TSYS Reports 2012 Earnings Per Share Up 13.1%

TSYS (NYSE: TSS) today reported results for the fourth quarter and full year with basic earnings per share (EPS) at $0.33 for the quarter, an increase of 3.7%, and $1.30 for the full year, an increase of 13.1% over 2011. Revenues before reimbursable items for the quarter were $418.6 million, an increase of 2.7%, and $1,618.5 million for the year, an increase of 5.0% over 2011. Total revenues were $479.1 million for the quarter and $1,871.0 million for the full year, increases of 1.5% and 3.4%, respectively, as compared to 2011. Total revenues were impacted by decreases of $4.0 million for the quarter and $15.8 million for the year in reimbursable items.

Operating margin excluding reimbursable items for the year was 22.1%, an increase of 117 basis points over last year. The increase is attributable to a 5.0% increase in revenues before reimbursable items, while expenses before reimbursable items were up only 3.5%.

“We are pleased to report that we exceeded the high end of our net income and EPS guidance for 2012. These results reflect continued strong same client transaction growth of 12.0% in our card issuer processing business. Point-Of-Sale transactions, excluding deconverted clients in the indirect merchant business, were up 9.9% and sales volume in the direct merchant business was up 12.9%. Excluding the impact of acquisitions, sales volume was up 3.2%. Also contributing to our strong results was our consolidated internal revenue growth of 5.1% for the year, combined with acquisitions in the acquiring space, which added 1.8% to our growth in revenues before reimbursable items,” said Philip W. Tomlinson, chairman and chief executive officer of TSYS.

“Our guidance for 2013 is included in the table below and we expect 6% to 8 % growth in revenues before reimbursable items and 10% to 12% EPS growth. This is the second year in a row that we have projected double digit EPS growth. We remain focused on executing our strategy of growing our existing businesses, adding strategic acquisitions and deploying capital to enhance shareholder return. In support of this strategy during 2012, we purchased 3.2 million shares of our stock for $75 million, used $190 million to invest in acquisitions, and returned $94 million in dividends to our shareholders, for a total spend of $359 million,” said Tomlinson.

	2013 Guidance
	Range
	(in millions, except per share amounts)											Percent Change
Total revenues	$1,955			to			$1,995					5%			to			7%
Revenues before reimbursable items	$1,711			to			$1,746					6%			to			8%
Net Income attributable to TSYS common shareholders	$266			to			$272					9%			to			11%
EPS attributable to TSYS common shareholders	$1.43			to			$1.45					10%			to			12%

Conference Call

TSYS will host its quarterly conference call at 5:00 p.m. ET on Tuesday, January 22. 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.

Non-GAAP Measures

The financial highlights section of this release and this release contain the non-GAAP financial measures of revenues and operating results on a constant currency basis, and revenues and operating margin excluding reimbursable items, respectively, to describe TSYS’ performance. Management uses these non-GAAP financial measures to better understand and assess TSYS’ operating results and financial performance. TSYS believes these non-GAAP financial measures provide meaningful additional information about TSYS to assist investors in understanding and evaluating its operating results.

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