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TSYS Reports Second Quarter Results And Raises 2013 Guidance With NetSpend Acquisition

TSYS (NYSE: TSS) today reported results for the second quarter of 2013 and raised its 2013 guidance to include the acquisition of NetSpend Holdings, Inc. (NetSpend), which closed on July 1, 2013. TSYS’ results for the second quarter and year-to-date do not include the results for NetSpend for such periods.

For the second quarter, total revenues were $478.4 million, an increase of 3.4% as compared to 2012. Total revenues were impacted by a decrease of $3.0 million in reimbursable items for the quarter, as well as an unfavorable currency translation of $6.4 million. Revenues before reimbursable items for the quarter were $417.5 million, an increase of 4.7% over 2012, or 6.3% on a constant currency basis. Revenues before reimbursable items were impacted by an unfavorable currency translation of $6.2 million. TSYS’ operating income, excluding merger and acquisition expenses associated with NetSpend, was $96.6 million, an increase of 4.9% over 2012. On a GAAP basis, operating income was $95.3 million, an increase of 3.5% over 2012. Basic earnings per share (EPS), excluding expenses incurred in connection with the acquisition of NetSpend, was $0.34, a decrease of 4.3% over 2012. Basic EPS on a GAAP basis was $0.31, a decrease of 12.9% over 2012. Diluted EPS on a GAAP basis was $0.31, a decrease of 12.4% over 2012.

On a year-to-date basis, total revenues were $943.4 million, an increase of 2.1% as compared to 2012. Total revenues were impacted by a decrease of $8.3 million in reimbursable items, as well as an unfavorable currency translation of $10.4 million. Revenues before reimbursable items were $821.7 million, an increase of 3.5% over 2012 or 4.8% on a constant currency basis. Revenues before reimbursable items were impacted by an unfavorable currency translation of $10.2 million. TSYS’ operating income, excluding merger and acquisition expenses associated with NetSpend, was $174.9 million, a decrease of 1.1% over 2012. On a GAAP basis, operating income was $170.2 million, a decrease of 3.8% over 2012. Basic EPS, excluding expenses incurred in connection with the acquisition of NetSpend, was $0.67, an increase of 2.9% over 2012. Basic EPS on a GAAP basis was $0.61, a decrease of 6.0% over 2012. Diluted EPS on a GAAP basis was $0.61, a decrease of 5.9% over 2012.

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