ATLANTA, Oct. 4, 2011 /PRNewswire/ -- Global Payments Inc. (NYSE: GPN) today announced results for its fiscal first quarter ended August 31, 2011. For the first quarter, revenues grew 23% to $542.8 million compared to $440.1 million in the prior fiscal year. Cash earnings per share grew 21% to $0.88 compared to $0.73 in the prior year (See Schedule 2 for Cash Earnings). On a GAAP basis, the company reported fiscal 2012 first quarter diluted earnings per share of $0.79 compared to $0.61 in the prior year (See Schedule 1 for GAAP Consolidated Statements of Income).
(Logo: http://photos.prnewswire.com/prnh/20010221/ATW031LOGO )
Chairman and CEO Paul R. Garcia stated, "We delivered strong first quarter results, driven by continued solid execution across all of our businesses, and the December 2010 addition of Spain. As a result of our strong performance and the completion of our $100 million share repurchase program, we are raising our earnings expectations for the year. Furthermore, based on our core performance this quarter, we now expect overall total company cash margin expansion of as much as 50 basis points in fiscal 2012."
David E. Mangum, Senior Executive Vice President and CFO, stated, "For the full year of fiscal 2012, our annual revenue expectations remain unchanged at $2,100 million to $2,150 million, or 13% to 16% growth over fiscal 2011. We are increasing our fiscal 2012 diluted earnings per share expectations on a cash basis to a range of $3.46 to $3.54, reflecting 12% to 15% growth over fiscal 2011. We now expect annual fiscal 2012 GAAP diluted earnings per share to be $3.13 to $3.20, reflecting 20% to 23% growth over the prior year. All of these expectations exclude any effect of the Durbin Legislation."
Cash earnings exclude normalized adjustments and acquisition intangible amortization expense from continuing operations. (See Schedule 6 for a Reconciliation of Cash Earnings to GAAP, Schedule 2 for Cash Earnings and Schedule 3 for Segment Information on GAAP and Cash Earnings).
Conference Call
Global Payments will hold a conference call today, October 4, 2011 at 5:00 p.m. ET to discuss financial results and business highlights. Callers may access the conference call via the investor relations page of the Company's Web site at www.globalpaymentsinc.com by clicking the "Webcast" button; or callers in North America may dial 1-888-895-3550 and callers outside North America may dial 1-706-758-8809. The pass code is "GPN." A replay of the call may be accessed through the Global Payments' Web site through October 29, 2011.
Global Payments Inc. (NYSE:GPN) is a leading provider of electronic transaction processing services for merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Europe and the Asia-Pacific region. Global Payments, a Fortune 1000 company, offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. Visit www.globalpaymentsinc.com for more information about the company and its services.
This announcement and comments made by Global Payments' management during the conference call may contain certain forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including revenue and earnings estimates and management's expectations regarding future events and developments, are forward-looking statements and are subject to significant risks and uncertainties. Important factors that may cause actual events or results to differ materially from those anticipated by such forward-looking statements include the following: foreign currency risks which become increasingly relevant as we expand internationally, the effect of current worldwide economic conditions, including sovereign insolvency situations and a decline in the value of the U.S. dollar, and future performance and integration of recent acquisitions, and other risks detailed in the company's SEC filings, including the most recently filed Form 10-Q or Form 10-K, as applicable. The company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.
Contact: Jane M. Elliott
770-829-8234 Voice
770-829-8267 Fax
[email protected]
SCHEDULE 1 |
|||||||
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME |
|||||||
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
|||||||
(In thousands, except per share data) |
|||||||
Three Months Ended August 31, |
|||||||
2011 |
2010 |
% Change |
|||||
Revenues |
$ 542,771 |
$ 440,138 |
23% |
||||
Operating expenses: |
|||||||
Cost of service |
191,536 |
151,041 |
27% |
||||
Sales, general and administrative |
242,625 |
206,990 |
17% |
||||
434,161 |
358,031 |
21% |
|||||
Operating income |
108,610 |
82,107 |
32% |
||||
Other income (expense): |
|||||||
Interest and other income |
2,501 |
1,537 |
63% |
||||
Interest and other expense |
(4,087) |
(4,841) |
(16%) |
||||
(1,586) |
(3,304) |
(52%) |
|||||
Income from continuing operations before income taxes |
107,024 |
78,803 |
36% |
||||
Provision for income taxes |
(34,943) |
(24,981) |
40% |
||||
Income from continuing operations |
72,081 |
53,822 |
34% |
||||
Loss from discontinued operations, net of tax |
- |
(28) |
NM |
||||
Net income including noncontrolling interests |
72,081 |
53,794 |
34% |
||||
Less: Net income attributable to noncontrolling interests, net of tax |
(8,107) |
(4,426) |
83% |
||||
Net income attributable to Global Payments |
$ 63,974 |
$ 49,368 |
30% |
||||
Amounts attributable to Global Payments: |
|||||||
Income from continuing operations |
$ 63,974 |
$ 49,396 |
30% |
||||
Loss from discontinued operations, net of tax |
- |
(28) |
NM |
||||
Net income attributable to Global Payments |
$ 63,974 |
$ 49,368 |
30% |
||||
Basic earnings per share attributable to Global Payments: |
|||||||
Income from continuing operations |
$ 0.80 |
$ 0.62 |
29% |
||||
Loss from discontinued operations, net of tax |
- |
- |
NM |
||||
Net income attributable to Global Payments |
$ 0.80 |
$ 0.62 |
29% |
||||
Diluted earnings per share attributable to Global Payments: |
|||||||
Income from continuing operations |
$ 0.79 |
$ 0.61 |
30% |
||||
Loss from discontinued operations, net of tax |
- |
- |
NM |
||||
Net income attributable to Global Payments |
$ 0.79 |
$ 0.61 |
30% |
||||
Weighted average shares outstanding: |
|||||||
Basic |
80,076 |
79,597 |
|||||
Diluted |
80,831 |
80,339 |
|||||
NM - Not Meaningful |
|||||||
SCHEDULE 2 |
|||||||
CASH EARNINGS ATTRIBUTABLE TO GLOBAL PAYMENTS |
|||||||
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
|||||||
(In thousands, except per share data) |
|||||||
Three Months Ended August 31, |
|||||||
2011 |
2010 |
% Change |
|||||
Revenues |
$ 542,771 |
$ 440,138 |
23% |
||||
Operating expenses: |
|||||||
Cost of service |
178,893 |
142,771 |
25% |
||||
Sales, general and administrative |
242,625 |
204,396 |
19% |
||||
421,518 |
347,167 |
21% |
|||||
Operating income |
121,253 |
92,971 |
30% |
||||
Other income (expense): |
|||||||
Interest and other income |
2,501 |
1,537 |
63% |
||||
Interest and other expense |
(4,087) |
(4,841) |
(16%) |
||||
(1,586) |
(3,304) |
(52%) |
|||||
Income from continuing operations before income taxes |
119,667 |
89,667 |
33% |
||||
Provision for income taxes |
(38,682) |
(25,950) |
49% |
||||
Income from continuing operations including noncontrolling interests |
80,985 |
63,717 |
27% |
||||
Less: Net income attributable to noncontrolling interests, net of tax |
(10,172) |
(4,739) |
115% |
||||
Net income from continuing operations attributable to Global Payments |
$ 70,813 |
$ 58,978 |
20% |
||||
Basic earnings per share |
$ 0.88 |
$ 0.74 |
19% |
||||
Diluted earnings per share |
$ 0.88 |
$ 0.73 |
21% |
||||
Weighted average shares outstanding: |
|||||||
