Global Payments Reports Third Quarter Earnings



    ATLANTA, April 2 /CNW/ -- Global Payments Inc. (NYSE:   GPN) today
announced results for its fiscal third quarter ended February 28, 2009.  For
the third quarter, revenues grew 26% to $392.7 million compared to $310.6
million in the prior year.  Normalized diluted earnings per share grew 2% to
$0.45 compared to $0.44 in the prior year quarter.
    

    (Logo: http://www.newscom.com/cgi-bin/prnh/20010221/ATW031LOGO )

    
    These results include the unfavorable impact of foreign currency exchange
rates during the quarter, and as such, the company included Schedule 9 to
provide revenue and diluted earnings per share growth on a constant currency
basis for both the quarter and the outlook for fiscal 2009.  On a constant
currency basis, revenues grew 38% and normalized diluted earnings per share
grew 25% over the prior year quarter.
    

    
    On a GAAP basis we reported revenue of $392.7 million and a loss per
share of ($1.34).  These results include a non-cash, pretax impairment charge
relating to our money transfer business of $147.7 million which was recorded
as a result of the company's annual FAS 142 Goodwill and Other Intangible
Assets review.  The fair value of the money transfer business has
significantly declined due to ongoing challenging macroeconomic and immigrant
labor trends.
    

    Comments and Outlook
    
    Chairman and CEO, Paul R. Garcia, stated, "We achieved solid third
quarter financial performance, in spite of continuing macroeconomic headwinds
and unfavorable foreign currency trends.  Our normalized results for the
quarter were driven by the impact of our June 30, 2008 U.K. acquisition and
strong results in our North America segment.  North America continues to
benefit from successful pricing initiatives in Canada and solid 15%
transaction growth in the U.S."
    

    
    "We are maintaining our 2009 annual revenue guidance of $1,550 million to
$1,580 million, or 22% to 24% growth over fiscal 2008.  In addition, our
constant currency expectations for revenue growth of 29% to 31% remain
unchanged from last quarter.  We are also reaffirming fiscal 2009 normalized
diluted EPS guidance of $2.14 to $2.21, reflecting 8% to 12% growth over
fiscal 2008 (see Schedule 6 for details).  Our constant currency outlook for
normalized diluted earnings per share growth of 21% to 25% for fiscal 2009
also remains unchanged, in spite of a challenging economic environment," said
Garcia.
    

    Conference Call
    
    Global Payments will hold a conference call today, April 2, 2009 at 5:00
p.m. EDT to discuss financial results and business highlights.  Callers may
access the conference call via the company's Web site at
www.globalpaymentsinc.com by clicking the "Webcast" button; or callers may
dial 1-888-740-6140 and callers outside U.S. and Canada may dial
1-913-312-1269.  The pass code is "GPN."  A replay of the call may be accessed
through the Global Payments' Web site through April 16, 2009.
    

    
    Global Payments Inc. (NYSE:   GPN) is a leading provider of electronic
transaction processing services for consumers, merchants, Independent Sales
Organizations (ISOs), financial institutions, government agencies and
multi-national corporations located throughout the United States, Canada,
Latin America, Europe, and the Asia-Pacific region.  Global Payments offers a
comprehensive line of processing solutions for credit and debit cards,
business-to-business purchasing cards, gift cards, electronic check conversion
and check guarantee, verification and recovery including electronic check
services, as well as terminal management.  The company also provides consumer
money transfer services from the United States and Europe to destinations in
Latin America, Morocco, and the Philippines.  For more information about the
company and its services, visit www.globalpaymentsinc.com.
    

    
    This announcement and comments made by Global Payments' management during
the conference call may contain certain forward-looking statements within the
meaning of the "safe-harbor" provisions of the Private Securities Litigation
Reform Act of 1995.  Statements that are not historical facts, including
revenue and earnings estimates and management's expectations regarding future
events and developments, are forward looking statements and are subject to
significant risks and uncertainties.  Important factors that may cause actual
events or results to differ materially from those anticipated by such
forward-looking statements include the following: foreign currency risks which
become increasingly relevant as we expand internationally, the effect of
current U.S. economic conditions, including a decline in the value of the U.S.
dollar, the continued erosion of the value of our money transfer business and
other risks detailed in the company's SEC filings, including the most recently
filed Form 10-Q or Form 10-K, as applicable.  The company undertakes no
obligation to revise any of these statements to reflect future circumstances
or the occurrence of unanticipated events.
    


