Magazine article American Banker

In Brief: 20% Gain at Certegy on Processing, Retail

Magazine article American Banker

In Brief: 20% Gain at Certegy on Processing, Retail

Article excerpt

Certegy Inc. reported net income of $26.3 million for the third quarter, almost 20% more than a year earlier.

It attributed the growth to strong card processing revenues in North America and improvements in retail sales, which helped augment volumes in its check guarantee business,

Along with card processing, the Alpharetta, Ga., company provides check cashing and guarantee services and e-banking products to financial institutions and merchants in the United States, Europe, South America, Australia, and New Zealand.

Total revenue was $255.8 million, a 0.5% increase from the same quarter last year, the company said Thursday. Per-share earnings of 40 cents of met analyst expectations, and Certegy said full-year earnings of $1.52 to $1.55 a share would do the same.

The card processing unit generated most of its revenue -- $164 million, 2.1% less than a year earlier. The company attributed the decline to less card issuing and merchant processing revenue in Brazil. …

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