0000721683-06-000012.txt : 20060718 0000721683-06-000012.hdr.sgml : 20060718 20060718165230 ACCESSION NUMBER: 0000721683-06-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20060718 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060718 DATE AS OF CHANGE: 20060718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL SYSTEM SERVICES INC CENTRAL INDEX KEY: 0000721683 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 581493818 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10254 FILM NUMBER: 06967537 BUSINESS ADDRESS: STREET 1: 1600 FIRST AVENUE STREET 2: P O BOX 1755 CITY: COLUMBUS STATE: GA ZIP: 31901 BUSINESS PHONE: 7066492267 MAIL ADDRESS: STREET 1: 1600 FIRST AVENUE CITY: COLUMBUS STATE: GA ZIP: 31901 8-K 1 july188k.htm TSYS FORM 8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

July 18, 2006

Date of Report

(Date of Earliest Event Reported)

Total System Services, Inc.

(Exact Name of Registrant as Specified in its Charter)

Georgia
(State of Incorporation)

1-10254
(Commission File Number)

58-1493818
(IRS Employer Identification No.)

1600 First Avenue, Columbus, Georgia 31901

(Address of principal executive offices) (Zip Code)

(706) 649-2267

(Registrant's telephone number, including area code)

________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02	Results of Operations and Financial Condition.
	On July 18, 2006, Total System Services, Inc. (“Registrant”) issued a press release and will hold an investor call and webcast on July 19, 2006 to disclose financial results for the quarter ended June 30, 2006. The press release and Supplemental Information for use at this investor call are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. This information shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934 except as shall be expressly set forth by specific reference in such filing.

Item 7.01	Regulation FD Disclosure. See Item 2.02 above.

Item 9.01	Financial Statements and Exhibits.

	(d)	Exhibits
	Exhibit No.	Description
	99.1	Registrant's press release dated July 18, 2006
	99.2	Supplemental Information prepared for use with the press release

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	TOTAL SYSTEM SERVICES, INC. ("Registrant")

Dated: July 18, 2006	By:/s/ Kathleen Moates Kathleen Moates Senior Deputy General Counsel

EX-99.1 2 earningsrelease.htm REGISTRANT'S PRESS RELEASE DATED JULY 18, 2006

Exhibit 99.1

For Immediate Release

Contacts:

James B. Lipham

Chief Financial Officer

+1.706.649.2262

Shawn Roberts

TSYS Investor Relations

+1.706.644.6081

shawnroberts@tsys.com

TSYS Reports Second Quarter 2006 Earnings Per Share of $0.29

Columbus, Ga., July 18, 2006 — TSYS^® today announced that its net income for the second quarter increased 13% over second quarter 2005, and the first six months of 2006 exceeded the same period in 2005 by 11%.

“Our results for the second quarter of 2006 continued our momentum from the first quarter toward a record year of revenues and earnings. We continue our focus on delivering outstanding financial results, and we still expect our 2006 earnings growth will be at the high end of the 21-23% range,” said Philip W. Tomlinson, chairman and chief executive officer of TSYS.

(dollars in millions, except earnings per share data)	Three Months Ended			Six Months Ended
	June 30,			June 30,
	2006	2005	Percent Change	2006	2005	Percent Change
Revenues Before Reimbursables	$342.8	331.1	3.5%	$672.3	611.4	10.0%
Total Revenues	429.2	410.2	4.6%	841.5	760.2	10.7%
Operating Income	84.7	76.3	11.0%	156.6	142.7	9.8%
Net Income	57.4	50.6	13.4%	107.8	96.8	11.4%
Basic EPS	0.29	0.26	13.3%	0.55	0.49	11.4%
Diluted EPS	0.29	0.26	13.3%	0.55	0.49	11.4%

Recent Highlights

•

Continued expansion of TSYS’ global footprint with the acquisition of London-based Card Tech, Ltd., now known as TSYS Card Tech, for an aggregate consideration of approximately $58 million. The acquisition enables TSYS to offer more technology choices with the right combination of scale and functionality that are attractive to small, medium and large banks in global emerging markets. The acquisition of TSYS Card Tech expands the number of countries in which TSYS has a presence to 76.

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TSYS Reports Results For Second Quarter 2006/Page 2 of 9

•

Reached a long-term agreement with Wachovia Corporation, the No. 4 bank-holding company, to provide core-processing and other related services in support of their re-entry into the consumer credit-card line of business.