    

    
    Contact: Jane M. Elliott
    770-829-8234 Voice
    770-829-8267 Fax
    investor.relations@globalpay.com
    



    
    SCHEDULE 1
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
    GLOBAL PAYMENTS INC. AND SUBSIDIARIES
    

    
    (In thousands, except per share data)
    -------------------------------------------------------------------------
                                           Three Months Ended February 28/29,
                                           ---------------------------------
                                                  2009             2008
                                                  ----             ----
    

    
    Revenues                                    $392,663         $310,641
    -------------------------------------------------------------------------
    

    
    Operating expenses:
       Cost of service                           146,760          117,661
       Sales, general and administrative         180,117          133,069
       Impairment                                147,664                -
                                                 -------          -------
                                                 474,541          250,730
                                                 -------          -------
    

    
    Operating (loss) income                      (81,878)          59,911
    -------------------------------------------------------------------------
    

    
    Other income (expense):
       Interest and other income                   1,200            4,767
       Interest and other expense                 (2,222)          (2,198)
                                                  ------           ------
                                                  (1,022)           2,569
                                                  ------            -----
    

    
    (Loss) income before income taxes
     and minority interest                       (82,900)          62,480
    Provision for income taxes                   (15,818)         (19,265)
    Minority interest, net of tax provision
     (benefit) of $1,703 and ($506),
     respectively                                 (8,058)          (3,160)
    -------------------------------------------------------------------------
          Net (loss) income                    $(106,776)         $40,055
                                               ---------          -------
    

    
    (Loss) earnings per share:
          Basic                                   $(1.34)           $0.51
                                                  ------            -----
          Diluted                                 $(1.34)           $0.50
                                                  ------            -----
    

    
    Weighted average shares outstanding:
          Basic                                   79,835           79,219
          Diluted                                 79,835           80,650
    



    
    SCHEDULE 2
    SEGMENT INFORMATION
    GLOBAL PAYMENTS INC. AND SUBSIDIARIES
    

    
    (In thousands)
    -------------------------------------------------------------------------
                                                   Three Months
                                                  Ended February 28/29,
                                                  ---------------------
                                                  2009             2008
                                                  ----             ----
      Revenues:
      ---------
      United States                             $206,237         $182,038
      Canada                                      68,202           61,256
                                                  ------           ------
        North America Merchant Services          274,439          243,294
    

    
      Europe                                      62,109           14,455
      Asia-Pacific                                22,980           18,977
                                                  ------           ------
        International Merchant Services           85,089           33,432
    

    
      United States                               26,605           28,007
      Europe                                       6,530            5,908
                                                   -----            -----
        Money Transfer                            33,135           33,915
    

    
                                                --------         --------
          Total Revenues                        $392,663         $310,641
                                                ========         ========
    

    
      Operating Income:
      -----------------
      North America Merchant Services(1)         $57,909          $67,792
      International Merchant Services             20,771            4,326
      Money Transfer                               3,403            1,156
      Corporate                                  (16,297)         (13,363)
      Impairment                                (147,664)               -
                                                --------         --------
        Operating (Loss) Income                 $(81,878)         $59,911
                                                ========          =======
    

    
    (1) Includes the favorable impact of a non-recurring, non-cash operating
        tax item of $7.0 million in the three months ended February 29, 2008.
    



    
    SCHEDULE 3
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
    GLOBAL PAYMENTS INC. AND SUBSIDIARIES
    

    
    Reconciliations to Exclude Impairment Charges and an Operating Tax Item
    from Normalized Results
    

    
    (In thousands, except per share data)
    -------------------------------------------------------------------------
    Three Months Ended
    February 28/29,             2009                          2008
                    -------------------------------  -----------------------
                                                              Operating
                                                                 Tax
                    Normalized Impairment(1)  GAAP   Normalized Item(2) GAAP
                    ---------- ------------   ----   ---------- ------  ----
    

    
    Revenues          $392,663        $-   $392,663 $310,641     $- $310,641
    -------------------------------------------------------------------------
    Operating
     expenses:
      Cost of service  146,760         -    146,760  117,661      -  117,661
      Sales, General
       and
       administrative  180,117         -    180,117  140,117 (7,048) 133,069
      Impairment             -   147,664    147,664        -      -        -
                           ---   -------    -------      ---    ---      ---
                       326,877   147,664    474,541  257,778 (7,048) 250,730
                       -------   -------    -------  ------- ------  -------
    

