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Tsys Q3 operating income falls

21 October 2010  |  2011 views  |  0 Source: Tsys

Tsys (NYSE: TSS) today reported results for the third quarter of 2010. Total revenues were $433.2 million, an increase of 1.0% over 2009.

Operating income was down 10.6% compared to 2009. Basic and diluted earnings per share from continuing operations attributable to TSYS shareholders for the quarter were $0.25, down $0.05 or 17.1%, from 2009's $0.30.

Year to date, total revenues were up 2.6% and operating income was down 4.7% compared to 2009. On a normalized basis, total revenues were up approximately 1.0% and operating income increased 11.1%. Normalized results exclude revenues from termination fees and deconverted clients, and the impact of the acquisition of First National Merchant Solutions (FNMS). On a generally accepted accounting principles basis, basic and diluted earnings per share from continuing operations attributable to TSYS shareholders for the nine months were $0.76, down $0.06 or 6.9%, from 2009's $0.82.

"Excluding the termination fees and revenues from deconverted clients in the second quarter, our sequential quarterly revenues increased 2.9% and operating income increased 12.9%. This is the second quarter in a row that revenues, operating income and transactions have increased. Same client transactions were up 5.3% in North America and up 4.3% in International. In the Merchant segment, transactions grew 1.1%," said Philip W. Tomlinson, chairman of the board and chief executive officer of TSYS.

"With these quarterly results, we have increased the range of our guidance for earnings per share from continuing operations by $0.02 from $0.96 to $0.98 up to $0.98 to $1.00. We also adjusted our total revenues and revenues before reimbursable items for discontinued operations," said Tomlinson.

On September 30, 2010, TSYS closed the sale of TSYS POS Systems and Services, L.L.C (TPOS), a third-party POS terminal deployment business which represented a small piece of its Merchant segment. The accompanying financial statements do not include any of TPOS' revenues, expenses, nonoperating income (expense) or income taxes in continuing operations. The results of TPOS are reported net of income tax as "discontinued operations" for all periods presented, and are deemed immaterial for cash flow purposes.

TSYS' previous revenue guidance included approximately $11.5 million of revenues associated with TPOS in 2010, and $10.6 million in 2009. TPOS' results from operations were immaterial in both years.

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