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Global Payments Q4 income dips

24 July 2009  |  1402 views  |  0 Source: Global Payments

Global Payments Inc. (NYSE: GPN) today announced results for its fiscal fourth quarter and year ended May 31, 2009.

For the full year, revenues grew 26% to $1,601.5 million compared to $1,274.2 million in the prior fiscal year. Normalized diluted earnings per share grew 13% to $2.23 compared to $1.98 in the prior year.

For the fourth quarter, revenues grew 17% to $402.0 million compared to $343.8 million in the prior year. Normalized diluted earnings per share were $0.46 compared to $0.52 in the prior year quarter.

These results include the unfavorable impact of foreign currency exchange rates during the quarter and year. On a constant currency basis (See Schedule 9), revenue and normalized diluted earnings per share grew 27% and 4%, respectively for the quarter and 32% and 24%, respectively for the full year.

On a GAAP basis, the company reported quarterly diluted earnings per share of $0.46 compared to $0.50 in the prior year quarter, and on a full year GAAP basis, diluted earnings per share of $0.46 compared to $2.01 in the prior year. The full year results include a non-cash, pretax impairment charge relating to our money transfer business of $147.7 million which was recorded in the fiscal 2009 third quarter as a result of the company's annual FAS 142 Goodwill and Other Intangible Assets review (See Schedule 6 for reconciliation details).

Comments and Outlook

Chairman and CEO, Paul R. Garcia, stated, "Despite ongoing macroeconomic challenges and unfavorable foreign currency trends, we reported solid fourth quarter and full year results. Our normalized growth was driven by the impact of our June 30, 2008 U.K. acquisition and 16% transaction growth in the U.S., as well as successful pricing initiatives in Canada."

"Based on current macroeconomic environment, and reflecting our recent acquisitions, we are providing fiscal 2010 annual revenue guidance of $1,690 million to $1,740 million, or 6% to 9% growth over fiscal 2009. We are also providing fiscal 2010 diluted EPS guidance of $2.43 to $2.54, reflecting 9% to 14% growth over fiscal 2009," said Garcia.

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