Global Payments fiscal 4th-qtr net income drops 9 percent on loss from discontinued operationsBy AP
Tuesday, July 27, 2010
Global Payments fiscal 4Q net income falls 9 pct
ATLANTA — Payment processor Global Payments Inc. said Tuesday that its fiscal fourth-quarter net income fell 9 percent on a loss from discontinued operations.
For the quarter ended May 31, Global Payments’ net income dropped to $34.2 million, or 42 cents per share, from $37.6 million, or 46 cents per share, in the same period last year.
Excluding special items, Global Payments said it earned 56 cents per share — or 58 cents per share when also excluding termination benefits for its former president and chief operating officer.
Analysts surveyed by Thomson Reuters had forecast earnings of 57 cents per share.
In the latest quarter, Global Payments reported an $11.7 million loss related to discontinued operations.
Revenue increased 16 percent to $425.1 million from $367.9 million, higher than the $404.6 million analysts predicted.
The company, which processes credit, debit and gift card transactions for merchants and financial institutions, said its full-year net income increased to $203.3 million, or $2.51 per share, from $37.2 million, or 46 cents per share.
Revenue rose 12 percent to $1.64 billion from $1.46 billion.
Shares of Global Payments fell 14 cents to close at $39.93.
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