Global Payments Reports First Quarter Earnings; Diluted EPS $.67

Global Payments Inc. GPN today announced results for its fiscal first quarter ended August 31, 2010. For the first quarter, revenues grew 7% to $440.1 million compared to $409.9 million in the prior fiscal year. Normalized diluted earnings per share from continuing operations were $0.67 compared to $0.68 in the prior year. Normalized first quarter results exclude one-time, pretax expenses consisting of employee termination and relocation benefits, certain start-up costs related to the company's Global Service Center in Manila, Philippines, and a one-time, non-cash write-down of a deferred tax asset due to a legislated tax rate change in the United Kingdom. On a GAAP basis, the company reported fiscal 2011 first quarter diluted earnings per share from continuing operations of $0.61 compared to $0.68 in the prior quarter (See Schedule 1 for GAAP income statement).