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Contact: Jane M. Elliott
Global Payments Reports Fourth Quarter and Year End Earnings
ATLANTA, July 21, 2011 Global Payments Inc. (NYSE: GPN) today announced results for its fiscal fourth quarter and year ended May 31, 2011. For the full year, revenues grew 13% to $1,859.8 million compared to $1,642.5 million in the prior fiscal year. Normalized diluted earnings per share from continuing operations grew 9% to $2.77 compared to $2.54 in the prior year (See Schedule 2 for Normalized Earnings). On a GAAP basis, the company reported fiscal 2011 full year diluted earnings per share from continuing operations of $2.61 compared to $2.52 in the prior year (See Schedule 1 for GAAP Consolidated Statements of Income).
For the fourth quarter, revenues grew 22% to $519.8 million compared to $425.1 million in the prior year. Normalized diluted earnings per share from continuing operations grew 31% to $0.76 compared to $0.58 in the prior year quarter. On a GAAP basis, the company reported fourth quarter diluted earnings per share from continuing operations of $0.72 compared to $0.56 in the prior year quarter.
Normalized fourth quarter and full year results exclude expenses related to certain start-up and duplicative costs for the companys Global Service Center in Manila, Philippines. These results also exclude certain employee termination and relocation benefits. (See Schedules 7 and 8 for Reconciliations of Normalized and Cash Earnings to GAAP).
Chairman and CEO Paul R. Garcia stated, We are pleased with our strong fiscal year 2011 financial performance which was driven by solid execution of our business strategy across our regions and the December 2010 addition of Spain. We delivered exceptional results in the fourth quarter, driven by strong performance in North America and outstanding results in our International segment. Our execution during fiscal 2011 established a basis from which we expect to drive margin expansion of as much as 30 basis points in fiscal 2012.
The following information was filed by Global Payments Inc (GPN) on Thursday, July 21, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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