Total System Services (TSS) 8-K TSYS Announces Second Quarter 2010 Financial Results

Exhibit 99.1

PRESS RELEASE

Total System Services, Inc.
One TSYS Way	+1.706.649.2307
Post Office Box 2567	+1.706.649.5740
Columbus GA 31902-2567	www.tsys.com

For immediate release:

Contacts:

Shawn Roberts
TSYS Investor Relations
+1.706.644.6081
shawnroberts@tsys.com

TSYS Announces Second Quarter 2010 Financial Results

Columbus, Ga., July 21, 2010 —TSYS (NYSE: TSS) today reported results for the second quarter of 2010. Total revenues were $433.7 million, an increase of 5.3% over 2009. Operating income was down 4.2% compared to 2009 and was flat on a sequential quarter basis. Income from continuing operations attributable to TSYS shareholders decreased 5.2% to $49.6 million compared to last year. Basic and diluted earnings per share from continuing operations attributable to TSYS shareholders for the quarter was $0.25 down $0.02 or 5.2% from 2009’s $0.27.

“The quarter’s performance is highlighted by increased overall transaction volume and expense control. Through the first six months, same client revenues grew 3.6%. Excluding revenues from termination fees in both quarters and the impact of acquiring a controlling interest in First National Merchant Solutions, LLC (FNMS) in the second quarter, operating income was up 18.1% sequentially. Quarterly transaction volumes in each reporting segment were up. Same client transactions were up 5.1% in North America and up 3.8% in International. In the Merchant segment, merchant POS transactions and FNMS transaction volumes each grew 8.5% for the quarter. We are encouraged that these trends are key indicators of an improving economy,” said Philip W. Tomlinson, chairman of the board and chief executive officer of TSYS.

“The acquisition of FNMS on April 1, 2010, is a positive and allows us to further diversify across the payments value chain to capture a larger share of dollars spent on payment services. We continue to generate a healthy, strong cash flow, and we remain optimistic about our ability to achieve our guidance for 2010,” said Tomlinson.

Conference Call

TSYS will host its quarterly conference call at 5:00 p.m. ET on Wednesday, July 21. The conference call can be accessed via simultaneous Internet broadcast attsys.comby clicking on the link under “Webcasts” on the main homepage. The replay will be archived for 12 months and will be available approximately 30 minutes after the completion of the call. A slide presentation to accompany the call will be available by clicking on the link under “Webcasts” on the main homepage oftsys.com.

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PRESS RELEASE

Non-GAAP Measures

This press release and the financial highlights section of this release contain the non-GAAP financial measures of operating income excluding revenues from termination fees and the impact of the acquisition of FNMS, and revenues and operating results on a constant currency basis, respectively, to describe TSYS’ performance. Management uses these non-GAAP financial measures to better understand and assess TSYS’ operating results and financial performance. TSYS believes these non-GAAP financial measures provide meaningful additional information about TSYS to assist investors in understanding and evaluating its operating results.

Additional information about non-GAAP financial measures and a reconciliation of those measures to the most directly comparable GAAP measures are included on page 10 of this release.

About TSYS

TSYS (NYSE: TSS) is one of the world’s largest companies for outsourced payment services, offering a broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions. For more information contact news@tsys.com or log on towww.tsys.com. TSYS routinely posts all important information on its Web site.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding TSYS’ earnings guidance for 2010, and the assumptions underlying such statements including, with respect to TSYS’ earnings guidance for 2010: (1) the economy will not worsen during 2010; (2) there will be no deconversions of large clients during the year other than as previously announced; (3) there will be no significant movement in foreign currency exchange rates related to TSYS’ business during 2010; (4) the anticipated levels in employment, technology and other expenses, which are included in 2010 estimates, will be accomplished; (5) TSYS will not incur significant expenses associated with the conversion of new large clients or acquisitions, or any significant impairment of goodwill or other intangibles; and (6) there will be no significant movements in LIBOR, and no significant draws on the remaining balance of TSYS’ revolving credit facility. These statements are based on the current beliefs and expectations of TSYS’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by our forward-looking statements in this press release. Many of these factors are beyond TSYS’ ability to control or predict. These factors include, but are not limited to: (1) one or more of the assumptions set forth above upon which TSYS’ 2010 earnings guidance is based is inaccurate; (2) adverse developments with respect to entering into contracts with new clients and retaining current clients; (3) continued consolidation and turmoil in the financial services and other industries during 2010, including the merger of TSYS clients with entities that are not TSYS processing clients, the sale of portfolios by TSYS clients to entities that are not TSYS processing clients and the nationalization or seizure by banking regulators of TSYS clients; (4) TSYS is unable to control expenses and increase market share both domestically and internationally; (5) TSYS is unable to manage the impact of slowing economic conditions and consumer spending; (6) the material breach of security of any of TSYS’ systems; (7) the impact of potential and completed acquisitions, including the costs associated therewith and their being more difficult to integrate than anticipated; (8) changes occur in laws, rules, regulations, credit card association rules or other industry standards affecting TSYS’ business which

