Merchant processor Global Payments Inc. on Thursday reported net income of $47.8 million for its fiscal third quarter ended Feb. 28, down 1% from the same period last year.

Its revenue, however, increased by 15% to $456.4 million.

"Our businesses performed as we expected during the quarter, and I am delighted that we have successfully completed the back-end settlement platform migration of our U.K. merchant portfolio to our own platform at the end of February as we anticipated," Paul R. Garcia, Global Payments' chairman and chief executive, said in a press release.

Global Payments' third-quarter results exclude pretax expenses related to start-up and duplicate costs associated with the company's global service center in Manila, Philippines, the Atlanta processor noted in the release.

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