GPN » Topics » Global Payments Reports Fourth Quarter and Year-End Earnings

This excerpt taken from the GPN 8-K filed Jul 23, 2009.

Global Payments Reports Fourth Quarter and Year-End Earnings

ATLANTA, July 23, 2009 — Global Payments Inc. (NYSE: GPN) today announced results for its fiscal fourth quarter and year ended May 31, 2009. For the full year, revenues grew 26% to $1,601.5 million compared to $1,274.2 million in the prior fiscal year. Normalized diluted earnings per share grew 13% to $2.23 compared to $1.98 in the prior year.

For the fourth quarter, revenues grew 17% to $402.0 million compared to $343.8 million in the prior year. Normalized diluted earnings per share were $0.46 compared to $0.52 in the prior year quarter.

These results include the unfavorable impact of foreign currency exchange rates during the quarter and year. On a constant currency basis (See Schedule 9), revenue and normalized diluted earnings per share grew 27% and 4%, respectively for the quarter and 32% and 24%, respectively for the full year.

On a GAAP basis, the company reported quarterly diluted earnings per share of $0.46 compared to $0.50 in the prior year quarter, and on a full year GAAP basis, diluted earnings per share of $0.46 compared to $2.01 in the prior year. The full year results include a non-cash, pretax impairment charge relating to our money transfer business of $147.7 million which was recorded in the fiscal 2009 third quarter as a result of the company’s annual FAS 142 Goodwill and Other Intangible Assets review (See Schedule 6 for reconciliation details).

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