RIVERWOODS, Ill. -- A 30% increase in transaction volume fueled a 71% increase in net income at SPS Transaction Services Inc.
The company earned a record $7 million, or 52 cents a share, in the second quarter, up from $4.1 million, or 31 cents per share a year earlier. The 1992 result was restated for an accounting change.
The quarterly point-of-sale volume rose to 75.5 million from 57.9 million. Robert L. Wieseneck, president of the former Sears subsidiary, said the company added three merchant clients and expanded in private label credit cards and in support of the Prodigy computer network.