and transaction processing services to financial institutions, mobile operators and retailers which include comprehensive ATM, POS and card outsourcing services; card issuing and merchant acquiring services; software solutions; consumer money transfer and bill payment services; and electronic distribution for prepaid mobile airtime and other prepaid products.

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