Global Payments Reports Third Quarter Earnings
ATLANTA, April 2, 2012 /PRNewswire/ -- Global Payments Inc. (NYSE: GPN) today announced results for its fiscal third quarter ended February 29, 2012. For the third quarter, revenues grew 17% to $533.5 million compared to $456.4 million in the prior fiscal year. Cash earnings per share grew 17% to $0.83 compared to $0.71 in the prior year (See Schedule 2 for Cash Earnings). On a GAAP basis, the company reported fiscal 2012 third quarter diluted earnings per share growth of 24% to $0.73 compared to $0.59 in the prior year (See Schedule 1 for GAAP Consolidated Statements of Income).
Chairman and CEO Paul R. Garcia stated, "We delivered solid third quarter results driven by continued steady performances in our US and International businesses."
David E. Mangum, Senior Executive Vice President and CFO, stated, "We continue to expect our annual revenue for fiscal 2012 to be $2,150 million to $2,200 million, or 16% to 18% growth over fiscal 2011 and fiscal 2012 diluted earnings per share on a cash basis to be a range of $3.50 to $3.58, reflecting 14% to 16% growth over fiscal 2011. We now expect GAAP diluted earnings per share of $3.10 to $3.18 representing 19% to 22% growth over the prior year and reflecting some planned cost saving initiatives for our fourth quarter." (See Schedule 9 for Outlook Summary.)
Cash earnings exclude normalized adjustments and acquisition intangible amortization expense from continuing operations. (See Schedule 6 and 7 for Reconciliations of Cash Earnings to GAAP, Schedule 2 for Cash Earnings and Schedule 3 for Segment Information on GAAP and Cash Earnings).
Global Payments will discuss financial results and business highlights on today's scheduled call, April 2, 2012 at 8:00 a.m. EDT. Callers may access the conference call via the investor relations page of the Company's Web site at www.globalpaymentsinc.com by clicking the "Webcast" button; or callers in North America may dial 1-888-895-3550 and callers outside North America may dial 1-706-758-8809. The pass code is "GPN." A replay of the call may be accessed through the Global Payments Web site through April 18, 2012.
Global Payments Inc. (NYSE: GPN) is a leading provider of electronic transaction processing services for merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Europe and the Asia-Pacific region. Global Payments, a Fortune 1000 company, 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. Visit www.globalpaymentsinc.com for more information about the company and its services.
This announcement and comments made by Global Payments' management during the conference call may 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. Important factors that may cause actual events or results to differ materially from those anticipated by such forward-looking statements include the following: the results of the investigation of the unauthorized access of a portion of our processing system announced on March 30, 2012, and the impact on our results of operations; foreign currency risks which become increasingly relevant as we expand internationally, the effect of current worldwide economic conditions, including sovereign insolvency situations and a decline in the value of the U.S. dollar, developments in the implementation of debit interchange legislation, and future performance and integration of recent 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.
Contact: Jane M. Elliott