Tsys TSS -0.49% today reported results for the second quarter of 2011 with total revenues of $447.6 million, an increase of 3.9% over 2010.
Excluding a 2010 termination fee, total revenues were up 6.2%. Basic earnings per share from continuing operations were $0.28, an increase of 10.1% over 2010, and increased 25.4% excluding the 2010 termination fee.
"We continue to see the improvements that we expected in 2011 as evidenced by our year over year quarterly revenue growth with and without the termination fee. Our North America Services segment had an increase in revenues before reimbursable items of 3.2% and operating income growth of 13.0% excluding the 2010 termination fee. In our International Services segment, revenues before reimbursable items increased 14.1% on a constant currency basis as a result of new business and organic growth. Our Merchant Services segment had an increase in revenues before reimbursable items of 1.3% and operating income growth of 10.0%," said Philip W. Tomlinson, chairman and chief executive officer of TSYS.
For the six months ended June 30, 2011, total revenues increased 3.9% over 2010 and were up 8.1% excluding 2010 termination fees. Basic earnings per share from continuing operations were $0.53, a 3.0% increase over 2010, and increased 29.8% excluding 2010 termination fees.
"Our year to date results confirm our confidence in the improving economic conditions and our expectation that we will be successful at achieving our full year guidance for 2011. Since the beginning of 2011, we have deployed approximately $252 million of capital for share repurchases and acquisitions as we continue to invest in our future growth," said Tomlinson.