Basic |
80,076 |
79,597 |
|||||
Diluted |
80,831 |
80,339 |
|||||
NM - Not Meaningful |
|||||||
See Schedule 6 for a reconciliation of cash earnings from continuing operations to GAAP. |
|||||||
SCHEDULE 3 |
||||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||||
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
||||||||||||||||||
(In thousands) |
||||||||||||||||||
Three Months Ended August 31, |
||||||||||||||||||
2011 |
2010 |
% Change |
||||||||||||||||
GAAP |
Cash |
GAAP |
Cash |
GAAP |
Cash |
|||||||||||||
Revenues: |
||||||||||||||||||
United States |
$ 287,425 |
$ 287,425 |
$ 255,630 |
$ 255,630 |
12% |
12% |
||||||||||||
Canada |
91,221 |
91,221 |
81,213 |
81,213 |
12% |
12% |
||||||||||||
North America merchant services |
378,646 |
378,646 |
336,843 |
336,843 |
12% |
12% |
||||||||||||
Europe |
129,414 |
129,414 |
73,796 |
73,796 |
75% |
75% |
||||||||||||
Asia-Pacific |
34,711 |
34,711 |
29,499 |
29,499 |
18% |
18% |
||||||||||||
International merchant services |
164,125 |
164,125 |
103,295 |
103,295 |
59% |
59% |
||||||||||||
Total revenues |
$ 542,771 |
$ 542,771 |
$ 440,138 |
$ 440,138 |
23% |
23% |
||||||||||||
Operating income: |
||||||||||||||||||
North America merchant services |
$ 71,758 |
$ 74,616 |
$ 68,368 |
$ 71,384 |
5% |
5% |
||||||||||||
International merchant services |
55,658 |
65,443 |
31,393 |
36,051 |
77% |
82% |
||||||||||||
Corporate |
(18,806) |
(18,806) |
(17,654) |
(14,464) |
(7%) |
(30%) |
||||||||||||
Operating income |
$ 108,610 |
$ 121,253 |
$ 82,107 |
$ 92,971 |
32% |
30% |
||||||||||||
See Schedule 7 for reconciliation of cash earnings segment information to GAAP. |
||||||||||||||||||
SCHEDULE 4 |
|||||
CONSOLIDATED BALANCE SHEETS |
|||||
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
|||||
(In thousands) |
|||||
August 31, |
May 31, |
||||
2011 |
2011 |
||||
(unaudited) |
|||||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ 723,952 |
$ 1,354,285 |
|||
Accounts receivable, net of allowances for doubtful accounts of $422 and $472, respectively |
177,352 |
166,540 |
|||
Claims receivable, net of allowance for losses of $4,847 and $3,870, respectively |
1,099 |
914 |
|||
Settlement processing assets |
288,684 |
280,359 |
|||
Inventory |
10,454 |
7,640 |
|||
Deferred income taxes |
2,935 |
2,946 |
|||
Prepaid expenses and other current assets |
33,103 |
35,291 |
|||
Total current assets |
1,237,579 |
1,847,975 |
|||
Goodwill |
775,505 |
779,637 |
|||
Other intangible assets, net of accumulated amortization of $208,672 and $197,066, respectively |
326,994 |
341,500 |
|||
Property and equipment, net of accumulated depreciation of $159,188 and $147,670, respectively |
255,664 |
256,301 |
|||
Deferred income taxes |
99,013 |
104,140 |
|||
Other |
20,403 |
20,978 |
|||
Total assets |
$ 2,715,158 |
$ 3,350,531 |
|||
LIABILITIES AND EQUITY |
|||||
Current liabilities: |
|||||
Lines of credit |
$ 311,072 |
$ 270,745 |
|||
Current portion of long-term debt |
93,904 |
85,802 |
|||
Accounts payable and accrued liabilities |
217,978 |
241,578 |
|||
Settlement processing obligations |
162,116 |
838,565 |
|||
Income taxes payable |
17,317 |
7,674 |
|||
Total current liabilities |
802,387 |
1,444,364 |
|||
Long-term debt |
285,766 |
268,217 |
|||
Deferred income taxes |
122,133 |
116,432 |
|||
Other long-term liabilities |
52,701 |
49,843 |
|||
Total liabilities |
1,262,987 |
1,878,856 |
|||
Commitments and contingencies |
|||||
Redeemable noncontrolling interest |
138,437 |
133,858 |
|||
Equity: |
|||||
Preferred stock, no par value; 5,000,000 shares authorized and none issued |
- |
- |
|||
