18 August 2017
Find out more

Global Payments Q2 revenue up 18%

04 January 2008  |  1866 views  |  0 Source: Global Payments

Global Payments (NYSE: GPN) today announced results for its second quarter ended November 30, 2007. For the second quarter, revenue grew 18 percent to $308.8 million compared to $260.7 million in the prior year.

Excluding the impact of current period restructuring charges, diluted earnings per share grew 14 percent to $0.48 compared to $0.42 in the prior year quarter.

For the six months ended November 30, 2007, revenue grew 19 percent to $619.8 million compared to $521.0 million in the prior year period. Excluding the impact of current period restructuring charges, diluted earnings per share grew 11 percent to $1.02 from $0.92 in the prior year period.

In accordance with GAAP, the current quarter and year-to-date periods include restructuring charges (see attached reconciliation schedule) relating to an operating center consolidation announced in March 2007 and completed in November 2007. These charges are reflected in our GAAP diluted earnings per share amounts. For the three and six months ended November 30, 2007, GAAP diluted earnings per share were $0.48 and $1.01, respectively, compared to $0.42 and $0.92, respectively, in the prior year comparable periods.

During the second quarter, Global Payments repurchased 477,585 shares in the open market at an average price of $40.09 per share (including commissions paid) for a total of $19.1 million. As of November 30, 2007, the company had $13.0 million remaining under its current share repurchase authorization.

Comments and Outlook

Chairman, President and CEO, Paul R. Garcia, stated, "We are very pleased with our solid second quarter results, which were driven by growth in our merchant services segment. Our strong revenue growth continues to be primarily due to organic expansion in our domestic ISO channel, as well as the favorable impact from a strong Canadian currency exchange rate. I am also delighted to report that our Asia-Pacific joint venture with HSBC had favorable revenue growth, which was primarily driven by the benefit of our sales investments made over this past year."

"Based on these results and trends, we are providing annual fiscal 2008 revenue guidance of $1,231 million to $1,257 million. This revenue guidance reflects an expected 16 percent to 18 percent growth versus $1,061.5 million in fiscal 2007. In addition, we are providing annual fiscal 2008 diluted earnings per share guidance of $1.89 to $1.96, or 7 percent to 11 percent growth versus $1.77 in fiscal 2007.(1) This includes the impact of stock option expenses as a result of our June 1, 2006 adoption of FAS 123R. Our guidance excludes the impact of future significant acquisitions, and these earnings per share ranges exclude the impact of potential restructuring and other charges," said Garcia.

(1) Fiscal 2007 diluted earnings per share was $1.75 on a GAAP basis, which includes restructuring and other charges equivalent to $0.02 in diluted earnings per share.

Read the full statement here:» Download the document now 37.3 kb (PDF File)

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.niceactimize.comvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8647 views comments | 1 tweets | 3 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7033 views comments | 18 tweets | 22 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
6587 views comments | 20 tweets | 22 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
5826 views 1 | 5 tweets | 3 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job