    
    Operating income
     (loss)             65,786  (147,664)   (81,878)  52,863  7,048   59,911
    -------------------------------------------------------------------------
    

    
    Other income
     (expense):
      Interest and
       other income      1,200         -      1,200    4,767      -    4,767
      Interest and
       other expense    (2,222)        -     (2,222)  (2,198)     -   (2,198)
                        ------       ---     ------   ------    ---   ------
                        (1,022)        -     (1,022)   2,569      -    2,569
                        ------       ---     ------    -----    ---    -----
    

    
    Income before
     income taxes
     and minority
     interest           64,764  (147,664)   (82,900)  55,432  7,048   62,480
    Provision for
     income taxes      (19,906)    4,088    (15,818) (16,936)(2,329) (19,265)
    Minority interest,
     net of tax
     provision (benefit)
     of $1,703 and
     ($506),
     respectively       (8,058)        -     (8,058)  (3,160)     -   (3,160)
    -------------------------------------------------------------------------
    Net income (loss)  $36,800 $(143,576) $(106,776) $35,336 $4,719  $40,055
                       ------- ---------  ---------  ------- ------  -------
    

    
    Diluted shares      80,931    (1,096)    79,835   80,650      -   80,650
    Diluted earnings
     (loss) per share    $0.45    $(1.79)    $(1.34)   $0.44  $0.06    $0.50
                         -----    ------     ------    -----  -----    -----
    

    
    Effective tax rate   33.1%                (15.2%)   33.0%           33.0%
    


    
    (1) Impairment charges consist of goodwill and other intangible asset
        impairments in the Money Transfer segment.  Also reflects the related
        income tax benefit and share dilution.
    

    
    (2) Relates to the favorable impact of a non-recurring, non-cash
        operating tax item included in sales, general and administrative
        expenses.  Also reflects the related income tax benefit.
    



    
    SCHEDULE 4
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
    GLOBAL PAYMENTS INC. AND SUBSIDIARIES
    

    
    (In thousands, except per share data)
    -------------------------------------------------------------------------
                                            Nine Months Ended February 28/29,
                                            --------------------------------
                                                 2009              2008
                                                 ----              ----
    

    
    Revenues                                  $1,199,483         $930,397
    -------------------------------------------------------------------------
    

    
    Operating expenses:
       Cost of service                           445,248          350,483
        Sales, general and administrative        512,587          394,023
        Impairment and restructuring             147,664            1,317
                                                 -------            -----
                                               1,105,499          745,823
                                               ---------          -------
    

    
    Operating income                              93,984          184,574
    -------------------------------------------------------------------------
    

    
    Other income (expense):
       Interest and other income                   6,573           14,643
       Interest and other expense                 (6,642)          (5,339)
                                                  ------           ------
                                                     (69)           9,304
                                                     ---            -----
    

    
    Income before income taxes and minority
     interest                                     93,915          193,878
    Provision for income taxes                   (66,539)         (64,071)
    Minority interest, net of tax provision
     (benefit) of $1,028 and ($70),
     respectively                                (27,718)          (7,864)
    -------------------------------------------------------------------------
          Net (loss) income                        $(342)        $121,943
                                                   -----         --------
    

    
    (Loss) Earnings per share:
          Basic                                       $-            $1.53
                                                     ---            -----
          Diluted                                     $-            $1.51
                                                     ---            -----
    

    
    Weighted average shares outstanding:
          Basic                                   79,676           79,584
          Diluted                                 79,676           81,023
    



    
    SCHEDULE 5
    SEGMENT INFORMATION
    GLOBAL PAYMENTS INC. AND SUBSIDIARIES
    

    
    (In thousands)
    -------------------------------------------------------------------------
    


    
                                            Nine Months Ended February 28/29,
                                            --------------------------------
                                                  2009             2008
                                                  ----             ----
    

    
      Revenues:
      ---------
      United States                             $599,082         $537,603
      Canada                                     232,779          193,705
                                                 -------          -------
        North America Merchant Services          831,861          731,308
    

    
      Europe                                     194,881           42,365
      Asia-Pacific                                67,630           53,467
                                                  ------           ------
        International Merchant Services          262,511           95,832
    

