Printer Friendly

SPS REPORTS STRONG INCREASE IN THIRD QUARTER INCOME

 SPS REPORTS STRONG INCREASE IN THIRD QUARTER INCOME
 RIVERWOODS, Ill., Oct. 12 /PRNewswire/ -- SPS Transaction Services,


Inc. (NYSE: PAY) today reported consolidated net operating revenues for the three months ended Sept. 30, 1992, of $42.7 million, up 25 percent from $34.2 million in the third quarter of 1991. Net income for the quarter reached $5.7 million, a 116 percent increase over $2.7 million for the same period last year.
 Net income per share for the three-month period was $.43 compared with $.27 in the prior year's third quarter.
 Net operating revenues for the nine months ended Sept. 30, 1992, were $119.8 million, up 27 percent from $94 million for the same period last year. Net income for the nine-month period was up 146 percent to $14.5 million in 1992 from $5.9 million in 1991. Earnings per share were $1.14 compared with $.59 for the same period in 1991.
 Robert L. Wieseneck, president and chief executive officer, attributed the company's third quarter performance to greater volume in its electronic transaction processing business, with the number of point-of-sale transactions processed increasing 37 percent over the same period last year. "This increase reflects a combination of new client programs implemented over the past year plus terminal site expansion for existing clients," said Wieseneck.
 Wieseneck also noted continued growth in the private label credit card programs administered by the company. "Operational efficiencies, improved collection results, and successful marketing programs which have maintained the balance levels and number of accounts, all have combined to positively affect third quarter performance," he said.
 SPS Transaction Services, Inc., headquartered in Riverwoods, 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 Dean Witter Financial Service Group, Inc., completed an initial public offering of approximately 26 percent of its shares in March 1992.
 SPS TRANSACTION SERVICES, INC.
 Consolidated Statements of Income
 (Unaudited; in thousands, except per-share data)
 Periods ended Sept. 30 Three Months Nine Months
 1992 1991 1992 1991
 Processing and service
 revenues $35,387 $29,368 $99,483 $80,235
 Merchant discount revenues 3,815 2,937 9,607 8,326
 Total 39,202 32,305 109,090 88,561
 Interest income 10,838 7,724 29,562 20,859
 Interest expense 4,021 3,218 11,428 8,749
 Net interest income 6,817 4,506 18,134 12,110
 Provision for loan losses 3,353 2,652 7,401 6,671
 Net credit income 3,464 1,854 10,733 5,439
 Net operating revenues 42,666 34,159 119,823 94,000
 Salaries and employee
 benefits 12,455 10,574 34,350 29,054
 Processing and service
 expenses 12,824 11,575 36,070 33,325
 Other expenses 7,858 7,700 25,405 22,059
 Total operating expenses 33,137 29,849 95,825 84,438
 Income before income taxes 9,529 4,310 23,998 9,562
 Income tax expenses 3,780 1,645 9,512 3,682
 Net income $5,749 $2,665 $14,486 $5,880
 Earnings per common share $0.43 $0.27 $1.14 $0.59
 Weighted average common
 shares outstanding 13,450 10,000 12,669 10,000
 -0- 10/12/92
 /CONTACT: Larry Myatt or Jean Fargo of SPS, 708-405-3400/
 (PAY) CO: SPS Transaction Services, Inc. ST: Illinois IN: FIN SU: ERN


CK -- NY027 -- 8776 10/12/92 10:12 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 12, 1992
Words:579
Previous Article:TEMPLE-INLAND INC. THIRD QUARTER EARNINGS UP 22 PERCENT FROM COMPARABLE 1991 QUARTER
Next Article:PMI-INSURED 'AAA' MORTGAGE ISSUES PLACED ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
SPS REPORTS STRONG INCREASE IN SECOND QUARTER NET INCOME
SPS REPORTS RECORD FIRST QUARTER NET INCOME AND REVENUES
SPS REPORTS 69 PERCENT INCREASE IN NET INCOME
SPS PROFITS UP 22 PERCENT IN FOURTH QUARTER
SPS REPORTS RECORD QUARTER AND YEAR
SPS REPORTS RECORD QUARTER
SPS REPORTS SECOND QUARTER RESULTS
SPS Reports Third Quarter Results
SPS Reports Fourth Quarter and Full Year Results
SPS Reports First Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters