Tsys reports income and revenues up in first quarter
25 April 2012 | 1223 views | 0
TSYS today reported results for the first quarter with basic earnings per share at $0.30, an increase of 18.6% over 2011.
Total revenues for the quarter were $461.2 million, an increase of 7.4%. Revenues before reimbursable items were $395.2 million, an increase of 9.0% for the quarter.
"Our first quarter results continue to benefit from strong same client transaction growth, which was 14.4% in our card issuer processing business, when compared to last year. POS transactions, excluding deconverted clients in our indirect business, were up 11% and sales volume from our direct merchant business was up 20.9% over same quarter last year. Operating income was $84.8 million, resulting in an increase of 16.2% over last year. Our consolidated organic revenue growth of 7.7% for the quarter was the main driver in our results. This quarter represents the 8th consecutive quarter that we reported positive year-over-year growth in revenues before reimbursable items," said Philip W. Tomlinson, chairman and chief executive officer of TSYS.
During the quarter, TSYS signed new contracts with Huntington Bancshares and Regions to process their credit card portfolios. In addition, a long-term agreement with The Royal Bank of Scotland for its UK, Irish and U.S. consumer credit and commercial businesses was renewed. "We continue to pursue our vision of being the leading global payment solutions provider through acquisitions and by putting people at the center of payments. We continue to believe TSYS will achieve our guidance of double digit growth in earnings per share and a solid top line revenue increase in 2012," said Tomlinson.