Card Briefs: Total System's 1Q Net Jumps; Revenue Rises

Total System Services Inc. reported a 20% increase in net income, to $10.3 million, for the quarter that ended March 31.

The credit card processor's earnings per share rose a penny, to 8 cents. Revenues were up 16% to $96.3 million.

Among the quarterly highlights cited by chairman and chief executive officer Richard W. Ussery were the formation of a Canadian subsidiary, an Internet bill-paying alliance with Checkfree Corp., and that five of the six companies approved for the General Services Administration's commercial card programs are Total System clients.

Synovus Financial Corp. of Columbus, Ga., owns 80.7% of Total System, which is the No. 2 processor behind First Data Corp. and supports 92 million cardholder accounts.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER