TSYS’ revenues increased 7.4%, no increase forecast for 2009

The fourth quarter and 2008 full year results were recently reported by TSYS. The results reflected the impact of the shift in currency that occurred primarily in the fourth quarter. On the whole the company reported the revenue increased and earnings per share exceeded the expectations of the experts. In addition the company also announced its guidance for the current year.

The total revenues in the fourth quarter rose by 7.6% to $493 million with the revenue for the full year of 2008 accounting for $1,939 million, a 7.4% increase above the previous year. On GAAP basis TSYS reported basic earnings per share (EPS) of $1.28 for the year and $0.34 for the fourth quarter. On a non-GAAP basis, excluding one-time spin costs, TSYS reported basic EPS of $1.32 for the year and $0.34 for the quarter, which exceed analysts’ consensus of $1.30 for the year and $0.33 for the quarter.

According to TSYS’ guidance for 2009 total revenue will increase by 0-2% accounting for $1,939 to $1,978. Net income will make up $243 to $250 with a growth of 3% to 0%. The company forecast is based on such assumptions as that the economy will probably stabilize throughout 2009 and there will be no significant movement in foreign currency exchange rates related to TSYS’ business subsequent to year-end December 2008.