TSYS Reports EPS Growth of 29% for the Fourth Quarter and 14% for the Full Year

COLUMBUS, Ga.-( Business Wire )-

TSYS today reported results for the fourth quarter and full year with basic earnings per share from continuing operations at $0.31 for the quarter, an increase of 29.4%, and $1.15 for the full year, an increase of 14.4% over 2010. Total revenues for the quarter were $472.2 million, an increase of 7.3%, and $1,809.0 million for the year, an increase of 5.3%. Revenues before reimbursable items were $407.7 million and $1,540.7 million, an increase of 9.1% and 6.8%, respectively, for the quarter and the year.

“We are pleased to report that we met or exceeded the high end of our guidance for 2011. Our 2011 results reflect continued strong same client transaction growth of 11.2% in our card issuer processing. The driving forces behind our results were consolidated organic revenue growth of 4.7% for the year, combined with acquisitions in the acquiring space, which added 2.9% to our growth in revenues before reimbursable items,” said Philip W. Tomlinson, chairman and chief executive officer of TSYS.

“During the fourth quarter, we purchased 2.4 million shares of our stock in the open market for $47.7 million, which brought our full year repurchase totals to 6.6 million shares for $120.6 million. All shares were purchased at values that we believe were attractive. We continue to pursue acquisitions that meet our strategy of being the leading global payment solutions provider. During the year, we deployed approximately $335 million of capital for share repurchases and acquisitions as we continue to aggressively invest in our future and add shareholder value. We were also pleased to announce a 42.9% increase in our quarterly dividends and a total shareholder return of 29.2% for 2011. We continue to believe TSYS will have good growth in 2012, resulting in our guidance of double digit growth in earnings per share and a solid top line revenue increase,” said Tomlinson.

    2012 Guidance
Range      

(in millions, except per

share amounts)

      Percent

Change

Total revenues $1,809     to     $1,845 0%     to     2%
Revenues before reimbursable items $1,569 to $1,624 2% to 5%
Income from continuing operations $238 to $243 8% to 10%
EPS from continuing operations available to TSYS common shareholders

$1.26

to

$1.28

10%

to

12%

Conference Call

TSYS will host its quarterly conference call at 5:00 p.m. ET on Tuesday, January 24. The conference call can be accessed via simultaneous Internet broadcast at tsys.com by clicking on the link under "Webcasts" on the main homepage. The replay will be archived for 12 months and will be available approximately 30 minutes after the completion of the call. A slide presentation to accompany the call will be available by clicking on the link under "Webcasts" on the main homepage of tsys.com.

Non-GAAP Measures

The financial highlights section of this release contains the non-GAAP financial measures of revenues and basic EPS excluding revenues from termination fees and revenues and operating results on a constant currency basis, respectively, to describe TSYS’ performance. Management uses these non-GAAP financial measures to better understand and assess TSYS’ operating results and financial performance. TSYS believes these non-GAAP financial measures provide meaningful additional information about TSYS to assist investors in understanding and evaluating its operating results.

Additional information about non-GAAP financial measures and a reconciliation of those measures to the most directly comparable GAAP measures are included on pages 10 and 11 of this release.

About TSYS

TSYS (NYSE: TSS) is reshaping a new era in digital commerce, connecting consumers, merchants, financial institutions, businesses and governments. Through unmatched customer service and industry insight, TSYS creates a better experience for buyers and sellers, supporting cross-border payments in more than 85 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare, installments, money transfer and more, TSYS makes it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.

TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks. For more information, please visit us at www.tsys.com.

