COLUMBUS, Ga. - Total System Services Inc. reported a 10% increase in net income for the first quarter, to $4.8 million, or 7.4 cents a share, while revenues shot up 30%, to $53.4 million.
The credit, debit, and private-label card processor continues to invest in system upgrades and conversions associated with its TS2 software.
"We are very pleased with our performance for the first quarter," said chairman and chief executive Richard W. Ussery. "We expect the year to be very challenging as we focus on TS2 conversions . . . and improvements in our levels of productivity."
He predicted overall results will be "excellent."
The company is 80.8%-owned by Synovus Financial Corp., a multibank holding company based in Columbus, Ga. Second to First Data Corp. in card processing, Total System serves 114 issuing institutions in the U.S., Puerto Rico, and Canada with more than 44 million cardholders and 380,000 merchant accounts.