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PRESS RELEASE

require significant product development efforts or reduce the market demand for or value of its products; (9) adverse developments with respect to the credit card industry in general, including a decline in the use of credit cards as a payment mechanism; and (10) internal growth rates of TSYS’ existing clients are lower than anticipated whether as a result of unemployment rates, card delinquencies and charge-off rates or otherwise. Additional factors that could cause actual results to differ materially from those contemplated in this release can be found in TSYS’ filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.

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TSYS Announces 2010 Earnings
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TSYS
Financial Highlights
(unaudited)
(in thousands, except per share data)

	Three Months Ended									Six Months Ended
	June 30,									June 30,
							Percent									Percent
	2010			2009			Change			2010			2009			Change
Total revenues	$	433,746			411,993			5.3	%	$	849,100			820,927			3.4	%
Cost of services		298,485			280,111			6.6			590,677			564,787			4.6
Selling, general and administrative expenses		55,963			49,103			14.0			100,054			95,246			5.0
Operating income		79,298			82,779			(4.2	)		158,369			160,894			(1.6	)
Nonoperating expenses		(1,172	)		(2,278	)	nm				(1,433	)		(3,737	)	nm
Income from continuing operations before income taxes, noncontrolling interests and equity in income of equity investments		78,126			80,501			(3.0	)		156,936			157,157			(0.1	)
Income taxes		28,099			29,229			(3.9	)		55,982			56,644			(1.2	)
Income from continuing operations before noncontrolling interests and equity in income of equity investments		50,027			51,272			(2.4	)		100,954			100,513			0.4
Equity in income of equity investments		2,366			1,626			45.5			3,259			2,669			22.1
Income from continuing operations, net of tax		52,393			52,898			(1.0	)		104,213			103,182			1.0
Loss from discontinued operations, net of tax		84			1,120		nm				84			(2,223	)	nm
Net income		52,477			54,018			(2.9	)		104,297			100,959			3.3
Net income attributable to noncontrolling interests		(2,773	)		(571	)	nm				(3,267	)		(986	)	nm
Net income attributable to TSYS common shareholders	$	49,704			53,447			(7.0	)%	$	101,030			99,973			1.1	%
Basic earnings per share:
Income from continuing operations to TSYS common shareholders	$	0.25			0.27			(5.3	)%	$	0.51			0.52			(1.3	)%
Loss from discontinued operations to TSYS common shareholders		0.00			0.01		nm				0.00			(0.01	)	nm
Net income attributable to TSYS common shareholders	$	0.25			0.27			(7.1	)%	$	0.51			0.51			1.0	%
Diluted earnings per share:
Income from continuing operations to TSYS common shareholders	$	0.25			0.27			(5.2	)%	$	0.51			0.52			(1.2	)%
Loss from discontinued operations to TSYS common shareholders		0.00			0.01		nm				0.00			(0.01	)	nm
Net income attributable to TSYS common shareholders	$	0.25			0.27			(7.0	)%	$	0.51			0.51			1.0	%
Dividends declared per share	$	0.07			0.07					$	0.14			0.14
Amounts attributable to TSYS common shareholders:
Income from continuing operations, net of tax	$	49,620			52,327					$	100,946			102,196
(Loss) income from discontinued operations, net of tax		84			1,120						84			(2,223	)
Net income	$	49,704			53,447					$	101,030			99,973

nm = not meaningful

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TSYS Announces 2010 Earnings
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TSYS
Earnings Per Share
(unaudited)
(in thousands, except per share data)