Common stock, no par value; 200,000,000 shares authorized; 78,749,753 issued |
|||||
and outstanding at August 31, 2011 and 83,062,518 issued and 80,334,781 |
|||||
outstanding at May 31, 2011 |
- |
- |
|||
Paid-in capital |
350,493 |
518,440 |
|||
Retained earnings |
736,868 |
699,755 |
|||
Treasury stock; 2,727,737 shares at May 31, 2011 |
- |
(112,980) |
|||
Accumulated other comprehensive income |
70,350 |
79,320 |
|||
Total Global Payments shareholders' equity |
1,157,711 |
1,184,535 |
|||
Noncontrolling interest |
156,023 |
153,282 |
|||
Total equity |
1,313,734 |
1,337,817 |
|||
Total liabilities and equity |
$ 2,715,158 |
$ 3,350,531 |
|||
SCHEDULE 5 |
||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
||||||||
(In thousands) |
||||||||
Three Months Ended August 31, |
||||||||
2011 |
2010 |
|||||||
Cash flows from operating activities: |
||||||||
Net income including noncontrolling interests |
$ 72,081 |
$ 53,794 |
||||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Depreciation and amortization of property and equipment |
11,573 |
9,030 |
||||||
Amortization of acquired intangibles |
12,643 |
7,674 |
||||||
Provision for operating losses and bad debts |
6,812 |
5,246 |
||||||
Share-based compensation expense |
3,978 |
3,492 |
||||||
Deferred income taxes |
7,831 |
3,518 |
||||||
Other, net |
441 |
(676) |
||||||
Changes in operating assets and liabilities, net of the effects of acquisitions: |
||||||||
Accounts receivable |
(10,812) |
(18,960) |
||||||
Claims receivable |
(4,591) |
(4,390) |
||||||
Settlement processing assets and obligations, net |
(687,180) |
(190,129) |
||||||
Inventory |
(2,861) |
3,096 |
||||||
Prepaid expenses and other assets |
2,153 |
(2,796) |
||||||
Accounts payable and other accrued liabilities |
(27,589) |
11,353 |
||||||
Income taxes payable |
9,643 |
15,371 |
||||||
Net cash used in operating activities |
(605,878) |
(104,377) |
||||||
Cash flows from investing activities: |
||||||||
Business and intangible asset acquisitions, net of cash acquired |
- |
(2,489) |
||||||
Capital expenditures |
(12,151) |
(24,785) |
||||||
Net decrease in financing receivables |
583 |
454 |
||||||
Net cash used in investing activities |
(11,568) |
(26,820) |
||||||
Cash flows from financing activities: |
||||||||
Net borrowings on lines of credit |
40,327 |
4,948 |
||||||
Proceeds from issuance of long-term debt |
71,029 |
1,661 |
||||||
Principal payments under long-term debt |
(44,295) |
(49,467) |
||||||
Proceeds from stock issued under share-based compensation plans, net |
(2,836) |
(474) |
||||||
Repurchase of common stock |
(73,222) |
(14,900) |
||||||
Tax benefit from share-based compensation |
1,420 |
118 |
||||||
Distribution to noncontrolling interests |
(2,471) |
(2,075) |
||||||
Dividends paid |
(1,613) |
(1,586) |
||||||
Net cash used in financing activities |
(11,661) |
(61,775) |
||||||
Effect of exchange rate changes on cash |
(1,226) |
1,239 |
||||||
Decrease in cash and cash equivalents |
(630,333) |
(191,733) |
||||||
Cash and cash equivalents, beginning of period |
1,354,285 |
769,946 |
||||||
Cash and cash equivalents, end of period |
$ 723,952 |
$ 578,213 |
||||||
SCHEDULE 6 |
|||||||
RECONCILIATION OF QUARTERLY CASH EARNINGS ATTRIBUTABLE TO GLOBAL PAYMENTS TO GAAP |
|||||||
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
|||||||
(In thousands, except per share data) |
|||||||
Three Months Ended August 31, 2011 |
|||||||
GAAP |
Cash Earnings |
Cash Earnings |
|||||
Revenues |
$ 542,771 |
$ - |
$ 542,771 |
||||
Operating expenses: |
|||||||
Cost of service |
191,536 |
(12,643) |
178,893 |
||||
Sales, general and administrative |
242,625 |
- |
