Tsys Q2 profit slips

Source: Tsys

Tsys (NYSE: TSS) today reported results for the second quarter of 2010.

Total revenues were $433.7 million, an increase of 5.3% over 2009. Operating income was down 4.2% compared to 2009 and was flat on a sequential quarter basis. Income from continuing operations attributable to TSYS shareholders decreased 5.2% to $49.6 million compared to last year. Basic and diluted earnings per share from continuing operations attributable to TSYS shareholders for the quarter was $0.25 down $0.02 or 5.2% from 2009's $0.27.

"The quarter's performance is highlighted by increased overall transaction volume and expense control. Through the first six months, same client revenues grew 3.6%. Excluding revenues from termination fees in both quarters and the impact of acquiring a controlling interest in First National Merchant Solutions, LLC (FNMS) in the second quarter, operating income was up 18.1% sequentially. Quarterly transaction volumes in each reporting segment were up. Same client transactions were up 5.1% in North America and up 3.8% in International. In the Merchant segment, merchant POS transactions and FNMS transaction volumes each grew 8.5% for the quarter. We are encouraged that these trends are key indicators of an improving economy," said Philip W. Tomlinson, chairman of the board and chief executive officer of TSYS.

"The acquisition of FNMS on April 1, 2010, is a positive and allows us to further diversify across the payments value chain to capture a larger share of dollars spent on payment services. We continue to generate a healthy, strong cash flow, and we remain optimistic about our ability to achieve our guidance for 2010," said Tomlinson.

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