•

Reached agreements through TSYS Acquiring Solutions with Delta Payment Solutions and New England Bankcard Association to provide merchant processing services.

•

Renewed a long term relationship through TSYS Acquiring Solutions with Heartland Payment Systems, one of the nation's largest providers of merchant acquiring services.

“Our acquisition of TSYS Card Tech significantly expands our global footprint and is an example of our strategy to diversify and expand our business. Along with this expansion, we continue to blend our industry-leading technology with our global workforce to provide our clients with unparalleled service. By pursuing opportunities both domestically and internationally to expand our client base and offer new services, we are enhancing our ability for future growth,” said Tomlinson.

“We have also steadfastly maintained our focus on expense control by redeploying resources and managing headcount. As a result, we were able to keep our consolidated expenses flat for the second quarter,” said Tomlinson.

Projected Outlook for 2006

TSYS expects to be at the high end of its previously announced earnings growth guidance of 21%-23% based on the following assumptions:

Total revenues will increase 6% - 8%

Accounts on file at the end of 2006 will be approximately 395 million to 405 million

Deconversion of Bank of America’s consumer portfolio as scheduled in October 2006, with a one-time contract-termination payment of approximately $69 million and an acceleration of amortization of approximately $6 million in contract-acquisition costs

Recognition of revenues and expenses associated with the Capital One agreement beginning in the fourth quarter of 2006

Conference Call

TSYS will host its quarterly conference call at 8:30 a.m. EDT, July 19, 2006. The conference call can be accessed via simultaneous Internet broadcast at tsys.com by clicking on the “Conference Call” icon on the homepage. The replay will be archived for 12 months and will be available approximately 30 minutes after the completion of the call.

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TSYS Reports Results For Second Quarter 2006/Page 3 of 9

About TSYS

TSYS (tsys.com) is one of the world’s largest payment-services companies. TSYS offers a broad range of processing or licensing technologies for issuing and acquiring that include support of consumer-finance, credit, debit and prepaid services for financial institutions and retail companies doing business in 76 countries worldwide. Based in Columbus, Ga., TSYS (NYSE: TSS) is 80-percent held by Synovus (NYSE: SNV), a $30-billion financial-services company that is one of FORTUNE magazine’s “Most Admired Companies” and a member of its “100 Best Companies to Work For” Hall of Fame. For more information, contact news@tsys.com.

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’ expected earnings growth for 2006, and the assumptions underlying such statements, including, with respect to TSYS’ expected increase in earnings for 2006, an increase in revenues of 6% to 8%, accounts on file at the end of 2006 will be approximately 395 million to 405 million, deconversion of Bank of America’s consumer portfolio as scheduled in October 2006 with a one-time termination payment of $69 million and an acceleration of amortization of approximately $6 million in contract-acquisition costs and recognition of revenues and expenses associated with the Capital One agreement beginning in the fourth quarter of 2006. 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, revenues that are lower than anticipated; accounts on file at the end of 2006 are lower than anticipated; TSYS does not convert and deconvert clients’ portfolios as scheduled; Bank of America does not deconvert as scheduled, amortization of related contract acquisition costs is not accelerated as anticipated and the termination fee is not in the amount anticipated; and TSYS does not begin recognizing revenues and expenses associated with the Capital One agreement beginning in the fourth quarter of 2006 as anticipated. 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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EX-99.2 3 exhibit992.htm SUPPLEMENTAL INFORMATION PREPARED FOR USE WITH THE PRESS RELEASE

Exhibit 99.2

TSYS Announces Second Quarter 2006 Earnings
Page 4 of 9
TSYS
Financial Highlights
(Unaudited)
(In thousands, except per share data)
		Three months ended					Six Months Ended
		June 30,					June 30,
				Percentage					Percentage
		2006	2005	Change			2006	2005	Change
Revenues
Electronic payment processing services	$	232,301	217,048	7.0	%	$	453,362	421,805	7.5	%
Merchant services		65,820	68,696	(4.2)			129,769	95,801	35.5
Other services		44,670	45,324	(1.4)			89,212	93,838	(4.9)
Revenues before reimbursables		342,791	331,068	3.5			672,343	611,444	10.0
Reimbursable items		86,374	79,175	9.1			169,112	148,783	13.7
Total revenues		429,165	410,243	4.6			841,455	760,227	10.7