Forward-Looking Statements

This press release contains “forward-looking statements” – that is, statements related to future, not past, events. Forward-looking statements often address our expected future business and financial performance and often contain words such as “expect,” “anticipate,” “intend,” “believe,” “should,” “plan,” “will,” “could,” and similar expressions. These forward-looking statements include, among others, statements regarding TSYS’ belief that it will continue to exhibit strong growth in 2012 and TSYS’ earnings guidance for 2012 total revenues, revenues before reimbursable items, income from continuing operations and EPS from continuing operations, and the assumptions underlying such statements. These statements are based on the current beliefs and expectations of TSYS' management, are based on management’s assumptions and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by our forward-looking statements in this press release. Many of these factors are beyond TSYS' ability to control or predict. These factors include, but are not limited to: continued consolidation and turmoil in the financial services and other industries during 2012, including the merger of TSYS clients with entities that are not TSYS processing clients, the sale of portfolios by TSYS clients to entities that are not TSYS processing clients and the nationalization or seizure by banking regulators of TSYS clients; TSYS is unable to control expenses and increase market share both domestically and internationally; TSYS is unable to manage the impact of slowing economic conditions and consumer spending; the material breach of security of any of TSYS' systems; the impact of potential and completed acquisitions, including the costs associated therewith and their being more difficult to integrate than anticipated; adverse developments with respect to foreign currency exchange rates; expenses are incurred associated with the signing of a significant client; the deconversion of a significant client; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on TSYS and on our clients; changes occur in laws, rules, regulations, credit card association rules or other industry standards affecting TSYS and our clients that may result in costly new compliance burdens on TSYS and our clients and lead to a decrease in the volume and/or number of transactions processed; the costs and effects of litigation, investigations or similar matters or adverse facts and developments relating thereto; adverse developments with respect to the credit card industry in general, including a decline in the use of credit cards as a payment mechanism; and internal growth rates of TSYS’ existing clients are lower than anticipated whether as a result of unemployment rates, card delinquencies and charge-off rates or otherwise. Additional risks and other factors that could cause actual results to differ materially from those contemplated in this release can be found in TSYS' filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.

                                     
TSYS
Financial Highlights
(unaudited)
(in thousands, except per share data)
               
Three Months Ended Twelve Months Ended
December 31, December 31,
Percent Percent
2011 2010 Change 2011 2010 Change
 
Total revenues $ 472,234 439,991 7.3 % $ 1,808,966 1,717,577 5.3 %
 
Cost of services 322,946 311,901 3.5 1,257,970 1,201,012 4.7
Selling, general and administrative expenses 59,570   57,116   4.3 228,540   207,136   10.3
 
Operating income 89,718 70,974 26.4 322,456 309,429 4.2
 
Nonoperating expenses (541 ) (215 ) nm (5,905 ) (1,617 ) nm
 
Income from continuing operations before income
taxes, noncontrolling interests and equity in income
of equity investments 89,177 70,759 26.0 316,551 307,812 2.8
Income taxes 29,497   21,840   35.1 102,597   106,088   (3.3 )
Income from continuing operations before noncontrolling
interests and equity in income of equity investments 59,680 48,919 22.0 213,954 201,724 6.1
Equity in income of equity investments 1,234   2,780   (55.6 ) 8,708   7,142   21.9
Income from continuing operations, net of tax 60,914 51,699 17.8 222,662 208,866 6.6
Loss from discontinued operations, net of tax -   (82 ) 100.0 -   (3,245 ) 100.0
Net income 60,914 51,617 18.0 222,662 205,621 8.3
Net income attributable to noncontrolling interests (1,040 ) (4,444 ) 76.6 (2,103 ) (11,674 ) 82.0
 
Net income attributable to TSYS common shareholders $ 59,874   47,173   26.9 % $ 220,559   193,947   13.7 %
 
Basic earnings per share:
Income from continuing operations to TSYS
common shareholders* $ 0.31   0.24   29.4 % $ 1.15   1.00   14.4 %
Loss from discontinued operations to TSYS
common shareholders* -   (0.00 ) nm -   (0.02 ) nm
Net income attributable to TSYS common shareholders* $ 0.31   0.24   29.7 % $ 1.15   0.99   16.3 %
 
Diluted earnings per share:
Income from continuing operations to TSYS
common shareholders* $ 0.31   0.24   29.2 % $ 1.15   1.00   14.3 %
Loss from discontinued operations to TSYS
common shareholders* -   (0.00 ) nm -   (0.02 ) nm
Net income attributable to TSYS common shareholders* $ 0.31   0.24   29.4 % $ 1.15   0.99   16.2 %
 
 
Dividends declared per share $ 0.10   0.07   $ 0.31   0.28  
 
Amounts attributable to TSYS common shareholders:
Income from continuing operations, net of tax $ 59,874 47,255 26.7 % $ 220,559 197,192 11.8 %
(Loss) income from discontinued operations, net of tax -   (82 ) 100.0 -   (3,245 ) 100.0
Net income $ 59,874   47,173   26.9 % $ 220,559   193,947   13.7 %
 
nm = not meaningful
* Basic and diluted EPS amounts for continuing operations and net income do not total due to rounding.
 
