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For Immediate Release |
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2001 |
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#359690 |
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For Immediate Release
Contact: Betty Feezor
404-728-3204 Voice
404-728-3417 Fax
investor.relations@globalpay.com
--------------------------------
GLOBAL PAYMENTS ANNOUNCES THIRD QUARTER RESULTS
ATLANTA, March 21, 2001 --- Global Payments Inc. ("Global") (NYSE: GPN)
completed its spin-off from National Data Corporation and began trading on the
New York Stock Exchange on February 1, 2001. Today, Global announced its third
fiscal quarter financial results. These results are stated on a normalized
basis, which excludes the impact of divested businesses and other non-recurring
items, and includes certain pro forma costs assuming the spin-off occurred on
June 1, 1999.
For the third fiscal quarter ended February 28, 2001, normalized revenue
was $80.7 million, net income was $5.8 million, and basic earnings per share was
$0.22. These results compare to prior year third fiscal quarter normalized
revenue of $79.6 million, net income of $6.3 million, and basic earnings per
share of $0.24.
For the nine months ended February 28, 2001, normalized revenue was $247.6
million, net income was $22.2 million, and basic earnings per share was $0.84.
These results compare to prior year same period normalized revenue of $245.3
million, net income of $23.6 million, and basic earnings per share of $0.88.
The year over year results reflect growth of direct card transactions in
the mid-teens offset by declines in the funds transfer and indirect businesses.
Global continues to be a strong generator of cash, with EBITDA of $17.0 million
for the quarter.
On March 20, 2001 Global closed its transaction with Canadian Imperial Bank
of Commerce (CIBC) to acquire certain net assets of CIBC's merchant acquiring
business and to form a ten year marketing alliance to offer credit and debit
card payment products and services to merchants in Canada. Global issued
9,764,623 shares of unregistered common stock to CIBC, valued at $133.6 million
on the closing date, providing CIBC with a 26.25% ownership position in Global
Payments. Global's results for its fourth quarter ending May 31, 2001 will
include a partial period of CIBC results.
In commenting on third quarter results, Paul R. Garcia, chief executive
officer, said, "We are pleased with the progress we have made to-date in our
core business and are encouraged by these results. With the completion of the
spin-off from NDC, we are now operating as a stand alone public company focused
on providing electronic payment
{PAGE}
processing services. The acquisition of CIBC's merchant acquiring business is an
important element in the continued expansion of our business in North America."
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