    
      United States                               84,596           86,003
      Europe                                      20,515           17,254
                                                  ------           ------
        Money Transfer                           105,111          103,257
    

    
                                              ----------         --------
          Total Revenues                      $1,199,483         $930,397
                                              ==========         ========
    

    
      Operating Income:
      -----------------
      North America Merchant Services(1)        $213,409         $205,007
      International Merchant Services             62,136           14,309
      Money Transfer                              12,764            6,117
      Corporate                                  (46,661)        (39,542)
      Impairment and Restructuring              (147,664)          (1,317)
                                                --------           ------
        Operating Income                         $93,984         $184,574
                                                 =======         ========
    

    
    (1) Includes the favorable impact of a non-recurring, non-cash
        operating tax item of $7.0 million in the nine months ended
        February 29, 2008.
    



    
    SCHEDULE 6
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
    GLOBAL PAYMENTS INC. AND SUBSIDIARIES
    

    
    Reconciliations to Exclude Impairment and Restructuring Charges and an
Operating Tax Item from Normalized Results
    

    
    (In thousands, except per share data)
    -------------------------------------------------------------------------
    Nine Months Ended
    February 28/29,             2009                          2008
                  ------------------------------- ---------------------------
                                                         Restructuring
                                                              and
                                                           Operating
                                                              Tax
                  Normalized Impairment(1)  GAAP  Normalized Item(2)  GAAP
                  ---------- ------------   ----  ---------- ------   ----
    


    
    Revenues       $1,199,483        $- $1,199,483 $930,397      $- $930,397
    -------------------------------------------------------------------------
    

    
    Operating
     expenses:
      Cost of
       service        445,248         -    445,248  350,483       -  350,483
      Sales, general
       and
       administrative 512,587         -    512,587  401,071  (7,048 )394,023
      Impairment and
       restructuring        -   147,664    147,664        -   1,317    1,317
                          ---   -------    -------      ---   -----    -----
                      957,835   147,664  1,105,499  751,554  (5,731) 745,823
                      -------   -------  ---------  -------  ------  -------
    

    
    Operating income  241,648  (147,664)    93,984  178,843   5,731  184,574
    -------------------------------------------------------------------------
    

    
    Other income
     (expense):
      Interest and
       other income     6,573         -      6,573   14,643       -   14,643
      Interest and
       other expense   (6,642)        -     (6,642)  (5,339)      -   (5,339)
                       ------       ---     ------   ------     ---   ------
                          (69)        -        (69)   9,304       -    9,304
                          ---       ---        ---    -----     ---    -----
    

    
    Income before
     income taxes
     and minority
     interest         241,579  (147,664)    93,915  188,147   5,731  193,878
    Provision for
     income taxes     (70,627)    4,088    (66,539) (62,191) (1,880) (64,071)
    Minority
     interest, net
     of tax provision
     (benefit)of
     $1,028 and
     ($70),
     respectively     (27,718)        -    (27,718)  (7,864)      -   (7,864)
    -------------------------------------------------------------------------
      Net income
       (loss)        $143,234 $(143,576)     $(342) $118,092 $3,851 $121,943
                     -------- ---------      -----  -------- ------ --------
    Diluted shares     81,055    (1,379)    79,676    81,023      -   81,023
    Diluted earnings
     (loss) per share   $1.77    $(1.77)        $-     $1.46  $0.05    $1.51
                        -----    ------        ---     -----  -----    -----
    

    
    Effective tax rate   32.7%               100.5%     34.5%           34.5%
    

    
    (1) Impairment charges consist of goodwill and other intangible asset
        impairments in the Money Transfer segment.  Also reflects the
        related income tax benefit and share dilution.
    

    
    (2) Relates to the favorable impact of a non-recurring, non-cash
        operating tax item included in sales, general and administrative
        expenses.  Restructuring charges consist of employee termination
        benefits relating to a facility closure.  Also reflects the related
        income tax benefit.
    

    
    -------------------------------------------------------------------------
    


    
    Year Ended May 31,                                 2008
                                                       ----
    

    
    Normalized diluted earnings per share             $1.98
    Restructuring and other (3)                        0.03
                                                       ----
       GAAP diluted earnings per share                $2.01
                                                      -----
    

    
    (3) Full year fiscal 2008 diluted earnings per share was $2.01 on a GAAP
        basis, which includes restructuring and other charges, a favorable
        operating tax item, and an unfavorable foreign currency item.  For
        more information, please see our fiscal 2008 earnings press releases,
        which were included as exhibits to our respective Form 8-Ks
        furnished to the SEC.
    