                                         
TSYS
Earnings Per Share
(unaudited)
(in thousands, except per share data)
                   
 
Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended
December 31, 2011 December 31, 2010 December 31, 2011 December 31, 2010
Common Participating Common Participating Common Participating Common Participating
Stock Securities Stock Securities Stock Securities Stock Securities
 
Basic Earnings per share:
Net income $ 59,874 47,173 $ 220,559 193,947
Less income allocated to nonvested awards (213 ) 213 (221 ) 221 (805 ) 805 (959 ) 959
Net income allocated to common stock for
EPS calculation ( a ) $ 59,661   213 46,952   221 $ 219,754   805 192,988   959
 
Average common shares outstanding ( b ) 189,506   684 193,352   914 191,239   707 195,378   975
 
Average common shares and participating securities 190,190   194,266   191,946   196,353  
 
Basic Earnings per share ( a )/( b ) $ 0.31   0.31 0.24   0.24 $ 1.15   1.14 0.99   0.98
 
Diluted Earnings per share:
Net income $ 59,874 47,173 $ 220,559 193,947
Less income allocated to nonvested awards (212 ) 212 (221 ) 221 (804 ) 804 (959 ) 959
Net income allocated to common stock for
EPS calculation ( c ) $ 59,662   212 46,952   221 $ 219,755   804 192,988   959
 
Average common shares outstanding 189,506 684 193,352 914 191,239 707 195,378 975
Increase due to assumed issuance of shares related
to common equivalent shares outstanding 517     214     345     193    
 
Average common and common
equivalent shares outstanding ( d ) 190,023   684 193,566   914 191,584   707 195,571   975
 
Average common and common
equivalent shares and participating securities 190,707   194,480   192,291   196,546  
 
Diluted Earnings per share ( c )/( d ) $ 0.31   0.31 0.24   0.24 $ 1.15   1.14 0.99   0.98
 
                                       
TSYS
Segment Breakdown
(unaudited)
(in thousands)
               
Three Months Ended December 31, Twelve Months Ended December 31,
 
Change Change
2011   2010   $   % 2011   2010   $   %
Revenues before reimbursable items
North America Services $ 209,618 198,742 10,876 5.5 % 809,069 809,012 57 0.0 %
International Services 102,792 88,547 14,245 16.1 % 380,129 321,846 58,283 18.1 %
Merchant Services 100,379 93,482 6,897 7.4 % 373,159 337,178 35,981 10.7 %
Intersegment revenues (5,106 )   (6,927 )   1,821   26.3 % (21,659 )   (25,600 )   3,941   15.4 %
Revenues before reimbursable items
from external customers $ 407,683     373,844     33,839   9.1 % 1,540,698     1,442,436     98,262   6.8 %
 
Total revenues
North America Services $ 246,190 233,960 12,230 5.2 % 954,550 956,546 (1,996 ) (0.2 ) %
International Services 106,560 92,248 14,312 15.5 % 394,831 334,954 59,877 17.9 %
Merchant Services 126,224 122,519 3,705 3.0 % 487,997 458,921 29,076 6.3 %
Intersegment revenues (6,740 )   (8,736 )   1,996   22.8 % (28,412 )   (32,844 )   4,432   13.5 %
Revenues from external customers $ 472,234     439,991     32,243   7.3 % 1,808,966     1,717,577     91,389   5.3 %
 
Depreciation and amortization
North America Services $ 18,767 20,017 (1,250 ) (6.2 ) % 78,155 78,834 (679 ) (0.9 ) %
International Services 15,373 13,457 1,916 14.2 % 51,888 40,792 11,096 27.2 %
Merchant Services 8,893 9,782 (889 ) (9.1 ) % 36,124 40,298 (4,174 ) (10.4 ) %
Corporate Admin 729     748     (19 ) (2.5 ) % 2,998     3,003     (5 ) (0.2 ) %
Total depreciation and amortization $ 43,762     44,004     (242 ) (0.5 ) % 169,165     162,927     6,238   3.8 %
 
Segment operating income
North America Services $ 66,560 56,339 10,221 18.1 % 253,844 244,989 8,855 3.6 %
International Services 11,983 7,429 4,554 61.3 % 41,408 42,689 (1,281 ) (3.0 ) %
Merchant Services 32,958 29,782 3,176 10.7 % 112,986 102,444 10,542 10.3 %
Corporate Admin (21,783 )   (22,576 )   793   3.5 % (85,782 )   (80,693 )   (5,089 ) (6.3 ) %
Operating income $ 89,718     70,974     18,744   26.4 % 322,456     309,429     13,027   4.2 %
 
