At this time, I'd like to call your attention to the fact that we'll be making forward-looking statements about future operating results of TSYS. These forward-looking statements involve risks and uncertainties. Factors that could cause TSYS' actual results to differ materially from the forward-looking statements are set forth in the TSYS' reports filed with the SEC.At this time, I'd like to introduce TSYS' CEO, Phil Tomlinson. Philip W. Tomlinson Thanks, Shawn. And I'm excited to report that we had another good quarter. I hope you've been able to read our press release. And obviously, as you know, last Thursday, we were delighted to announce a new long-term agreement with the Bank of America to begin the processing services for its U.S. consumer credit card portfolio. And also, to continue providing processing for their commercial card credit portfolio. As is our long-standing practice regarding client-specific information, we won't be discussing revenues regarding the new relationship with Bank of America, but I will tell you what we're going to be doing. We'll be handling the transactions, authorizations, processing and billing for Bank of America, but they'll continue to do their own card issuing or card production, their statement production and their reward programs, and all of which we were doing for them when they left us in our previous contract that ended in 2006. So it's not an apples-to-apples comparison. Again, the planned conversion date is mid-2014, so I look at any associated expenses along the way as a long-term investment in our future that I believe we can handle. You might remember that Bank of America previously outsourced its consumer business to us from '96 to 2006 when we acquired MBNA. Bank of America decided to take that processing in-house on the MBNA legacy system. We believe that their decision to transition the consumer business back to TSYS after 6 years says a lot about our ability to build strong and long-term relationships.
So when the world's third-largest issuer decides to outsource their processing, I think it's a clear confirmation that large issuers will outsource, and I think it debunks the theory that I've heard over the years, that many people believe that large issuers believe they've got to do their own processing in-house. I just have -- still have never believed that's the case, and I believe this is another great example of it.It's a huge win and I believe it sends a very strong message to our industry. It also gives me great comfort to know that in 24 months, this business will be coming on board and I hope you feel the same way as the investor. It goes a long way in helping ensure our long-term success over the next 3 to 5 years. Once we convert this portfolio in mid-'14, we believe our U.S. market shares of the Visa and MasterCard credit card market will be in the range of approximately 40%. And as we've said before on the commercial card side of the house, we believe that is in the 80% range. I strongly believe this -- that this decision to outsource is a continuing indicator, a leading indicator that large and small issuers around the globe see real value at TSYS in their -- and really, a never ending requirement for competitive pricing, service, new and innovative products that have to be faster, better and cheaper. Personally, I continue to believe the issuers competing with banks that are TSYS' clients will find themselves at somewhat of a disadvantage, not only technically, but in customer service product development and speed-to-market as we continue to invest and enhance and improve our products and quality each day. From a quarterly perspective, the key metrics we used to measure our business were all positive. EPS was $0.35 for the quarter, an increase of 26.5% over the second quarter 2011. Total revenues were $462.7 million, an increase of 3.4%, and operating income was $92.1 million, a 17.3% increase over the second quarter of last year. It's a quarter we're really proud of. Read the rest of this transcript for free on seekingalpha.com