    
    SCHEDULE 7
    CONSOLIDATED BALANCE SHEETS
    GLOBAL PAYMENTS INC. AND SUBSIDIARIES
    (In thousands)
    -------------------------------------------------------------------------
                                                February 28,     May 31,
                                                   2009           2008
                                                   ----           ----
                                               (Unaudited)
    Assets
    ------
    Cash and cash equivalents                   $387,593         $456,060
    Accounts receivable, net                     105,242          100,179
    Claims receivable, net                           554            1,354
    Settlement processing assets                   3,234           24,280
    Inventory, net                                 6,370            3,821
    Deferred income taxes                          4,287            4,119
    Prepaid expenses and other current assets     23,132           27,597
                                                  ------           ------
      Current assets                             530,412          617,410
    

    
    Property and equipment, net                  141,412          141,415
    Goodwill                                     535,988          497,136
    Other intangible assets, net                 225,224          175,636
    Other assets                                  11,560           14,310
                                                  ------           ------
        Total assets                          $1,444,596       $1,445,907
                                              ----------       ----------
    

    
    Liabilities and Shareholders' Equity
    ------------------------------------
    Lines of credit                               $4,110           $1,527
    Current portion of term loan                  25,000                -
    Payables to money transfer beneficiaries       8,830            9,276
    Accounts payable and accrued liabilities     143,011          138,243
    Settlement processing obligations             70,020           56,731
    Income taxes payable                          13,736           11,975
                                                  ------           ------
      Current liabilities                        264,707          217,752
    

    
    Term loan                                    165,000                -
    Deferred income taxes                         54,793           75,001
    Other long-term liabilities                   11,600           11,612
                                                  ------           ------
      Total liabilities                          496,100          304,365
                                                 -------          -------
    

    
    Commitments and contingencies
    Minority interest in equity of subsidiaries   33,430           14,724
    

    
    Preferred stock                                    -                -
    Common stock                                       -                -
    Paid-in capital                              402,077          380,741
    Retained earnings                            616,725          621,875
    Accumulated other comprehensive (loss)
     income                                     (103,736)         124,202
                                                --------          -------
      Total shareholders' equity                 915,066        1,126,818
                                                 -------        ---------
        Total liabilities and shareholders'
         equity                               $1,444,596       $1,445,907
                                              ----------       ----------
    



    
    SCHEDULE 8
    UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
    GLOBAL PAYMENTS INC. AND SUBSIDIARIES
    


    
    (In thousands)
    -------------------------------------------------------------------------
                                            Nine Months Ended February 28/29,
                                            --------------------------------
                                                    2009           2008
                                                    ----           ----
    

    
    Cash flows from operating activities:
      Net (loss) income                            $(342)        $121,943
      Adjustments to reconcile net (loss) income
       to net cash provided by operating
       activities:
         Depreciation and amortization of
          property and equipment                  27,175           21,258
         Amortization of acquired intangibles     23,222           10,962
         Share-based compensation expense         10,954            9,853
         Provision for operating losses and bad
          debts                                   20,256           21,884
         Minority interest in earnings            28,746            7,794
         Deferred income taxes                    (3,419)          (3,757)
         Impairment of goodwill and identified
          intangible assets                      147,664                -
         Other, net                                  (87)          (5,763)
      Changes in operating assets and
       liabilities, net of the effects of
       acquisitions:
         Accounts receivable                      (8,856)          (6,976)
         Claims receivable                       (13,879)         (18,123)
         Settlement processing assets and
          obligations, net                        28,818           26,297
         Inventory                                (2,314)          (1,964)
         Prepaid expenses and other assets         6,832           (7,961)
         Payables to money transfer beneficiaries   (446)           1,005
         Accounts payable and accrued liabilities  2,692           (3,276)
         Income taxes payable                      1,761           10,734
                                                   -----           ------
            Net cash provided by operating
             activities                          268,777          183,910
                                                 -------          -------
    

    
    Cash flows from investing activities:
       Business and intangible asset
        acquisitions                            (454,279)         (12,051)
       Capital expenditures                      (25,458)         (31,926)
       Proceeds from sale of investment and
        contractual rights                         6,796                -
                                                   -----              ---
            Net cash used in investing
             activities                         (472,941)         (43,977)
                                                --------          -------
    

