TSYS Q2 net income up 14%

Source: Tsys

TSYS today announced the results for the second quarter with revenues of $460.2 million, and a 14.4% increase in net income over the same period in 2006.

For the first six months of 2007, TSYS' revenues were $889.8 million, operating income increased 16% to $181.6 million, and net income increased to $123.0 million, or 14.1%, over the same period in 2006.

"At 12.0%, internal revenue growth in our core processing business continues to be a strong driver of our results. Our growth in international operations continued as a result of both our acquisitions and strong demand resulting in revenue growth of 44.3%. These results are clearly reflected in the expansion of our operating margin to 25.7% in the first six months of 2007 over 23.3% in the same period of 2006, excluding reimbursable items. For the full year, we project this margin to be in the 25% to 26% range," said Philip W. Tomlinson, chairman and chief executive officer of TSYS.

"Continuing the same pattern as the first quarter of this year, we experienced strong internal revenue growth and continued to manage expenses. As a result of these factors, we continue to expect to achieve our previously announced net income growth guidance of 20% to 22% on a non-GAAP basis and 0% to 2% on a GAAP basis. Our team's performance has taken us well beyond the client losses from last year," said Tomlinson.

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