	Three Months Ended					Three Months Ended					Six Months Ended					Six Months Ended
	June 30, 2010					June 30, 2009					June 30, 2010					June 30, 2009
	Common			Participating		Common			Participating		Common			Participating		Common			Participating
	Stock			Securities		Stock			Securities		Stock			Securities		Stock			Securities
Basic Earnings per share:
Net income	$	49,704					53,447				$	101,030				$	99,973
Less income allocated to nonvested awards		(250	)		250		(413	)		413		(514	)		514		(816	)		816
Net income allocated to common stock for EPS calculation ( a )	$	49,454			250		53,034			413	$	100,516			514	$	99,157			816
Average common shares outstanding ( b )		196,347			998		195,634			1,530		196,254			1,007		195,466			1,614
Average common shares and participating securities		197,345					197,164					197,261					197,080
Basic Earnings per share ( a )/( b )	$	0.25			0.25		0.27			0.27	$	0.51			0.51	$	0.51			0.51
Diluted Earnings per share:
Net income	$	49,704					53,447				$	101,030				$	99,973
Less income allocated to nonvested awards		(250	)		250		(413	)		413		(514	)		514		(815	)		815
Net income allocated to common stock for EPS calculation ( c )	$	49,454			250		53,034			413	$	100,516			514	$	99,158			815
Average common shares outstanding		196,347			998		195,634			1,530		196,254			1,007		195,466			1,614
Increase due to assumed issuance of shares related to common equivalent shares outstanding		85					351					87					358
Average common and common equivalent shares outstanding ( d )		196,432			998		195,985			1,530		196,341			1,007		195,824			1,614
Average common and common equivalent shares and participating securities		197,430					197,515					197,348					197,438
Diluted Earnings per share ( c )/( d )	$	0.25			0.25		0.27			0.27	$	0.51			0.51	$	0.51			0.51

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TSYS Announces 2010 Earnings
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TSYS
Segment Breakdown
(unaudited)
(in thousands)