242,625 |
||||
434,161 |
(12,643) |
421,518 |
|||||
Operating income |
108,610 |
12,643 |
121,253 |
||||
Other income (expense): |
|||||||
Interest and other income |
2,501 |
- |
2,501 |
||||
Interest and other expense |
(4,087) |
- |
(4,087) |
||||
(1,586) |
- |
(1,586) |
|||||
Income from continuing operations before income taxes |
107,024 |
12,643 |
119,667 |
||||
Provision for income taxes |
(34,943) |
(3,739) |
(38,682) |
||||
Income from continuing operations |
72,081 |
8,904 |
80,985 |
||||
Less: Net income attributable to noncontrolling interests, net of tax |
(8,107) |
(2,065) |
(10,172) |
||||
Net income from continuing operations attributable to Global Payments |
$ 63,974 |
$ 6,839 |
$ 70,813 |
||||
Diluted shares |
80,831 |
80,831 |
|||||
Diluted earnings per share |
$ 0.79 |
$ 0.09 |
$ 0.88 |
||||
Three Months Ended August 31, 2010 |
|||||||
GAAP |
Employee |
Foreign Tax |
Cash Earnings |
Cash Earnings |
|||
Revenues |
$ 440,138 |
$ - |
$ - |
$ - |
$ 440,138 |
||
Operating expenses: |
|||||||
Cost of service |
151,041 |
(596) |
- |
(7,674) |
142,771 |
||
Sales, general and administrative |
206,990 |
(2,594) |
- |
- |
204,396 |
||
358,031 |
(3,190) |
- |
(7,674) |
347,167 |
|||
Operating income |
82,107 |
3,190 |
- |
7,674 |
92,971 |
||
Other income (expense): |
|||||||
Interest and other income |
1,537 |
- |
- |
- |
1,537 |
||
Interest and other expense |
(4,841) |
- |
- |
- |
(4,841) |
||
(3,304) |
- |
- |
- |
(3,304) |
|||
Income from continuing operations before income taxes |
78,803 |
3,190 |
- |
7,674 |
89,667 |
||
Provision for income taxes |
(24,981) |
(1,162) |
2,479 |
(2,286) |
(25,950) |
||
Income from continuing operations |
53,822 |
2,028 |
2,479 |
5,388 |
63,717 |
||
Less: Net income attributable to noncontrolling interests, net of tax |
(4,426) |
- |
- |
(313) |
(4,739) |
||
Net income from continuing operations attributable to Global Payments |
$ 49,396 |
$ 2,028 |
$ 2,479 |
$ 5,075 |
$ 58,978 |
||
Diluted shares |
80,339 |
80,339 |
|||||
Diluted earnings per share |
$ 0.61 |
$ 0.03 |
$ 0.03 |
$ 0.06 |
$ 0.73 |
||
(1) Represents adjustments to cost of service to exclude acquisition intangible amortization expense from continuing operations and the related income tax benefit. |
|||||||
(2) Reflects expenses of start-up costs related to our new Global Service Center in Manila, Philippines and employee termination and relocation benefits and the related income tax benefits. |
|||||||
(3) Represents a one-time, non-cash write-down of a deferred tax asset we established in July 2009 when we purchased the remaining 49% of our UK business. The write-down resulted from a legislated reduction to the tax rate of 1%. |
|||||||
We supplemented our reporting of income from continuing operations and the related earnings per share information determined in accordance with GAAP by reporting income from continuing operations and the related earnings per share for the three months ended August 31, 2011 and 2010 on a "cash earnings" basis in this earnings release as a measure to help evaluate performance. We calculated August 31, 2011 income from continuing operations and earnings per share on a cash basis by excluding acquisition intangible amortization from our results. We calculated August 31, 2010 income from continuing operations and earnings per share on a cash basis by excluding charges related to employee termination and relocation benefits, certain one-time costs related to our Global Service Center, the legislated tax rate reduction and acquisition intangible amortization from our results. We exclude these charges in order to more clearly focus on the factors