Other:
Reimbursable items:
North America Services $ 36,573 35,219 1,354 3.8 % 145,481 147,534 (2,053 ) (1.4 ) %
International Services 3,768 3,701 67 1.8 % 14,702 13,108 1,594 12.2 %
Merchant Services 25,845 29,036 (3,191 ) (11.0 ) % 114,838 121,743 (6,905 ) (5.7 ) %
Intersegment revenues (1,635 )   (1,809 )   174   9.6 % (6,753 )   (7,244 )   491   6.8 %
Reimbursable items $ 64,551     66,147     (1,596 ) (2.4 ) % 268,268     275,141     (6,873 ) (2.5 ) %
 
Volumes:
FTEs (continuing operations)
North America Services 4,318 4,297 21 0.5 %
International Services 2,376 2,043 333 16.3 %
Merchant Services 1,158 1,115 43 3.9 %
Corporate Admin 397     334     63   18.9 %
FTEs 8,249     7,789     460   5.9 %
 
At   Change
Total assets (in thousands) 12/31/2011   12/31/2010   $   %
North America Services 1,621,664 1,632,882 (11,218 ) (0.7 ) %
International Services 433,203 408,880 24,323 5.9 %
Merchant Services 487,858 460,750 27,108 5.9 %
Intersegment assets (684,333 )   (550,251 )   (134,082 ) (24.4 ) %
Total assets 1,858,392     1,952,261     (93,869 ) (4.8 ) %
 
 
Three Months Ended December 31, Twelve Months Ended December 31,
 
Change Change
2011   2010  

Inc(Dec)

  % 2011   2010  

Inc(Dec)

  %
North America Segment:
Accounts on File (AOF) (in millions) 351.4 296.7 54.7 18.5 %
Transactions (in millions) 1,966.5 1,730.6 235.9 13.6 % 7,261.2 6,410.8 850.3 13.3 %
 
International Segment:
AOF (in millions) 52.8 46.3 6.5 14.0 %
Transactions (in millions) 399.5 357.6 41.9 11.7 % 1,426.6 1,259.6 167.0 13.3 %
 
Merchant Segment:
Point-of-sale Transactions (in millions) 1,216.4 1,235.7 (19.3 ) (1.6 ) % 4,955.5 5,315.4 (359.9 ) (6.8 ) %
 
             
TSYS
Balance Sheet
(unaudited)
(in thousands)
Dec 31, 2011       Dec 31, 2010
Assets      
Current assets:
Cash and cash equivalents $ 316,337 394,795
Restricted cash - 434
Accounts receivable, net 248,541 237,646
Deferred income tax assets 12,872 11,090
Prepaid expenses and other current assets 72,431 77,848
         
Total current assets 650,181 721,813
Property and equipment, net 266,608 300,102
Computer software, net 215,244 246,424
Contract acquisition costs, net 162,987 166,251
Goodwill 355,498 320,399
Equity investments, net 82,924 77,127
Other intangible assets, net 81,250 83,118
Deferred income tax assets, net 4,069 2,704
Other assets 39,631 34,323
         
Total assets $ 1,858,392         1,952,261  
 
Liabilities
Current liabilities:
Current portion of notes payable $ 181,251 39,557
Accrued salaries and employee benefits 33,004 27,414
Accounts payable 26,095 36,068
Current portion of obligations under capital leases 14,363 13,191
Other current liabilities 125,863 111,040
         
Total current liabilities 380,576 227,270
Notes payable, excluding current portion 39,104 194,703
Deferred income tax liabilities 32,889 42,547
Obligations under capital leases, excluding current portion 24,489 30,573
Other long-term liabilities 60,325 53,363
         
Total liabilities 537,383         548,456  
Redeemable noncontrolling interest -         146,000  
Equity
Shareholders' equity:
Common stock 20,186 20,133
Additional paid-in capital 125,976 119,722
Accumulated other comprehensive income, net (473 ) (2,585 )
Treasury stock (225,034 ) (115,449 )
Retained earnings 1,380,634         1,219,303  
Total shareholders' equity 1,301,289         1,241,124  
Noncontrolling interests in consolidated subsidiaries 19,720         16,681  
Total equity 1,321,009         1,257,805  
Total liabilities and equity $ 1,858,392         1,952,261  
 
