Global Payments Inc. said income fell in its fiscal 2009 fourth quarter, which ended May 31, and it said weakness in its remittance business was largely to blame.
The processor reported net income fell 7.8% from the year-earlier quarter, to $37.6 million. Revenue rose 16.9%, to $402 million.
Paul R. Garcia, the Atlanta company's chairman and chief executive, told analysts during a conference call last week that all of its business lines are performing well with the exception of the remittance unit.
"The money-transfer business continues to face challenging macroeconomic and immigrant-labor trends," he said.
Net income for the 12 months that ended May 31 fell 77.1%, to $37.2 million. Revenue rose 20.3%, to $1.6 billion.
The company took a charge of $147.7 million against its money transfer unit in the fiscal year. The unit's revenue fell 7.8% for the fourth quarter, to $37.6 million, and 3.2% for the year, to $139.2 million.