Total System Services Inc. Thursday announced record revenues and net income for the first six months of 1998.
The credit card processing company, a subsidiary of Synovus Financial Corp., reported $21.9 million in net income, a 16.6% increase over the first half of 1997. Revenues for the period were $187.8 million, an increase of 8.6%.
In the second quarter, net income increased 17.2%, to $11.7 million, and revenues went up 1.9%, to $91.5 million.
Total System has recently won several large card processing accounts, helping it gain against market leader First Data Corp. Among the company's new clients are Sears, Roebuck and Co., Royal Bank of Canada, and Canadian Tire.
Richard W. Ussery, Total System's chairman and chief executive officer, said these clients represent 78 million new accounts for Total System and will represent "an 80% growth in accounts on file by yearend 1999."