       
TSYS
Cash Flow
(unaudited)
(in thousands)
Twelve Months Ended December 31,
2011 2010
 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 222,662 205,621
Adjustments to reconcile net income to net cash
provided by operating activities:
Equity in income of equity investments (8,708 ) (7,142 )
Dividends received from equity investments 6,835 6,572
Net loss (gain) on currency translation adjustments 3,091 162
Depreciation and amortization 169,165 163,111
Amortization of debt issuance costs 160 154
Share-based compensation 16,477 15,832
Excess tax expense (benefit) from share-based payment arrangements 149 (111 )
Asset impairments 799 -
Provisions for (recoveries of) bad debt expense and billing 1,552 (798 )
adjustments
Charges for transaction processing provisions 4,750 3,891
Deferred income tax expense (benefit) 6,565 (4,388 )
(Gain) loss on disposal of equipment, net (1,159 ) 145
Loss on disposal of subsidiary - 1,591
Changes in operating assets and liabilities:
Accounts receivable (7,044 ) (7,138 )
Prepaid expenses, other current assets and other long-term assets 23,099 (1,495 )
Accounts payable (15,512 ) 13,916
Accrued salaries and employee benefits 4,492 (21,965 )
Other current liabilities and other long-term liabilities 8,400   21,202  
Net cash provided by operating activities 435,773   389,160  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment, net (26,938 ) (46,547 )
Additions to licensed computer software from vendors (19,502 ) (69,826 )
Additions to internally developed computer software (17,882 ) (25,466 )
Proceeds from sale of tradename 4,500 -
Proceeds from disposition, net of expenses paid and cash disposed - 4,265
Cash used in acquisitions, net of cash acquired (47,909 ) (148,531 )
Purchase of private equity investments (1,573 ) -
Dividends received from equity investments as a return of capital - 68
Subsidiary repurchase of noncontrolling interest (494 ) -
Additions to contract acquisition costs (31,622 ) (75,669 )
Net cash used in investing activities (141,420 ) (361,706 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt borrowings and
capital lease obligations (28,892 ) (11,741 )
Proceeds from borrowings of long-term debt - 39,757
Proceeds from exercise of stock options 8,065 543
Excess tax expense (benefit) from share-based payment arrangements (149 ) 111
Repurchase of common stock (121,099 ) (46,228 )
Purchase of noncontrolling interests (174,050 ) -
Subsidiary dividends paid to noncontrolling shareholders (433 ) (9,031 )
Dividends paid on common stock (53,949 ) (55,087 )
Net cash used in financing activities (370,507 ) (81,676 )
 
CASH AND CASH EQUIVALENTS:
Effect of exchange rate changes on cash and cash equivalents (2,304 ) (938 )
Net increase (decrease) in cash and cash equivalents (78,458 ) (55,160 )
Cash and cash equivalents at beginning of period 394,795   449,955  
Cash and cash equivalents at end of period $ 316,337   394,795  
 
                     
Supplemental Information:
Accounts on File
Total
(in millions) Dec

2011

  Dec

2010

%

Change

Consumer Credit 195.0 179.4 8.7
Government Services 29.7 28.1 5.7
Retail 24.6   24.2 1.4
Total Consumer 249.3 231.7 7.6
Commercial 61.9 49.7 24.4
Other 7.9   6.2 28.3
Subtotal 319.1 287.6 10.9
Prepaid/Stored Value 85.1   55.3 53.9
Total AOF 404.2   342.9 17.9
 
 
 

Growth in Accounts on File (in millions):

Dec 2010 to

Dec 2011

Dec 2009 to

Dec 2010

Beginning balance 342.9 344.8
Change in accounts on file due to:
Internal growth of existing clients 33.9 22.4
New clients 43.4 30.8
Purges/Sales (15.3 ) (39.3 )
Deconversions (0.7 )   (15.8 )
Ending balance 404.2     342.9  
 
               
Reconciliation of GAAP to Non-GAAP
 
Non-GAAP Measures
 
The schedule below provides a reconciliation of revenues and operating results on a constant currency basis to reported revenues and operating income. This non-GAAP measure presents year-to-date 2011 financial results using the previous year’s foreign currency exchange rates. On a year-to-date constant currency basis, TSYS’ total revenues grew 4.3% as compared to a reported GAAP increase of 5.3%. The schedule below also provides a reconciliation of revenues and basic EPS excluding revenues from termination fees.
 