	Three Months Ended June 30,												Six Months Ended June 30,
							Change												Change
	2010			2009			$			%			2010			2009			$			%
Revenues before reimbursable items
North America Services	$	202,061			222,950			(20,889	)		(9.4	)%		417,371			446,732			(29,361	)		(6.6	)%
International Services		74,769			73,283			1,486			2.0	%		151,050			143,867			7,183			5.0	%
Merchant Services		94,748			62,153			32,595			52.4	%		153,411			120,359			33,052			27.5	%
Intersegment revenues		(5,980	)		(7,664	)		1,684			(22.0	)%		(11,682	)		(14,791	)		3,109			(21.0	)%
Revenues before reimbursable items from external customers	$	365,598			350,722			14,876			4.2	%		710,150			696,167			13,983			2.0	%
Total revenues
North America Services	$	236,810			264,984			(28,174	)		(10.6	)%		491,038			533,773			(42,735	)		(8.0	)%
International Services		77,987			76,433			1,554			2.0	%		157,379			150,234			7,145			4.8	%
Merchant Services		126,765			80,338			46,427			57.8	%		215,974			155,836			60,138			38.6	%
Intersegment revenues		(7,816	)		(9,762	)		1,946			(19.9	)%		(15,291	)		(18,916	)		3,625			(19.2	)%
Revenues from external customers	$	433,746			411,993			21,753			5.3	%		849,100			820,927			28,173			3.4	%
Depreciation and amortization
North America Services	$	18,891			20,799			(1,908	)		(9.2	)%		39,294			44,029			(4,735	)		(10.8	)%
International Services		8,597			8,424			173			2.1	%		17,192			15,849			1,343			8.5	%
Merchant Services		12,302			8,149			4,153			51.0	%		20,888			16,235			4,653			28.7	%
Corporate Admin		612			922			(310	)		(33.6	)%		1,592			1,658			(66	)		(4.0	)%
Total depreciation and amortization	$	40,402			38,294			2,108			5.5	%		78,966			77,771			1,195			1.5	%
Segment operating income
North America Services	$	66,218			70,558			(4,340	)		(6.2	)%		136,006			142,052			(6,046	)		(4.3	)%
International Services		11,673			12,836			(1,163	)		(9.1	)%		22,956			22,367			589			2.6	%
Merchant Services		22,928			16,690			6,238			37.4	%		40,253			32,209			8,044			25.0	%
Corporate Admin		(21,521	)		(17,305	)		(4,216	)		24.4	%		(40,846	)		(35,734	)		(5,112	)		14.3	%
Operating income	$	79,298			82,779			(3,481	)		(4.2	)%		158,369			160,894			(2,525	)		(1.6	)%
Other:
Reimbursable items:
North America Services	$	34,749			42,035			(7,286	)		(17.3	)%		73,667			87,042			(13,375	)		(15.4	)%
International Services		3,218			3,150			68			2.2	%		6,329			6,367			(38	)		(0.6	)%
Merchant Services		32,017			18,185			13,832			76.1	%		62,563			35,477			27,086			76.3	%
Intersegment revenues		(1,837	)		(2,097	)		260			(12.4	)%		(3,609	)		(4,127	)		518			(12.6	)%
Reimbursable items	$	68,147			61,273			6,874			11.2	%		138,950			124,759			14,191			11.4	%
Volumes:
FTEs (continuing operations)
North America Services														4,433			4,829			(396	)		(8.2	)%
International Services														1,921			1,855			66			3.6	%
Merchant Services														1,128			832			296			35.6	%
Corporate Admin														334			359			(25	)		(7.0	)%
FTEs														7,816			7,875			(59	)		(0.7	)%
													At						Change
Total assets (in thousands)														6/30/2010			12/31/2009		$			%
North America Services													$	1,589,005			1,535,129			53,876			3.5	%
International Services														380,211			379,606			605			0.2	%
Merchant Services														504,426			215,855			288,571			133.7	%
Intersegment assets														(577,778	)		(419,636	)		(158,142	)		37.7	%
Total assets													$	1,895,864			1,710,954			184,910			10.8	%
	Three Months Ended June 30,												Six Months Ended June 30,
							Change												Change
	2010			2009			Inc(Dec)			%			2010			2009			Inc(Dec)			%
North America Segment:
Accounts on File (AOF) (in millions)														290.7			311.7			(21.1	)		(6.8	)%
Transactions (in millions)		1,563.7			1,522.3			41.3			2.7	%		3,021.9			3,003.3			18.6			0.6	%
International Segment:
AOF (in millions)														42.1			37.8			4.4			11.6	%
Transactions (in millions)		297.9			271.1			26.7			9.8	%		579.1			519.1			60.0			11.6	%
Merchant Segment:
POS Transactions (in millions)		1,423.1			1,311.6			111.5			8.5	%		2,737.3			2,656.6			80.7			3.0	%

Certain amounts have been reclassified to conform with the presentation adopted in 2010.

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TSYS Announces 2010 Earnings
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TSYS
Balance Sheet
(in thousands)

	Jun 30, 2010			Dec 31, 2009
	(unaudited)			(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	387,993			449,955
Restricted cash		8,199			46,190
Accounts receivable, net		231,598			231,325
Deferred income tax assets		7,692			11,302
Prepaid expenses and other current assets		102,921			72,124
Total current assets		738,403			810,896
Property and equipment, net		293,046			289,198
Computer software, net		215,643			197,134
Contract acquisition costs, net		125,495			128,038
Goodwill		317,755			168,121
Equity investments, net		75,751			75,495
Other intangible assets, net		92,735			14,132
Other assets		37,036			27,940
Total assets	$	1,895,864			1,710,954
Liabilities
Current liabilities:
Current portion of notes payable	$	5,319			6,988
Accrued salaries and employee benefits		16,601			32,457
Accounts payable		48,300			21,729
Current portion of obligations under capital leases		10,024			6,289
Other current liabilities		128,411			153,316
Total current liabilities		208,655			220,779
Notes payable, excluding current portion		191,097			192,367
Deferred income tax liabilities		51,145			47,162
Obligations under capital leases, excluding current portion		33,807			12,756
Other long-term liabilities		44,811			48,443
Total liabilities		529,515			521,507
Redeemable noncontrolling interest		113,347			—
Equity
Shareholders’ equity:
Common stock		20,130			20,086
Additional paid-in capital		146,553			139,742
Accumulated other comprehensive income, net		(11,044	)		5,673
Treasury stock		(70,519	)		(69,950	)
Retained earnings		1,153,670			1,080,250
Total shareholders’ equity		1,238,790			1,175,801
Noncontrolling interests in consolidated subsidiaries		14,212			13,646
Total equity		1,253,002			1,189,447
Total liabilities and equity	$	1,895,864			1,710,954

