PMT Services Purchases 5,500 Merchant Accounts Generating
Annualized Charge Volume of Approximately $450 Million
Has Completed 8 Transactions Thus Far in Fiscal 1998 Adding Annualized Charge Volume of
Almost $4 Billion
NASHVILLE, Tenn.--(BUSINESS WIRE)--May 6, 1998--Richardson M. Roberts, Chairman and Chief Executive Officer
of PMT Services, Inc. (Nasdaq/NM: PMTS - news), today announced that since the beginning of the Company's third quarter
of fiscal 1998, it has completed four purchases of merchant portfolios. In aggregate, these portfolios include approximately
5,500 merchant accounts, which are currently generating annualized charge volume of approximately $450 million.
Mr. Roberts said, ''Despite PMT's increasing focus on producing merchant portfolio growth internally, these portfolio
purchases demonstrate the continued opportunities for consolidation in the small merchant segment of the electronic transaction
processing industry. Thus far in fiscal 1998, PMT has completed eight portfolio purchases or acquisitions of existing businesses
that have brought an aggregate annualized charge volume to the Company of almost $4 billion. As a result, the PMT's
acquisition efforts during fiscal 1998 have already produced a substantial increase in its merchant portfolio, which is currently
generating annualized charge volume of approximately $16 billion.
''We continue to hold discussions with a number of candidates with respect to other potential portfolio purchase transactions
or acquisitions of existing businesses and intend to pursue appropriate transactions aggressively. PMT has established one of
the most successful records in its industry of acquiring and integrating merchant portfolios. As one of the largest and lowest
cost providers in our markets, we believe we have the economies of scale and skill to profit from additional consolidation
opportunities in a growing and highly fragmented industry.
''PMT will also continue to focus heavily on building its internal account generation capability. In the past two years, we have
increased this capability to approximately 4,000 new merchant accounts per month from approximately 300. As a result of the
ongoing success of these dual growth strategies, we remain confident of the Company's ability to produce additional profitable
growth and increased shareholder value.''
PMT Services, Inc. is an independent service organization which markets and services electronic credit card authorization and
payment systems to small retail and professional businesses located throughout the United States. PMT's merchant portfolio
has grown through the internal development of accounts using telemarketing and a field sales force as well as through the
purchase of merchant portfolios and acquisitions of existing businesses. PMT is one of the largest independent service
organizations in the country.
Investors are cautioned that this release contains forward- looking statements, such as those relating to PMT's ability to
produce continued profitable growth and the continued consolidation of the electronic transaction processing industry, that are
based upon current expectations and involve a number of risks and uncertainties. Actual operations and results may differ
materially from those expressed in the forward-looking statements made by the Company. The factors that could cause actual
results to vary include PMT's ability to retain and expand its field sales force; the ongoing performance of the field sales and
telemarketing personnel; the actual production of new accounts by alliance partners; the Company's ability to integrate
acquisitions successfully with its processing systems and products and to account for acquisitions as poolings of interests; the
availability of attractive acquisition targets; the availability of capital, attrition of merchants from acquired portfolios; and other
trends or uncertainties as noted in PMT's periodic filings with the SEC.
Contact:
PMT Services, Nashville
Clay Whitson, 615/743-3800 ext.3200
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