Tsys (NYSE: TSS) today reported results for the second quarter of 2014.
Total revenues for the quarter were $602.0 million, an increase of 30.4%. Revenues before reimbursable items were $538.1 million, an increase of 34.2%. Adjusted EBITDA was $170.9 million, an increase of 22.0%. Income from continuing operations was $59.8 million. Adjusted earnings per share (EPS) from continuing operations were $0.45, an increase of 19.8%. On a GAAP basis, basic and diluted EPS from continuing operations were $0.32.
Total revenues year-to-date were $1.2 billion, an increase of 31.2%. Revenues before reimbursable items were $1.1 billion, an increase of 35.7%. Adjusted EBITDA was $320.5 million, an increase of 21.6%. Income from continuing operations was $109.1 million. Adjusted EPS from continuing operations was $0.83, an increase of 9.2%. On a GAAP basis, basic and diluted EPS from continuing operations were $0.58.
"We set another milestone this quarter with total revenues of over $600 million for the first time in TSYS' history. It was an outstanding quarter with our consolidated adjusted operating margin improving 357 basis points over the first quarter to 24.94%," said Philip W. Tomlinson, chairman and chief executive officer of TSYS.
"Year to date, our free cash flow was $133.7 million, an increase of $54.9 million, or 69.6% over last year. During the quarter, we deployed $115.7 million of our capital by repurchasing 3.7 million shares," added Tomlinson.
Also during the quarter, TSYS announced that Phil Tomlinson will retire as chief executive officer and that M. Troy Woods has been elected by the TSYS board of directors as president and chief executive officer, effective July 31, 2014. Tomlinson will continue to serve as executive chairman of the board of TSYS until the 2015 Annual Shareholders' Meeting.
"I am honored to have been chosen to carry the torch at this exciting time in our history. All of us here at TSYS are stewards of the tremendous business and cultural legacy we have been given. I feel particularly accountable for making sure we build on our strong foundation, grow this company and achieve our vision of being the leading global payment solutions provider," stated Woods.
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