News Column

TSYS Posts 2013 Adjusted Cash EPS

January 31, 2014

TSYS, on January 28 , reported results for the fourth quarter and full year results for 2013. Summary of Fourth Quarter and Full Year Financial Results Compared to 2012 -Total revenues for the quarter were $600.8 million , an increase of 25.4 percent. For the year, total revenues were $2.1 billion , an increase of 14.0 percent. Total revenues for the quarter and year were negatively impacted by currency translation of $3.8 million and $20.6 million , respectively, as well as a decrease in reimbursable items of $2.7 million and $11.9 million , respectively. -Revenues before reimbursable items for the quarter were $543.0 million , an increase of 29.7 percent. For the year, revenues before reimbursable items were $1.9 billion , an increase of 16.9 percent. Revenues before reimbursable items were negatively impacted by currency translation of $3.9 million for the quarter and $20.3 million for the year. -Adjusted EBITDA for the quarter was $184.2 million , an increase of 32.2 percent. For the year, adjusted EBITDA was $634.2 million , an increase of 16.0 percent. -Adjusted cash earnings per share (EPS) for the quarter were $0.48 , an increase of 26.9 percent. For the year, adjusted cash EPS was $1.72 , an increase of 17.8 percent. -On a GAAP basis, net income attributable to common shareholders for the quarter was $65.7 million , an increase of 7.9 percent. For the year, net income attributable to common shareholders was $244.8 million , an increase of 0.2 percent. -Basic EPS for the quarter was $0.35 , an increase of 6.2 percent. Diluted EPS was $0.34 , an increase of 5.5 percent. For the year, basic EPS was $1.30 , which was the same as last year. Diluted EPS was $1.29 , a decrease of 0.2 percent. "Our total revenues exceeded $2 billion for the first time in our history, and we met the high end of the range of our adjusted cash EPS guidance of $1.72 . This was truly a transformational year for TSYS," said Philip W. Tomlinson , chairman and chief executive officer of TSYS. "During the fourth quarter, we reduced our debt by $62.5 million , bringing our total reductions since the NetSpend acquisition to $124.9 million . Also during the quarter, we purchased 3.1 million shares of our stock for $97.6 million . We are pleased to announce our Board of Directors has approved increasing the number of shares that may be repurchased under our current share repurchase plan from up to 20 million shares to up to 28 million shares and extended the expiration date of the plan to April 30, 2015 . With the increase, we have approximately 12 million shares available to be repurchased under the plan," said Tomlinson. More information: www.tsys.com ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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Source: Professional Services Close - Up


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