Global Payments Reports Second Quarter Earnings

This includes $3.8 million in revenue recorded in the current quarter as a result of the DolEx money transfer acquisition that closed on November 12, 2003. Net income grew 24% to $16.8 million compared to $13.6 million in the prior year quarter and diluted earnings per share grew 19% to $0.43 compared to $0.36 in the prior year quarter, excluding a restructuring charge of $2.0 million, net of tax or $0.05 per share in the current quarter. The company continues to make progress consolidating certain locations to gain greater efficiencies and reduce costs. Including the restructuring charge related to this plan, second quarter GAAP net income and diluted earnings per share were $14.9 million and $0.38, respectively, compared to $13.6 million and $0.36, respectively, in the prior year. Global expects to complete this plan by the fourth quarter of fiscal 2004. For the six months ending November 30, 2003, revenue grew 11% to $284.9 million compared to $257.2 million in the prior year period. Net income grew 19% to $33.6 million from $28.2 million in the prior period and diluted earnings per share grew 16% to $0.87 from $0.75 in the prior year period, excluding a restructuring charge of $2.9 million, net of tax or $0.07 per share in the current year period. Year-to-date GAAP net income and diluted earnings per share were $30.7 million and $0.80, respectively.