Expenses
Employment expenses*		120,433	115,974	3.8			241,763	212,952	13.5
Net occupancy & equipment expenses		75,703	69,568	8.8			151,053	135,637	11.4
Other operating expense*		61,924	69,180	(10.5)			122,939	120,203	2.3
Expenses before reimbursables		258,060	254,722	1.3			515,755	468,792	10.0
Reimbursable items		86,374	79,175	9.1			169,112	148,783	13.7
Total operating expenses		344,434	333,897	3.2			684,867	617,575	10.9

Operating Income		84,731	76,346	11.0			156,588	142,652	9.8

Other Income:
Interest income		3,425	1,078	nm			5,933	2,297	158.3
Interest expense		(85)	(105)	(19.0)			(129)	(175)	(26.3)
Loss on foreign currency translation, net		(363)	(494)	(26.5)			(87)	(827)	(89.5)
Other Income		2,977	479	nm			5,717	1,295	nm

Income before Income Taxes, Minority Interest
and Equity in Income of Equity Investments		87,708	76,825	14.2			162,305	143,947	12.8
Income Taxes		31,148	26,729	16.5			56,113	51,409	9.2
Minority Interest		(173)	(43)	nm			(264)	(112)	135.7
Equity in Income of Equity Investments		1,019	590	72.7			1,871	4,340	(56.9)

Net Income	$	57,406	50,643	13.4	%	$	107,799	96,766	11.4	%
Basic Earnings Per Share	$	0.29	0.26	13.3	%	$	0.55	0.49	11.4	%
Diluted Earnings Per Share	$	0.29	0.26	13.3	%	$	0.55	0.49	11.4	%
Dividend Declared Per Share	$	0.07	0.06			$	0.13	0.10
Average Common Shares Outstanding		197,093	197,078				197,089	197,050
Average Common and Common
Equivalent Shares Outstanding		197,330	197,295				197,334	197,265

nm = not meaningful

*Certain items have been reclassified for the prior periods to conform with the presentation adopted in the second quarter of 2006.
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TSYS Announces Second Quarter 2006 Earnings
Page 5 of 9
TSYS
Segment Breakdown
(Unaudited)
(In thousands)
			Three Months Ended June 30, 2006				Three Months Ended June 30, 2005
			Domestic- based support services	International- based support services	Merchant processing services	Consolidated	Domestic- based support services	International- based support services	Merchant processing services	Consolidated


Revenues before reimbursables		$	253,313	34,145	60,144	347,602	241,118	30,480	63,313	334,911
Intersegment revenues			(4,778)	-	(33)	(4,811)	(3,812)	-	(31)	(3,843)
Revenues before reimbursables
from external customers		$	248,535	34,145	60,111	342,791	237,306	30,480	63,282	331,068
Total revenues		$	325,105	40,326	70,736	436,167	306,835	35,128	74,552	416,515
Intersegment revenues			(6,969)	-	(33)	(7,002)	(6,241)	-	(31)	(6,272)
Revenues from external customers		$	318,136	40,326	70,703	429,165	300,594	35,128	74,521	410,243
Depreciation and amortization		$	31,692	4,795	6,499	42,986	28,203	4,248	4,325	36,776
Intersegment expenses		$	6,591	(5,536)	(8,046)	(6,991)	10,709	(9,383)	(7,605)	(6,279)
Segment operating income		$	66,780	3,204	14,747	84,731	63,417	(835)	13,764	76,346
Income before income taxes, minority interest
and equity income of equity investments			70,001	2,389	15,318	87,708	64,528	(1,630)	13,927	76,825
Income tax expense		$	23,443	1,926	5,779	31,148	21,897	(572)	5,404	26,729
Equity in income of equity investments		$	-	1,019	-	1,019	-	590	-	590
Net Income		$	46,712	1,155	9,539	57,406	42,430	(336)	8,549	50,643
Identifiable assets			1,361,896	188,752	238,180	1,788,828
Intersegment eliminations			(341,199)	-	(182)	(341,381)
Total assets			1,020,697	188,752	237,998	1,447,447

			Six Months Ended June 30, 2006				Six Months Ended June 30, 2005
			Domestic- based support services	International- based support services	Merchant processing services	Consolidated	Domestic- based support services	International based support services	Merchant processing services	Consolidated


Revenues before reimbursables		$	497,756	64,858	119,006	681,620	471,131	61,328	84,111	616,570
Intersegment revenues			(9,212)	-	(65)	(9,277)	(5,095)	-	(31)	(5,126)
Revenues before reimbursables
from external customers		$	488,544	64,858	118,941	672,343	466,036	61,328	84,080	611,444
Total revenues		$	637,935	76,572	141,068	855,575	597,852	71,743	98,887	768,482
Intersegment revenues			(14,055)	-	(65)	(14,120)	(8,224)	-	(31)	(8,255)
Revenues from external customers		$	623,880	76,572	141,003	841,455	589,628	71,743	98,856	760,227
Depreciation and amortization		$	63,603	8,773	13,772	86,148	55,143	8,016	5,803	68,962
Intersegment expenses		$	15,282	(13,111)	(16,265)	(14,094)	19,234	(17,538)	(9,958)	(8,262)
Segment operating income		$	127,745	4,083	24,760	156,588	123,909	2,006	16,737	142,652
Income before income taxes, minority interest
and equity income of equity investments			133,481	3,116	25,708	162,305	126,125	862	16,960	143,947
Income tax expense		$	43,914	2,493	9,706	56,113	42,628	1,067	7,714	51,409
Equity in income of equity investments		$	-	1,871	-	1,871	-	1,099	3,241	4,340
Net Income		$	89,531	2,266	16,002	107,799	82,831	1,419	12,516	96,766

Note:	Revenues for domestic-based services include electronic payment processing services and other services provided from the United States to clients domiciled in the United States or other countries. Revenues from international-based services include electronic payment processing services and other services provided from outside the United States to clients based mainly outside the United States. Revenues from merchant processing services include TSYS Acquiring Solutions merchant processing and related services.
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TSYS Announces Second Quarter 2006 Earnings
Page 6 of 9

TSYS
Balance Sheet
(Unaudited)
(In thousands)
		June 30, 2006	Dec 31, 2005
Assets
Current assets:
Cash and cash equivalents	$	295,483	237,569
Restricted cash		37,326	29,688
Accounts receivable, net		189,808	184,532
Deferred income tax assets		20,597	15,264
Prepaid expenses and other current assets		47,452	45,236
Total current assets		590,666	512,289
Computer software, net		241,449	267,988
Property and equipment, net		264,897	267,979
Contract acquisition costs, net		165,346	163,861
Goodwill, net		106,390	112,865
Equity investments, net		42,757	42,731
Other intangible assets, net		11,865	13,580
Other assets		24,077	29,604
Total assets	$	1,447,447	1,410,897

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	30,057	29,464
Accrued salaries and employee benefits		42,776	84,348
Current portion of obligations under capital leases		2,317	2,078
Other current liabilities		158,414	161,122
Total current liabilities		233,564	277,012
Deferred income tax liabilities		77,509	89,478
Obligations under capital leases excluding current portion		2,261	3,555
Other long-term liabilities		25,239	24,398
Total liabilities		338,573	394,443
Minority interest in consolidated subsidiary		3,964	3,682
Shareholders' Equity:
Common stock		19,813	19,797
Additional paid-in capital		55,954	50,666
Treasury stock		(12,841)	(12,841)
Accumulated other comprehensive income		10,391	5,685
Retained earnings		1,031,593	949,465
Total shareholders' equity		1,104,910	1,012,772
Total liabilities and shareholders' equity	$	1,447,447	1,410,897

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TSYS Announces Second Quarter 2006 Earnings
Page 7 of 9
TSYS
Cash Flow
(Unaudited)
(In thousands)
		Six Months Ended June 30,
		2006	2005
Cash flows from operating activities:
Net income	$	107,799	96,766
Adjustments to reconcile net income to net cash provided by
operating activities:
Minority interests in consolidated subsidiaries' net income		264	112
Equity in income of equity investments		(1,871)	(4,340)
Loss on currency translation adjustments, net		87	827
Depreciation and amortization		86,148	68,962
Share-based compensation		4,445	560
Impairment of developed software		-	3,137
Charges for (recoveries of) bad debt expense and billing
adjustments		224	2,688
Charges for transaction processing provisions		7,501	4,595
Deferred income tax (benefit) expense		(17,041)	4,622
Loss on disposal of equipment, net		105	1,725
(Increase) decrease in:
Accounts receivable		(4,442)	(35,538)
Prepaid expenses and other assets		3,830	1,142
Increase (decrease) in:
Accounts payable		451	(47,132)
Accrued salaries and employee benefits		(41,590)	(15,124)
Other liabilities		(17,338)	(45,249)
Net cash provided by operating activities		128,572	37,753

