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SPS REPORTS INCREASE IN FIRST QUARTER REVENUES NET INCOME MARKS COMPANY RECORD

 SPS REPORTS INCREASE IN FIRST QUARTER REVENUES
 NET INCOME MARKS COMPANY RECORD
 RIVERWOODS, Ill., April 16 /PRNewswire/ -- SPS Transaction Services, Inc. (NYSE: PAY) today reported consolidated net operating revenues for the three months ended March 31, 1992, of $37.6 million, up 27 percent from $29.6 million in the first quarter of 1991. Net income for the quarter reached $4.5 million, a 156 percent increase over $1.8 million for the same period last year and a company record. Net income per share for the three month period was $.41 compared to $.18 in the prior year's first quarter.
 Robert L. Wieseneck, chief executive officer and president, attributed the company's first quarter increases to continuing growth in its electronic transaction processing business, general improvement in the results of private label credit card programs administered by the company, and earlier than planned earnings from sales and servicing of point-of-sale terminals to existing transaction processing clients.
 SPS Transaction Services, Inc., headquartered in Riverwoods, Ill., is a full-service provider of electronic transaction processing services and private label credit card programs for retailers. The company, which had been a wholly owned subsidiary of Sears Roebuck and Co., completed an initial public offering of approximately of 26 percent of its shares in March 1992.
 SPS TRANSACTION SERVICES, INC.
 Consolidated Statement of Income
 (In thousands, except per share data - unaudited)
 Quarter ended March 31: 1992 1991
 Processing and service revenues $31,256 $25,012
 Merchant discount revenues 2,584 2,366
 Total 33,840 27,378
 Interest income 8,682 6,353
 Interest expense 3,786 2,683
 Net interest income 4,896 3,670
 Provision for loan losses 1,165 1,456
 Net credit income 3,731 2,214
 Net operating revenues 37,571 29,592
 Salaries and employee benefits 10,964 9,009
 Processing and service expenses 11,349 10,736
 Other expenses 7,762 7,032
 Total operating expenses 30,075 26,777
 Income before income taxes 7,496 2,815
 Income tax expense 2,985 1,055
 Net income $4,511 $1,760
 Earnings per Common Share $0.41 $0.18
 (Based on 11,099,451 and 10,000,000 weighted average common shares outstanding, respectively)
 -0- 4/16/92
 /CONTACT: Larry Myatt of SPS Transaction Services, 708-405-3732/
 (PAY) CO: SPS Transaction Services Inc. ST: Illinois IN: FIN SU: ERN


SM -- NY051 -- 9240 04/16/92 11:29 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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