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TSYS Announces 2010 Earnings
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TSYS
Cash Flow
(unaudited)
(in thousands)

	Six Months Ended June 30,
	2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	104,297			100,959
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of equity investments		(3,259	)		(2,669	)
Dividends received from equity investments		2,698			4,718
Net loss (gain) on currency translation adjustments		136			3,953
Depreciation and amortization		78,966			77,967
Amortization of debt issuance costs		77			77
Share-based compensation		7,956			9,237
Excess tax benefit from share-based payment arrangements		(111	)		(6	)
Provisions for bad debt expense and billing adjustments		(366	)		646
Charges for transaction processing provisions		2,109			4,014
Deferred income tax benefit		2,749			(6,502	)
(Gain) loss on disposal of equipment, net		11			9
Gain on disposal of subsidiary		(131	)		—
(Increase) decrease in:
Accounts receivable		(2,698	)		22,198
Prepaid expenses, other current assets and other long-term assets		2,827			18,830
Increase (decrease) in:
Accounts payable		27,277			(7,376	)
Accrued salaries and employee benefits		(14,031	)		(20,218	)
Other current liabilities and other long-term liabilities		(12,799	)		13,258
Net cash provided by operating activities		195,708			219,095
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment, net		(17,189	)		(13,784	)
Additions to licensed computer software from vendors		(20,812	)		(12,709	)
Additions to internally developed computer software		(9,406	)		(12,918	)
Cash used in acquisitions, net of cash acquired		(148,531	)		(293	)
Additions to contract acquisition costs		(19,888	)		(17,105	)
Net cash used in investing activities		(215,826	)		(56,809	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings of long-term debt		—			5,334
Principal payments on long-term debt borrowings and capital lease obligations		(7,858	)		(9,786	)
Proceeds from exercise of stock options		378			2
Excess tax benefit from share-based payment arrangements		111			6
Repurchase of common stock		(1,075	)		(329	)
Subsidiary dividends paid to noncontrolling shareholders		(250	)		(235	)
Dividends paid on common stock		(27,605	)		(27,595	)
Net cash used in financing activities		(36,299	)		(32,603	)
CASH AND CASH EQUIVALENTS:
Effect of exchange rate changes on cash and cash equivalents		(5,545	)		(3,422	)
Net increase in cash and cash equivalents		(61,962	)		126,261
Cash and cash equivalents at beginning of period		449,955			220,019
Cash and cash equivalents at end of period	$	387,993			346,280

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TSYS Announces 2010 Earnings
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Supplemental Information:

	Accounts on File at June 30,
											Percent
(in millions)	2010		%			2009		%			Change
Consumer		180.9		54.3	%		191.1		54.7	%		(5.4	)%
Commercial		48.2		14.5			44.4		12.7			8.4
Stored Value		47.6		14.3			34.3		9.9			38.7
Government services		27.0		8.1			22.4		6.4			20.4
Retail		23.6		7.1			51.8		14.8			(54.3	)
Debit		5.0		1.5			5.4		1.5			(6.2	)
Healthcare		0.5		0.2			0.1		—		nm
		332.8		100.0	%		349.5		100.0	%		(4.8	)%

	June 2009 to			June 2008 to
Growth in Accounts on File(in millions):	June 2010			June 2009
Beginning balance		349.5			372.9
Change in accounts on file due to:
Internal growth of existing clients		22.5			30.6
New clients		31.4			23.1
Purges/Sales		(41.2	)		(37.0	)
Deconversions		(29.4	)		(40.1	)
Ending balance		332.8			349.5