    
    Cash flows from financing activities:
       Net borrowings on lines of credit           2,583            1,126
       Proceeds from term loan                   200,000                -
       Principal payments under term loan        (10,000)               -
       Proceeds from stock issued under
        share-based compensation plans             7,961           15,229
       Tax benefit from share-based
        compensation plans                         2,421            7,384
       Repurchase of common stock                      -          (87,020)
       Dividends paid                             (4,808)          (4,784)
       Contribution from minority interest
        holder                                       358                -
      Distributions to minority interests        (23,258)          (7,085)
                                                 -------           ------
            Net cash provided by (used in)
             financing activities                175,257          (75,150)
                                                 -------          -------
    

    
    Effect of exchange rate changes on cash      (39,560)          14,812
                                                 -------           ------
    

    
    (Decrease) increase in cash and cash
     equivalents                                 (68,467)          79,595
    Cash and cash equivalents, beginning of
     period                                      456,060          308,872
                                                 -------          -------
    Cash and cash equivalents, end of period    $387,593         $388,467
                                                --------         --------
    


    
    SCHEDULE 9
    CONSTANT CURRENCY OUTLOOK
    GLOBAL PAYMENTS INC. AND SUBSIDIARIES
    



    
      (in millions,
       except for per
       share data)      Q1 FY09    % change            Q2 FY09       % change
                         Actual     Q1 FY08            Actual         Q2 FY08
                         ------     -------            ------         -------
    

    
      Fiscal 2009 Revenue
      -------------------
      Constant
       Currency(1)         $397        28%              $424              37%
      Foreign
       currency
       impact(2)              9         3%               (23)             (7%)
                              -         -                ---               --
        Total
         Revenues          $406        31%              $401              30%
                           ====        ==               ====              ==
    


    
      Fiscal 2009 Diluted Earnings Per Share
      --------------------------------------
      Constant
       Currency(1)        $0.68        27%             $0.67              39%
      Foreign
       currency
       impact(2)           0.03         5%             (0.07)            (14%)
                           ----         -              -----              ---
        Normalized        $0.71        32%             $0.60              25%
    

    
      Impairment and
       Restructuring(3)       -         2%                 -               -
                            ---         -                ---             ---
        GAAP              $0.71        34%             $0.60              25%
                          =====        ==              =====              ==
    



    
      (in millions,
       except for per
       share data)      Q3 FY09    % change       Fiscal 2009       % change
                         Actual     Q3 FY08         Outlook           FY08
                         ------     -------         -------           ----
    

    
      Fiscal 2009 Revenue
      -------------------
      Constant
       Currency(1)         $428        38%     $1,641 to $1,671     29% to 31%
      Foreign
       currency
       impact(2)            (35)      (11%)             (91)            (7%)
                            ---        ---               ---             --
        Total
         Revenues          $393        26%     $1,550 to $1,580     22% to 24%
                           ====        ==      ================     =========
    


    
      Fiscal 2009 Diluted Earnings Per Share
      --------------------------------------
      Constant
       Currency(1)        $0.55        25%       $2.40 to $2.47     21% to 25%
      Foreign
       currency
       impact(2)          (0.10)      (23%)           (0.26)           (13%)
                          -----        ---             -----            ---
        Normalized        $0.45         2%       $2.14 to $2.21     8% to 12%
    

    
      Impairment and
       Restructuring(3)   (1.79)        -             (1.79)           (91%)
                          -----       ---             -----             ---
        GAAP             $(1.34)        -        $0.35 to $0.42 (83%) to (79%)
                         ======       ===        ==============  ============
    




    
      (1) Reflects current period results excluding impairment charges on a
          pro forma basis as if foreign currency rates did not change from the
          comparable prior year period
    

    
      (2) Reflects the impact of actual and forecasted changes in foreign
          currency rates from the comparable prior year period.
    

    
      (3) For more information, please see Schedule 6 and our earnings press
          releases for each of these periods, which were included as exhibits
          to our respective Form 8-Ks furnished to the SEC.



    




For further information:

For further information: Jane M. Elliott, +1-770-829-8234 Voice, or
+1-770-829-8267 Fax, investor.relations@globalpay.com, of Global Payments Inc.
                    Web Site: http://www.globalpaymentsinc.com

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Global Payments Inc.

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