Global Payments (NYSE:GPN) today announced results for its fiscal first quarter ended August 31, 2010.
For the first quarter, revenues grew 7% to $440.1 million compared to $409.9 million in the prior fiscal year. Normalized diluted earnings per share from continuing operations were $0.67 compared to $0.68 in the prior year (See schedule 2 Normalized income statement).
Normalized first quarter results exclude one-time, pretax expenses consisting of employee termination and relocation benefits, certain start-up costs related to the company's Global Service Center in Manila, Philippines, and a one-time, non-cash write-down of a deferred tax asset due to a legislated tax rate change in the United Kingdom. (See Schedule 4 for reconciliation details).
On a GAAP basis, the company reported fiscal 2011 first quarter diluted earnings per share from continuing operations of $0.61 compared to $0.68 in the prior quarter (See Schedule 1 for GAAP income statement).
Chairman and CEO, Paul R. Garcia, stated, "Despite a challenging macroeconomic environment, we delivered solid results and are on target to achieve our full year estimates. Our first quarter results reflect strong growth in the U.S. and Asia Pacific, and we continue to execute our plans for long-term growth and operating leverage in all of our businesses.
"Based on our current outlook, we continue to expect fiscal 2011 annual revenue of $1,735 million to $1,770 million, or 6% to 8% growth over fiscal 2010, and 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 growth of 7% to 9% and annual diluted earnings per share growth of 7% to 10% growth over fiscal 2010," said Garcia.
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