News

National Processing Reports Fourth Quarter and Full Year 2003 Results

Friday 16 January 2004 08:52 CET | News

National Processing has reported financial results for the fourth quarter and year ended December 31, 2003. Revenue for the fourth quarter of 2003 was $135.5 million, up 15% from 2002 fourth quarter revenue of $118.3 million.

Net income for the fourth quarter of 2003 was $14.8 million, or $0.28 per diluted share, up 5% and 3%, respectively, from comparable 2002 net income of $14.1 million, or $0.27 per diluted share. For the year ended December 31, 2003 revenue was $480.1 million, up 5% from $455.4 million in 2002. Net income for the year ended December 31, 2003 was $48.8 million, or $0.93 per diluted share, both down 5%, from comparable 2002 net income of $51.1 million, or $0.97 per diluted share. Net income for the year ended December 31, 2003 included after-tax restructuring charges of $0.8 million related to the consolidation of technology functions and a loss on the sale of 14 regional sales offices. Net income for the year ended December 31, 2002 included an after-tax restructuring charge of $2.4 million related to the closure of the Companys Mexican operations and after-tax expenses of $2.0 million related to a separation agreement with the former CEO. Merchant Card Services transaction and dollar volume increased to record levels for the fourth quarter and year ended December 31, 2003. Merchant Card Services transactions processed were 1.2 billion for the quarter and 4.3 billion for the year ended December 31, 2003, representing increases of 16% and 11%, respectively, over comparable 2002 volume. Merchant Card Services dollar volume processed was $51.7 billion for the quarter and $177.2 billion for the year ended December 31, 2003, representing increases of 14% and 5%, respectively, over comparable 2002 volumes. The dollar volume processed has trailed transaction growth primarily as a result of the Companys initiative to exit merchant processing for airlines, which have a large average ticket per transaction. The Companys balance sheet remained strong. As of December 31, 2003, the Company had $247 million of cash and cash equivalents with no debt and total shareholders equity of $522 million. Operating cash flow was $92 million for the year ended December 31, 2003.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce