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Global Payments Reports Second Quarter Earnings

时间:2018-11-08 作者:admin

ATLANTA, Jan. 4 /Xinhua-PRNewswire/ --

Global Payments Inc. (NYSE: GPN) today announced results for its second quarter ended November 30, 2007. For the second quarter, revenue grew 18 percent to $308.8 million compared to $260.7 million in the prior year. Excluding the impact of current period restructuring charges, diluted earnings per share grew 14 percent to $0.48 compared to $0.42 in the prior year quarter.

(Logo: http://www.newscom.com/cgi-bin/prnh/20010221/ATW031LOGO )

For the six months ended November 30, 2007, revenue grew 19 percent to $619.8 million compared to $521.0 million in the prior year period. Excluding the impact of current period restructuring charges, diluted earnings per share grew 11 percent to $1.02 from $0.92 in the prior year period.

In accordance with GAAP, the current quarter and year-to-date periods include restructuring charges (see attached reconciliation schedule) relating to an operating center consolidation announced in March 2007 and completed in November 2007. These charges are reflected in our GAAP diluted earnings per share amounts. For the three and six months ended November 30, 2007, GAAP diluted earnings per share were $0.48 and $1.01, respectively, compared to $0.42 and $0.92, respectively, in the prior year comparable periods.

During the second quarter, Global Payments repurchased 477,585 shares in the open market at an average price of $40.09 per share (including commissions paid) for a total of $19.1 million. As of November 30, 2007, the company had $13.0 million remaining under its current share repurchase authorization.

Comments and Outlook

Chairman, President and CEO, Paul R. Garcia, stated, "We are very pleased with our solid second quarter results, which were driven by growth in our merchant services segment. Our strong revenue growth continues to be primarily due to organic expansion in our domestic ISO channel, as well as the favorable impact from a strong Canadian currency exchange rate. I am also delighted to report that our Asia-Pacific joint venture with HSBC had favorable revenue growth, which was primarily driven by the benefit of our sales investments made over this past year."

"Based on these results and trends, we are providing annual fiscal 2008 revenue guidance of $1,231 million to $1,257 million. This revenue guidance reflects an expected 16 percent to 18 percent growth versus $1,061.5 million in fiscal 2007. In addition, we are providing annual fiscal 2008 diluted earnings per share guidance of $1.89 to $1.96, or 7 percent to 11 percent growth versus $1.77 in fiscal 2007.(1) This includes the impact of stock option expenses as a result of our June 1, 2006 adoption of FAS 123R. Our guidance excludes the impact of future significant acquisitions, and these earnings per share ranges exclude the impact of potential restructuring and other charges," said Garcia.

Conference Call

Global Payments will hold a conference call today, January 3, 2008 at 5:00 p.m. ET to discuss financial results and business highlights. The conference call may be accessed by calling 1-877-546-1566 (U.S.) or 1-312-470-7270 (internationally) and using a pass code of "GPN" for both numbers, or via Web cast at www.globalpaymentsinc.com. A replay of the call will be available on the Global Payments Web site through January 17, 2008.

Global Payments Inc. (NYSE: GPN) is a leading provider of electronic transaction processing services for consumers, merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Latin America, Europe and the Asia-Pacific. Global Payments offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. The company also provides consumer money transfer services from the U.S. and Europe to destinations in Latin America, Morocco and the Philippines. For more information about the company and its services, visit www.globalpaymentsinc.com.

(1) Fiscal 2007 diluted earnings per share was $1.75 on a GAAP basis,

which includes restructuring and other charges equivalent to $0.02 in

diluted earnings per share.

This announcement and comments made by Global Payments' management during the conference call contain certain forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including revenue and earnings estimates and management's expectations regarding future events and developments, are forward looking statements and are subject to significant risks and uncertainties. Among the important factors that may cause actual events or results to differ materially from those anticipated by such forward-looking statements include the following: continued certification by credit card associations, foreign currency risks, competition and pricing, product demand, market and customer acceptance, development difficulties, the effect of economic conditions and consumer spending, security breaches or system failures, costs of capital, changes in immigration patterns, changes in state, federal or foreign laws and regulations affecting the electronic money transfer industry, increases in credit card association fees, utility or system interruptions, the ability to consummate and integrate acquisitions, and other risks detailed in the company's SEC filings, including the most recently filed Form 10-Q or Form 10-K, as applicable. The company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)

Three Months Ended November 30,

2007 2006

Revenues $308,776 $260,697

Operating expenses:

Cost of service 116,513 105,766

Sales, general and

administrative 133,518 102,628

Restructuring 314 -

250,345 208,394

Operating income 58,431 52,303

Other income (expense):

Interest and other income 4,739 3,728

Interest and other expense (1,268) (1,737)

3,471 1,991

Income before income taxes and

minority interest 61,902 54,294

Provision for income taxes (21,023) (17,692)

Minority interest, net of tax (2,566) (2,600)

Net income $38,313 $34,002

Earnings per share:

Basic $0.48 $0.42

Diluted $0.48 $0.42

Weighted average shares outstanding:

Basic 79,027 80,147

Diluted 80,506 81,729

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands, except per share data)

Six Months Ended November 30,

2007 2006

Revenues $619,756 $521,005

Operating expenses:

Cost of service 232,822 203,956

Sales, general and

administrative 260,954 201,219

Restructuring 1,317 -

495,093 405,175

Operating income 124,663 115,830

Other income (expense):

Interest and other income 9,876 7,324

Interest and other expense (3,141) (3,899)

6,735 3,425

Income before income taxes and

minority interest 131,398 119,255

Provision for income taxes (44,806) (38,601)

Minority interest, net of tax (4,704) (5,143)

Net income $81,888 $75,511

Earnings per share:

Basic $1.03 $0.94

Diluted $1.01 $0.92

Weighted average shares outstanding:

Basic 79,767 79,939

Diluted 81,209 81,651

CONSOLIDATED CONDENSED BALANCE SHEETS

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)

November 30, May 31,

2007 2007

(Unaudited)

Assets

Cash and cash equivalents $363,397 $308,872

Accounts receivable, net 83,823 76,168

Claims receivable, net 4,002 2,187

Settlement processing assets 18,697 32,853

Other current assets 40,098 24,349

Current assets 510,017 444,429

Property and equipment, net 134,221 118,495

Goodwill 471,923 451,244

Other intangible assets, net 175,995 175,620

Other assets 10,593 10,841

Total assets $1,302,749 $1,200,629

Liabilities and Shareholders' Equity

Lines of credit $679 $ -

Settlement processing obligations 61,726 20,617

Payable to money transfer

beneficiaries 6,793 6,589

Accounts payable and other accrued

liabilities 119,926 115,671

Current liabilities 189,124 142,877

Other long-term liabilities 94,186 85,043

Total liabilities 283,310 227,920

Minority interest in equity of

subsidiaries 15,683 14,933

Shareholders' equity 1,003,756 957,776

Total liabilities and

shareholders' equity $1,302,749 $1,200,629

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)

Six Months Ended November 30,

2007 2006

Cash flows from operating activities:

Net income $81,888 $75,511

Non-cash items

Depreciation and amortization 20,978 20,058

Minority interest in earnings 5,139 5,487

Other, net 19,905 15,446

Changes in working capital, which

provided (used) cash

Settlement processing assets

and obligations, net 51,818 9,339

Other, net (30,351) (11,622)

Net cash provided by

operating activities 149,377 114,219

Cash flows from investing activities:

Capital expenditures (22,914) (15,259)

Business and intangible asset

acquisitions (11,551) (79,530)

Net cash used in investing

activities (34,465) (94,789)

Cash flows from financing activities:

Net borrowings on lines of credit 679 -

Principal payments under capital

leases - (544)

Repurchase of common stock (87,020) -

Net proceeds under share-based

compensation plans and dividends 17,097 14,020

Distributions to minority

interests (4,876) (4,707)

