TSYS Reports 19.1% Increase in Operating Income and a 12.4% Increase in Net Income for First Nine Months of 2003
Tuesday October 14, 4:00 pm ET
biz.yahoo.com
COLUMBUS, Ga., Oct. 14 /PRNewswire-FirstCall/ -- TSYS® today announces that its financial results are in line with the Company's forecast for the three and nine months ended September 30, 2003.
Highlights of the third quarter and first nine months of 2003 as compared to the same periods of 2002, are as follows:
Three Months Ended Nine Months Ended
(dollars in millions, September 30, September 30,
except earnings per Percent Percent
share (EPS) data) 2003 2002 Change 2003 2002 Change
Revenues Before
Reimbursables $210.4 183.2 14.9% $606.3 535.6 13.2%
Total Revenues 266.1 239.6 11.1% 775.2 709.1 9.3%
Operating Income 48.9 40.7 20.2% 136.8 114.9 19.1%
Net Income 35.5 32.8 8.2% 101.6 90.3 12.4%
Basic EPS 0.18 0.17 8.4% 0.52 0.46 12.5%
Diluted EPS 0.18 0.17 8.2% 0.51 0.46 12.6%
"The third quarter proved to be another solid quarter for TSYS, and we expect another record year in 2003 as we celebrate our 20th anniversary," said Richard W. Ussery, chairman and CEO of TSYS. "Our core services demonstrated strong growth for the quarter and the nine months ended September 30, 2003 as illustrated by the double-digit growth in revenues and operating income. Our growth in core service revenues continues to be driven by the strong internal annual growth of our existing customers' accounts on file of approximately 11.3%, the cross sell opportunities as evidenced by the year-to-date growth in revenues of 22.6% from value added services and the year-to-date growth of 39.0% in revenues from international clients."
"Overall, TSYS' net income growth was reduced on a comparison basis with last year due to foreign currency translation gains included in 2002, as well as industry-wide pricing pressures experienced by Vital Processing Services, L.L.C. in 2003," said Ussery.
"In addition to our earnings growth, we are also very pleased with our strong cash flow position. During the third quarter, we repaid the $20 million in financing used to fund the $93.5 million purchase of TSYS' corporate campus in June 2003," said Ussery. "TSYS is strongly positioned to support future growth and expansion."
TSYS will host its quarterly conference call at 4:30 p.m. EDT, October 14, 2003. The conference call can be accessed at www.tsys.com by clicking on the designated icon within the Highlights section of the site. The replay will be available 30-45 minutes after the call |
