Global Payments Q4 net falls

Source: Global Payments

Global Payments (NYSE:GPN) today announced results for its fiscal fourth quarter and year ended May 31, 2010.

For the full year, revenues grew 12% to $1,642.5 million compared to $1,462.3 million in the prior fiscal year. Normalized diluted earnings per share from continuing operations grew 21% to $2.54 compared to $2.10 in the prior year.

For the fourth quarter, revenues grew 16% to $425.1 million compared to $367.9 million in the prior year. Normalized diluted earnings per share from continuing operations grew 35% to $0.58 compared to $0.43 in the prior year quarter.

These results include the favorable impact of foreign currency exchange rates during the quarter and year. On a constant currency basis (See Schedule 7), revenue and normalized diluted earnings per share from continuing operations grew 12% and 21%, respectively for the quarter and 11% and 16%, respectively for the full year.

On a GAAP basis, the company reported full year diluted earnings per share from continuing operations of $2.52 compared to $2.10 in the prior year, and for the fourth quarter GAAP basis, diluted earnings per share from continuing operations of $0.56 compared to $0.43 in the prior year quarter. The fourth quarter and full year results include a one-time, pretax termination benefit of $2.6 million (See Schedule 4 for reconciliation details).

Chairman and CEO, Paul R. Garcia, stated, "Despite a challenging macroeconomic environment, I am pleased with our strong execution in all of our regions this past year. We delivered solid results for the quarter which demonstrates steady growth in our U.S. businesses and continued successful execution in our international businesses.

"Based on our current outlook, we are providing fiscal 2011 annual revenue expectations of $1,735 million to $1,770 million, or 6% to 8% growth over fiscal 2010, and fiscal 2011 annual diluted EPS expectations of $2.68 to $2.77, reflecting 6% to 9% growth over fiscal 2010 normalized EPS from continuing operations. On a constant currency basis, we expect fiscal 2011 annual revenue genue growth of 7% to 9% and annual diluted earnings per share growth of 7% to 10% growth over fiscal 2010," said Garcia.

Fiscal 2011 diluted earnings per share expectations exclude an estimated $14 million or $0.12 of start-up expenses relating to a new Global Service Center in Manila, Philippines which will support customer and operational functions.

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