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TSYS Announces 2010 Earnings
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Reconciliation of GAAP to Non-GAAP

Non-GAAP Measures

The schedule below provides a reconciliation of revenues and operating results on a constant currency basis to reported revenues and operating income. This non-GAAP measure presents year-to-date 2010 financial results using the previous year’s foreign currency exchange rates. On a year-to-date constant currency basis, TSYS’ total revenues grew 2.9% as compared to a reported GAAP increase of 3.4%, and operating income decreased 1.6% versus a GAAP-reported decrease of 1.6%. The schedule below also provides a reconciliation of operating income excluding revenues from termination fees and the impact of the acquisition of FNMS to reported operating income.

The non-GAAP financial measures of constant currency and operating income excluding revenues from termination fees and the impact of the FNMS acquisition presented by TSYS are utilized by management to better understand and assess TSYS’ operating results and financial performance. TSYS also uses the non-GAAP financial measures to evaluate and assess TSYS’ financial performance against budget, as well as to evaluate financial performance for executive and management compensation purposes.

TSYS believes that non-GAAP financial measures are important to enable investors to understand and evaluate its ongoing operating results. Accordingly, TSYS includes non-GAAP financial measures when reporting its financial results to shareholders and investors in order to provide them with an additional tool to evaluate TSYS’ ongoing business operations. TSYS believes that the non-GAAP financial measures are representative of comparative financial performance that reflects the economic substance of TSYS’ current and ongoing business operations.

Although non-GAAP financial measures are often used to measure TSYS’ operating results and assess its financial performance, they are not necessarily comparable to similarly titled captions of other companies due to potential inconsistencies in the method of calculation.

TSYS believes that its use of non-GAAP financial measures provides investors with the same key financial performance indicators that are utilized by management to assess TSYS’ operating results, evaluate the business and make operational decisions on a prospective, going-forward basis. Hence, management provides disclosure of non-GAAP financial measures to give shareholders and potential investors an opportunity to see TSYS as viewed by management, to assess TSYS with some of the same tools that management utilizes internally and to be able to compare such information with prior periods. TSYS believes that the presentation of GAAP financial measures alone would not provide its shareholders and potential investors with the ability to appropriately analyze its ongoing operational results, and therefore expected future results. TSYS therefore believes that inclusion of non-GAAP financial measures provides investors with additional information to help them better understand its financial statements just as management utilizes these non-GAAP financial measures to better understand the business, manage budgets and allocate resources.

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TSYS Announces 2010 Earnings
Page 11 of 11

Reconciliation of GAAP to Non-GAAP

Constant Currency Comparison
(unaudited)
(in thousands)

	Three Months Ended June 30,
						Percent
	2010			2009		Change
Consolidated
Constant currency (1)	$	435,083			411,993		5.6	%
Foreign currency (2)		(1,337	)		—		(0.3	)
Total revenues	$	433,746			411,993		5.3	%
Constant currency (1)	$	80,064			82,779		(3.3	)%
Foreign currency (2)		(766	)		—		(0.9	)
Operating income	$	79,298			82,779		(4.2	)%

	Six Months Ended June 30,
					Percent
	2010		2009		Change
Consolidated
Constant currency (1)	$	844,602		820,927		2.9	%
Foreign currency (2)		4,498		—		0.5
Total revenues	$	849,100		820,927		3.4	%
Constant currency (1)	$	158,312		160,894		(1.6	)%
Foreign currency (2)		57		—		0.0
Operating income	$	158,369		160,894		(1.6	)%

(1)	Reflects current period results on a non-GAAP basis as if foreign currency rates did not change from the comparable prior year period.
(2)	Reflects the impact of calculated changes in foreign currency rates from the comparable period.

Operating income Excluding Impact of FNMS and Termination Fees
(unaudited)
(in thousands)

	Three Months Ended
	June 30,		March 31,			Percent
	2010		2010			Change
Consolidated
Operating income	$	79,298		79,071			0.3	%
Less:
Termination Fees		10,753		23,838
Acquisition of FNMS		2,196		(966	)
Operating income excluding termination fees and FNMS	$	66,349		56,199			18.1	%

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