On a constant currency basis, TSYS’ total revenues for the fourth quarter were $430.9 million, a decrease of 0.4% as compared to last year. On a reported basis, total revenues increased 0.5% for the quarter to $434.8 million.
Basic earnings per share (EPS) from continuing operations were $0.31 for the fourth quarter, $0.01 ahead of consensus estimates and 9.0% below 2008. Full year EPS of $1.12 from continuing operations matched consensus estimates and was 11.2% below last year.
TSYS’ guidance for 2010 includes the impact of deconverted portfolios (whether as the result of bank failures, portfolio sales or otherwise), price compression, reduction in one-time termination fees and currency impact, and the current economic environment of the credit card market.
| 2010 Guidance Range | |||||||||||||||||
| | | | | ||||||||||||||
(in millions, except per share amounts) | | | | Percent Change | |||||||||||||
| Total revenues | $1,616 | | | to | $1,648 | (4 | %) | | | to | | | (2 | %) | |||
| Reimbursable items | $279 | to | $284 | 3 | % | to | 5 | % | |||||||||
| Revenues before reimbursable items | $1,337 | to | $1,364 | (6 | %) | to | (4 | %) | |||||||||
| Income from continuing operations | $187 | to | $191 | (15 | %) | to | (13 | %) | |||||||||
| EPS from continuing operations | $0.95 | to | $0.97 | (15 | %) | to | (14 | %) | |||||||||
| Average Shares Outstanding | 197.7 | ||||||||||||||||
“While 2010 is going to be a challenging year, we will continue to work aggressively to reduce our costs, including reducing staff, while expanding internationally and maintaining our technological advantage in the market place. We have an experienced and talented team at TSYS who will successfully execute our strategy to return growth to our business. In addition, with our strong balance sheet and cash flow, we will continue to aggressively pursue strategic acquisitions that diversify us and expand our presence in the payments processing business,” said Philip W. Tomlinson, chairman of the board and chief executive officer of TSYS.
Conference Call
TSYS will host its quarterly conference call at 5:00 p.m. ET on Wednesday, January 20. 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.
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