Net cash (used in) provided

by financing activities (74,120) 8,769

Effect of exchange rate changes on

cash 13,733 2,573

Increase in cash and cash equivalents 54,525 30,772

Cash and cash equivalents, beginning

of period 308,872 218,475

Cash and cash equivalents, end of

period $363,397 $249,247

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

Reconciliation to Exclude Restructuring Charges from Normalized Results

(In thousands, except per share data)

Three Months Ended November 30, 2007 2006

Normalized Restructuring(1) GAAP GAAP

Revenues $308,776 $- $308,776 $260,697

Operating expenses:

Cost of service 116,513 - 116,513 105,766

Sales, general and

administrative 133,518 - 133,518 102,628

Restructuring - 314 314 -

250,031 314 250,345 208,394

Operating income 58,745 (314) 58,431 52,303

Other income/(expense):

Interest and other income 4,739 - 4,739 3,728

Interest and other expense (1,268) - (1,268) (1,737)

3,471 - 3,471 1,991

Income before income taxes 62,216 (314) 61,902 54,294

Provision for income taxes (21,129) 106 (21,023) (17,692)

Minority interest, net of tax (2,566) - (2,566) (2,600)

Net income $38,521 $(208) $38,313 $34,002

Diluted shares 80,506 - 80,506 81,729

Diluted earnings per share $0.48 $- $0.48 $0.42

(1) Restructuring charges consist of employee termination benefits

relating to a facility closure. Also reflects the related income tax

benefit using the company's effective tax rate, which is defined as

the provision for income taxes divided by income before income taxes

and minority interest.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

Reconciliation to Exclude Restructuring Charges from Normalized Results

(In thousands, except per share data)

Six Months Ended November 30, 2007 2006

Normalized Restructuring(1) GAAP GAAP

Revenues $619,756 $- $619,756 $521,005

Operating expenses:

Cost of service 232,822 - 232,822 203,956

Sales, general and

administrative 260,954 - 260,954 201,219

Restructuring - 1,317 1,317 -

493,776 1,317 495,093 405,175

Operating income 125,980 (1,317) 124,663 115,830

Other income/(expense):

Interest and other income 9,876 - 9,876 7,324

Interest and other expense (3,141) - (3,141) (3,899)

6,735 - 6,735 3,425

Income before income taxes 132,715 (1,317) 131,398 119,255

Provision for income taxes (45,255) 449 (44,806) (38,601)

Minority interest, net of tax (4,704) - (4,704) (5,143)

Net income $82,756 $(868) $81,888 $75,511

Diluted shares 81,209 - 81,209 81,651

Diluted earnings per share $1.02 $(0.01) $1.01 $0.92

(1) Restructuring charges consist of employee termination benefits

relating to a facility closure. Also reflects the related income tax

benefit using the company's effective tax rate, which is defined as

the provision for income taxes divided by income before income taxes

and minority interest.

SEGMENT INFORMATION

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)

Three Months Ended November 30,

2007 2006

Revenues

Domestic direct $165,469 $132,522

Canada 65,772 54,766

Asia-Pacific 18,426 14,849

Central and Eastern Europe 14,135 13,248

Domestic indirect and other 10,646 11,419

Merchant services 274,448 226,804

Domestic 28,415 29,888

Europe 5,913 4,005

Money transfer 34,328 33,893

Total revenues $308,776 $260,697

Operating income

Merchant services $71,092 $61,281

Money transfer 1,239 4,067

Corporate (13,586) (13,045)

Restructuring (314) -

Operating income $58,431 $52,303

SEGMENT INFORMATION

GLOBAL PAYMENTS INC. AND SUBSIDIARIES

(In thousands)

Six Months Ended November 30,

2007 2006

Revenues

Domestic direct $333,337 $267,964

Canada 132,449 115,684

Asia-Pacific 34,490 20,335

Central and Eastern Europe 27,910 26,523

Domestic indirect and other 22,228 23,614

Merchant services 550,414 454,120

Domestic 57,996 59,190

Europe 11,346 7,695

Money transfer 69,342 66,885

Total revenues $619,756 $521,005

Operating income

Merchant services $147,198 $134,242

Money transfer 4,961 8,746

Corporate (26,179) (27,158)

Restructuring (1,317) -

Operating income $124,663 $115,830

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