Here's the news.
Tuesday April 8 8:32 AM EDT
TSYS Reports 42.7% Increase in Net Income for First Quarter 1997
COLUMBUS, Ga., April 8 /PRNewswire/ --Today, Total System Services Inc (TSYS) announced revenues and net
income for the quarter ended March 31, 1997.
Net income for the quarter increased 42.7% to $8.5 million, or $.07 per share, up from $6.0 million, or $.05 per share, for
the same period last year. Revenues for the first quarter of 1997 were $83.1 million, an increase of 16.9%, compared with
revenues of $71.1 million for the first quarter of 1996.
Chairman of the Board and Chief Executive Officer, Richard W. Ussery, said, "TSYS is again poised to enjoy solid
financial performance this year. Our first quarter earnings are a good indicator of this anticipated performance. During this
quarter, we successfully completed the conversion of 3.5 million accounts to our TS2 software system. NationsBank
extended its processing contract with us well into the next decade, and we also continued to maintain our leadership position
in the commercial card processing arena. In addition, our joint ventures continued their positive performance. Since
year-end 1996, we've added more than six million accounts to our systems. Throughout 1997, we will provide software
and technology solutions to our clients as we continue our trends of positive productivity, growth of accounts on file,
quality process improvements, and the conversion of additional clients to our software systems."
Headquartered in Columbus, Ga., TSYS is one of the world's largest credit, debit, commercial and private-label card
processing companies, serving card issuing institutions located throughout the United States, Puerto Rico, Canada and
Mexico, representing more than 84 million cardholder accounts. TSYS provides a comprehensive on-line system of data
processing services marketed as THE TOTAL SYSTEM(sm). In 1996, TSYS formed a joint venture with Visa(R) U.S.A.
to create Vital Processing Services L.L.C., a leading full-service merchant services provider. TSYS' 1996 revenues totaled
$311.6 million; the company is an 80.7 percent owned subsidiary of Synovus Financial Corp , an $8.6 billion asset,
multi-financial services company that also includes 34 affiliates in four Southeastern states, a full-service brokerage firm, a
comprehensive trust services provider and a mortgage services company. TSYS' Internet address is www.totalsystem.com.
TOTAL SYSTEM SERVICES, INC.
Financial Highlights
(In thousands, except per share data)
First Quarter Ended
March 31,
Percentage
1997 1996 Change
Revenues $ 83,137 71,102 16.9%
Expenses 72,312 63,233 14.4
Equity in Income of
Joint Ventures* 1,769 710 nm
Operating Income 12,594 8,579 46.8
Other Income 452 424 6.5
Income before Income Taxes 13,046 9,003 44.9
Income Taxes 4,529 3,034 49.3
Net Income $ 8,517 5,969 42.7
Net Income Per Share $ 0.07 0.05 42.6%
Average Shares Outstanding 129,289,680 129,281,960
nm - Not meaningful
*NOTE: Effective May 1, 1996, merchant revenues and expenses were transferred to Vital Processing Services and are now
reflected in Equity in Income of Joint Ventures.
# Certain amounts have been reclassified to conform with 1997 presentation. SOURCE Total System Services, Inc. |
