RIVERWOOD, Ill. - SPS Transaction Services Inc. reported that net income for the second quarter rose 10%, to $9.8 million or 36 cents per share.
The provider of technology-based outsourcing services also reported a 28% increase in net operating revenues, to a record $76.2 million.
President and chief executive Robert L. Wieseneck cited growth in Commercial Account and Private Label Credit Processing Services, including the recently acquired Tandy card portfolios.
The company's owned and managed active accounts grew to four million from 3.3 million a year earlier. Credit card loans outstanding, including securitized loans, were $1.8 billion, compared with $690.1 million.
SPS reported a 16% hike in electronic point of sale transactions processed to 91.7 million, from 78.8 million in the second quarter of 1994.
- Compiled by Mickey Meece