Exhibit 99.1
UNAUDITED COMBINED STATEMENT OF INCOME
GLOBAL PAYMENTS INC.
(in thousands)
FY 00 ACTUAL FY 00 PRO FORMA/"NORMALIZED"(1)
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Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Year Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Year
------- ------- ------- ------- ---------- ------- ------- ------- ------- ----------
Revenue
Merchant Services....... $84,202 $78,835 $76,324 $78,901 $318,262 $78,662 $76,556 $74,479 $76,830 $306,527
Funds Transfer.......... 5,626 5,339 5,503 5,303 21,771 5,335 5,100 5,137 5,084 20,656
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Total................. 89,828 84,174 81,827 84,204 340,033 83,997 81,656 79,616 81,914 327,183
Operating expenses:
Cost of service........ 46,022 45,891 44,541 45,025 181,479 43,808 43,898 42,993 43,339 174,038
Sales, general and
administrative......... 23,267 23,008 23,866 25,201 95,342 22,962 22,517 23,620 24,886 93,985
------- ------- ------- ------- -------- ------- ------- ------- ------- --------
69,289 68,899 68,407 70,226 276,821 66,770 66,415 66,613 68,225 268,023
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Operating income........ 20,539 15,275 13,420 13,978 63,212 17,227 15,241 13,003 13,689 59,160
EBITDA.................. 25,668 20,375 18,074 19,123 83,240 22,356 20,341 17,657 18,834 79,188
Other income/(expense)
Interest and other
income................. 283 361 513 (361) 796 283 361 513 (361) 796
Interest and other
expense................ (1,522) (1,657) (1,626) (1,314) (6,119) (1,680) (1,815) (1,784) (1,473) (6,752)
Minority interest in
earnings............... (1,071) (923) (1,031) (1,092) (4,117) (1,071) (923) (1,031) (1,092) (4,117)
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(2,310) (2,219) (2,144) (2,767) (9,440) (2,468) (2,377) (2,302) (2,926) (10,073)
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Income before income
taxes................... 18,229 13,056 11,276 11,211 53,772 14,759 12,864 10,701 10,763 49,087
Income Taxes........... 7,025 5,033 4,346 4,321 20,725 5,688 4,958 4,126 4,149 18,921
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Net Income............. 11,204 8,023 6,930 6,890 33,047 9,071 7,906 6,575 6,614 30,166
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Basic Shares........... 27,101 26,701 26,336 26,204 26,586 27,101 26,701 26,336 26,204 26,586
Basic Earnings per
Share.................. $ 0.41 $ 0.30 $ 0.26 $ 0.26 $ 1.24 $ 0.33 $ 0.30 $ 0.25 $ 0.25 $ 1.13
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Pro Forma Diluted
Shares.................. 27,348 26,878 26,561 26,384 26,793 27,348 26,878 26,561 26,384 26,793
Pro Forma Diluted
Earnings per Share...... $ 0.41 $ 0.30 $ 0.26 $ 0.26 $ 1.23 $ 0.33 $ 0.29 $ 0.25 $ 0.25 $ 1.13
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- ----
(1) Includes adjustments to GAAP results for the impact of divested businesses,
other non-recurring items, net and pro forma costs, assuming the spin-off
from National Data Corporation occurred on June 1, 1999.
1
UNAUDITED COMBINED STATEMENT OF INCOME
GLOBAL PAYMENTS INC.
(in thousands)
FY 01 ACTUAL FY 01 PRO FORMA/"NORMALIZED"(1)
----------------------------------- -----------------------------------
Qtr 1 Qtr 2 Qtr 3 Total Qtr 1 Qtr 2 Qtr 3 Total
------- ------- ------- -------- ------- ------- ------- --------
Revenue
Merchant Services....... $82,076 $77,752 $76,745 $236,573 $80,053 $76,895 $75,171 $232,119
Funds Transfer.......... 5,115 4,879 3,929 13,923 5,115 4,879 5,503 15,497
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Total................. 87,191 82,631 80,674 250,496 85,168 81,774 80,674 247,616
Operating expenses:
Cost of service........ 45,881 43,250 44,607 133,738 44,296 42,563 44,607 131,466
Sales, general and
administrative......... 24,729 23,409 24,101 72,239 24,502 23,238 24,101 71,841
------- ------- ------- -------- ------- ------- ------- --------
70,610 66,659 68,708 205,977 68,798 65,801 68,708 203,307
------- ------- ------- -------- ------- ------- ------- --------
Operating income........ 16,581 15,972 11,966 44,519 16,370 15,973 11,966 44,309
EBITDA.................. 21,497 20,871 16,958 59,326 21,285 20,872 16,958 59,115
Other income/(expense)
Interest and other
income................. 700 530 260 1,490 700 530 260 1,490
Interest and other
expense................ (1,791) (1,599) (1,425) (4,815) (2,205) (2,013) (1,425) (5,643)
Minority interest in
earnings............... (1,427) (1,233) (1,295) (3,955) (1,427) (1,233) (1,295) (3,955)
------- ------- ------- -------- ------- ------- ------- --------
(2,518) (2,302) (2,460) (7,280) (2,932) (2,716) (2,460) (8,108)
------- ------- ------- -------- ------- ------- ------- --------
Income before income
taxes................... 14,063 13,670 9,506 37,239 13,438 13,257 9,506 36,201
Income Taxes............ 5,414 5,263 3,660 14,337 5,174 5,104 3,660 13,938
------- ------- ------- -------- ------- ------- ------- --------
Net Income.............. 8,649 8,407 5,846 22,902 8,264 8,153 5,846 22,263
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Basic Shares............ 26,222 26,311 26,475 26,336 26,222 26,311 26,475 26,336
Basic Earnings per
Share................... $ 0.33 $ 0.32 $ 0.22 $ 0.87 $ 0.32 $ 0.31 $ 0.22 $ 0.85
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Pro Forma Diluted
Shares.................. 26,403 26,716 27,080 26,733 26,403 26,716 27,080 26,733
Pro Forma Diluted
Earnings per Share...... $ 0.33 $ 0.31 $ 0.22 $ 0.86 $ 0.31 $ 0.31 $ 0.22 $ 0.83
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- ----
(1) Includes adjustments to GAAP results for the impact of divested
businesses, other non-recurring items, net and pro forma costs, assuming
the spin-off from National Data Corporation occurred on June 1, 1999.
2