Exhibit 99.2.3
PROFORMA UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (Excludes
Restructuring Charges)
NATIONAL DATA CORPORATION
Restatement of Income for Discontinued Operations
(In thousands, except per share data)
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FY 1999 FY 2000
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Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Qtr 1 Qtr 2 Qtr 3
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Revenue $163,738 $162,989 $165,437 $176,883 $669,047 $175,548 $169,201 $167,695
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Operating expenses:
Cost of service 79,593 80,696 78,513 82,455 321,259 83,719 87,057 (1) 83,101
Sales, general and administrative 50,835 51,385 53,491 53,300 209,009 55,467 64,806 (1) 56,843
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130,428 132,081 132,004 135,755 530,268 139,186 151,863 139,944
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Operating income 33,310 30,908 33,433 41,128 138,779 36,362 17,338 27,751
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Other income (expense):
Interest and other income 530 844 336 535 2,284 1,669 2,722 600
Interest and other expense (3,597) (3,803) (3,601) (3,892) (14,932) (3,081) (3,402) (3,352)
Minority interest (995) (817) (834) (1,163) (3,809) (1,071) (923) (1,031)
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(4,062) (3,776) (4,099) (4,520) (16,457) (2,483) (1,603) (3,783)
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Income before income taxes and
discontinued operations 29,248 27,132 29,334 36,608 122,322 33,879 15,735 23,968
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Provision for income taxes 11,408 10,581 11,440 13,697 47,124 13,042 6,524 9,228
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Income before discontinued
operations $ 17,840 $ 16,551 $ 17,894 $ 22,911 $ 75,198 $ 20,837 $ 9,211 $ 14,740
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Discontinued operations (1,517) (814) 792 (2,220) (3,761) (15,900) (2,323) (13,546)
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Net income $ 16,323 $ 15,737 $ 18,686 $ 20,691 $ 71,437 $ 4,937 $ 6,888 $ 1,194
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Basic earnings before discontinued
operations (2) $ 0.53 $ 0.49 $ 0.53 $ 0.68 $ 2.23 $ 0.62 $ 0.28 $ 0.45
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Discontinued operations (2) $ (0.04) $ (0.02) $ 0.02 $ (0.07) $ (0.11) $ (0.47) $ (0.07) $ (0.41)
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Basic earnings per share (2) $ 0.48 $ 0.47 $ 0.55 $ 0.61 $ 2.12 $ 0.15 $ 0.21 $ 0.04
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Diluted earnings before discontinued
operations (2) $ 0.51 $ 0.48 $ 0.50 $ 0.64 $ 2.11 $ 0.58 $ 0.27 $ 0.44
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Discontinued operations (2) $ (0.04) $ (0.02) $ 0.02 $ (0.07) $ (0.11) $ (0.47) $ (0.07) $ (0.41)
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Diluted earnings per share (2) $ 0.47 $ 0.45 $ 0.52 $ 0.58 $ 2.02 $ 0.14 $ 0.20 $ 0.04
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(1) As discussed in the 10-Q for the quarter ended November 30, 1999, the
Company incurred unusual expenses in addition to the $34,393 restructuring
charge. Excluding the amounts recorded in the discontinued operations, these
unusual expenses were $1,888 of Cost of Service Provided and $9,227 of Sales,
General and Administrative expenses.
(2) Note: See the specific share counts utilized in earnings per share on
Exhibit 99.2.4