Total System Services, the card-processing subsidiary of Synovus Financial Corp., said net income increased about 10% for both the second quarter of 1994, to $5.2 million, and the first half, to $9.6 million.
On a per-share basis, the company earned 17 cents in the quarter, up from 15 cents, and 30 cents in the half, compared with 27 cents the year earlier.
Revenues increased by 23% in the quarter, to $44.8 million, and by 19% in the half, to $85.8 million.
"Although we have ramped up our investment in people and equipment to accommodate new business and our transition [to the TS2 software platform], our profits remained strong due to the growth in revenue," said chairman and chief executive officer Richard W. Ussery.
The first conversions to TS2 will be completed this year, he said. He predicted that results for the full year would be "excellent."
Total System, based in Columbus, Ga., and 80.8% owned by the Synovus holding company, is second only to First Data Corp.'s First Data Resources among credit card-processing organizations. Total serves 114 card issuers with 38 million cardholders and 285,000 merchant accounts.