we believe are pertinent to the daily management of our operations. Our income from continuing operations and earnings per share reported on a cash earnings basis should be considered in addition to, and not as a substitute for, income from continuing operations and earnings per share determined in accordance with GAAP. Our measures of income from continuing operations and earnings per share on a cash earnings basis reflect management’s judgment of particular items, and may not be comparable to similarly titled measures reported by other companies. |
|||||||
SCHEDULE 7 |
||||||||||
RECONCILIATION OF CASH EARNINGS SEGMENT INFORMATION TO GAAP |
||||||||||
GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
||||||||||
(In thousands) |
||||||||||
Three Months Ended August 31, 2011 |
||||||||||
GAAP |
Cash Earnings |
Cash Earnings |
||||||||
Revenues: |
||||||||||
United States |
$ 287,425 |
$ - |
$ 287,425 |
|||||||
Canada |
91,221 |
- |
91,221 |
|||||||
North America merchant services |
378,646 |
- |
378,646 |
|||||||
Europe |
129,414 |
- |
129,414 |
|||||||
Asia-Pacific |
34,711 |
- |
34,711 |
|||||||
International merchant services |
164,125 |
- |
164,125 |
|||||||
Total revenues |
$ 542,771 |
$ - |
$ 542,771 |
|||||||
Operating income: |
||||||||||
North America merchant services |
$ 71,758 |
$ 2,858 |
$ 74,616 |
|||||||
International merchant services |
55,658 |
9,785 |
65,443 |
|||||||
Corporate |
(18,806) |
- |
(18,806) |
|||||||
Operating income |
$ 108,610 |
$ 12,643 |
$ 121,253 |
|||||||
Three Months Ended August 31, 2010 |
||||||||||
GAAP |
Employee |
Cash Earnings |
Cash Earnings |
|||||||
Revenues: |
||||||||||
United States |
$ 255,630 |
$ - |
$ - |
$ 255,630 |
||||||
Canada |
81,213 |
- |
- |
81,213 |
||||||
North America merchant services |
336,843 |
- |
- |
336,843 |
||||||
Europe |
73,796 |
- |
- |
73,796 |
||||||
Asia-Pacific |
29,499 |
- |
- |
29,499 |
||||||
International merchant services |
103,295 |
- |
- |
103,295 |
||||||
Total revenues |
$ 440,138 |
$ - |
$ - |
$ 440,138 |
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Operating income: |
||||||||||
North America merchant services |
$ 68,368 |
$ - |
$ 3,016 |
$ 71,384 |
||||||
International merchant services |
31,393 |
- |
4,658 |
36,051 |
||||||
Corporate |
(17,654) |
3,190 |
- |
(14,464) |
||||||
Operating income |
$ 82,107 |
$ 3,190 |
$ 7,674 |
$ 92,971 |
||||||
(1) Represents acquisition intangible amortization expense. |
||||||||||
(2) Represents start-up costs related to our Global Service Center in Manila, Philippines and expenses related to employee termination and relocation benefits. |
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SCHEDULE 8 |
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OUTLOOK SUMMARY |
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GLOBAL PAYMENTS INC. AND SUBSIDIARIES |
|||||||||
(In millions, except per share data) |
|||||||||
Fiscal 2011 |
Fiscal 2012 |
% Change |
|||||||
Revenue Outlook |
|||||||||
Revenues |
$ 1,860 |
$2,100 to $2,150 |
13% to 16% |
||||||
EPS Outlook |
|||||||||
GAAP diluted EPS |
$ 2.61 |
$3.13 to $3.20 |
20% to 23% |
||||||
Acquisition-related intangibles and non-recurring items (1) |
0.47 |
$0.34 |
--- |
||||||
Cash EPS |
$ 3.08 |
$3.46 to $3.54 |
12% to 15% |
||||||
(1) Fiscal 2012 currently reflects $0.34 in acquisition-related intangibles and no non-recurring items. Acquisition-related intangibles accounted for $0.31 in fiscal 2011 and non-recurring items accounted for $0.16. |
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SOURCE Global Payments Inc.
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