 
The non-GAAP financial measures of constant currency and revenues and basic EPS excluding revenues from termination fees, with respect to year-to-date revenues and basic EPS presented by TSYS, are utilized by management to better understand and assess TSYS’ operating results and financial performance. TSYS also uses the non-GAAP financial measures to evaluate and assess TSYS’ financial performance against budget, as well as to evaluate financial performance for executive and management compensation purposes.
 

 

 

TSYS believes that non-GAAP financial measures are important to enable investors to understand and evaluate its ongoing operating results. Accordingly, TSYS includes non-GAAP financial measures when reporting its financial results to shareholders and investors in order to provide them with an additional tool to evaluate TSYS’ ongoing business operations. TSYS believes that the non-GAAP financial measures are representative of comparative financial performance that reflects the economic substance of TSYS’ current and ongoing business operations.
 
 
Although non-GAAP financial measures are often used to measure TSYS’ operating results and assess its financial performance, they are not necessarily comparable to similarly titled captions of other companies due to potential inconsistencies in the method of calculation.
 
 
TSYS believes that its use of non-GAAP financial measures provides investors with the same key financial performance indicators that are utilized by management to assess TSYS’ operating results, evaluate the business and make operational decisions on a prospective, going-forward basis. Hence, management provides disclosure of non-GAAP financial measures to give shareholders and potential investors an opportunity to see TSYS as viewed by management, to assess TSYS with some of the same tools that management utilizes internally and to be able to compare such information with prior periods. TSYS believes that the presentation of GAAP financial measures alone would not provide its shareholders and potential investors with the ability to appropriately analyze its ongoing operational results, and therefore expected future results. TSYS therefore believes that inclusion of non-GAAP financial measures provides investors with additional information to help them better understand its financial statements just as management utilizes these non-GAAP financial measures to better understand the business, manage budgets and allocate resources.
 
               
Reconciliation of GAAP to Non-GAAP
                                         
Constant Currency Comparison
(unaudited)
(in thousands)      
 
Three Months Ended Dec 31, Twelve Months Ended Dec 31,
Percent Percent
2011   2010   Change 2011     2010     Change
Consolidated
Constant currency (1) $ 472,017 439,991 7.3 % $ 1,791,670 1,717,577 4.3 %
Foreign currency (2) 217   - 17,296     -
Total revenues $ 472,234   439,991 7.3 % $ 1,808,966     1,717,577 5.3 %
 
Constant currency (1) $ 89,630 70,974 26.3 % $ 321,315 309,429 3.8 %
Foreign currency (2) 88   - 1,141     -
Operating income $ 89,718   70,974 26.4 % $ 322,456     309,429 4.2 %
 
International Services
Constant currency (1) $ 106,465 92,248 15.4 %
Foreign currency (2) 95   -
Total revenues $ 106,560   92,248 15.5 %
 
 
(1) Reflects current period results on a non-GAAP basis as if foreign currency rates did not change from the comparable prior year period.
(2) Reflects the impact of calculated changes in foreign currency rates from the comparable period.
 
                                         
 
Revenue and BASIC EPS Excluding Termination Fees
(unaudited)
(in thousands, except per share data)      
 
Twelve Months Ended Dec 31,
Percent
2011     2010     Change
Consolidated
Total Revenues $ 1,808,966 1,717,577 5.3 %
Less:
Termination Fees - 32,667
 
       
Total revenues excluding termination fees $ 1,808,966     1,684,910 7.4 %
 
Net income attributable to TSYS common shareholders $ 220,559 193,947 13.7 %
Less:
Termination Fees, net of tax - 21,011
 
Net Income excluding termination fees, net of tax, attributable to TSYS common shareholders
$ 220,559     172,936 27.5 %
 
Average common shares and participating securities 191,946     196,353
 
BASIC EPS - Net income attributable to TSYS
common shareholders $ 1.15 0.99 16.3 %
Less:
Termination Fees, net of tax - 0.11
BASIC EPS - Net Income excluding termination fees, net of tax, attributable to TSYS common
shareholders $ 1.15     0.88 30.5 %
 
 
Note: Earnings per share may not foot due to rounding.
 

 

TSYS Investor RelationsShawn Roberts, + This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

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Company ID [INDEXDJX:.DJI] Last trade:16,960.57 Trade time:4:28PM EDT Value change:▼123.23 (-0.72%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:1,978.34 Trade time:4:28PM EDT Value change:▼9.64 (-0.48%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,449.56 Trade time:5:15PM EDT Value change:▼22.54 (-0.50%)

In The Wires

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