Cash flows from investing activities:
Purchase of property and equipment, net		(14,306)	(20,383)
Additions to licensed computer software from vendors		(4,437)	(10,647)
Additions to internally developed computer software		(8,999)	(10,388)
Cash acquired in acquisition		-	38,799
Cash used in acquisitions		-	(95,782)
Dividends received from equity investments		2,371	1,659
Contract acquisition costs		(22,339)	(10,981)
Net cash used in investing activities		(47,710)	(107,723)

Cash flows from financing activities:
Proceeds from borrowings of long-term debt		-	48,142
Principal payments on long-term debt borrowings and
capital lease obligations		(1,060)	(48,923)
Proceeds from exercise of stock options		-	427
Dividends paid on common stock		(23,683)	(15,757)
Net cash used in financing activities		(24,743)	(16,111)
Effect of foreign currency translation on cash and cash equivalents		1,795	(2,000)
Net increase in cash and cash equivalents		57,914	(88,081)
Cash and cash equivalents at beginning of year		237,569	231,806
Cash and cash equivalents at end of period	$	295,483	143,725

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TSYS Announces Second Quarter 2006 Earnings
Page 8 of 9

Geographic Area Data:
The following geographic area data represents revenues for the three months ended June 30 based on where the client is domiciled:
		Three Months Ended June 30,
(dollars in millions):		2006	%			2005	%		% Chg
United States	$	360.3	83.9	%	$	350.1	85.3	%	2.9	%
Europe*		36.2	8.4			31.4	7.6		15.3
Canada		24.0	5.6			22.4	5.5		7.0
Japan		4.5	1.1			3.9	1.0		14.9
Mexico		2.9	0.7			1.7	0.4		70.9
Other*		1.3	0.3			0.7	0.2		94.2
	$	429.2	100.0	%	$	410.2	100.0	%	4.6	%

The following geographic area data represents revenues for the six months ended June 30 based on where the client is domiciled:
		Six Months Ended June 30,
(dollars in millions):		2006	%			2005	%		% Chg
United States	$	710.5	84.4	%	$	640.1	84.2	%	11.0	%
Europe*		68.6	8.2			64.4	8.5		6.4
Canada		46.1	5.5			43.5	5.7		6.1
Japan		8.4	1.0			7.6	1.0		9.6
Mexico		5.4	0.6			3.4	0.4		59.6
Other*		2.5	0.3			1.2	0.2		116.7
	$	841.5	100.0	%	$	760.2	100.0	%	10.7	%

Geographic Area Revenue by Operating Segment:
The following table reconciles segment revenues to revenues by reporting segment for the three months ended June 30:

		Three Months Ended June 30,
		Domestic-based support services		International-based support services		Merchant processing services

(dollars in millions):		2006	2005	2006	2005	2006	2005
United States	$	289.9	275.7	-	-	70.4	74.2
Europe*		0.3	0.4	35.9	31.2	-	-
Canada		23.9	22.3	-	-	0.1	0.1
Japan		-	-	4.5	3.9	-	-
Mexico		2.9	1.7	-	-	-	-
Other*		1.1	0.5	-	-	0.2	0.2
	$	318.1	300.6	40.4	35.1	70.7	74.5

The following table reconciles segment revenues to revenues by reporting segment for the six months ended June 30:

		Six Months Ended June 30,
		Domestic-based support services		International-based support services		Merchant processing services

(dollars in millions):		2006	2005	2006	2005	2006	2005
United States	$	569.7	541.3	-	-	140.4	98.5
Europe*		0.7	0.6	68.3	64.1	-	-
Canada		45.9	43.3	-	-	0.3	0.2
Japan		-	-	8.3	7.6	-	-
Mexico		5.4	3.4	-	-	-	-
Other*		2.2	1.0	-	-	0.3	0.2
	$	623.9	589.6	76.6	71.7	141.0	98.9

Geographic area revenue by operating segment has been restated in 2005 to reflect the changes in operating segment.

*Certain items have been reclassified for the prior periods to conform with the presentation adopted in the second quarter of 2006.

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TSYS Announces Second Quarter 2006 Earnings
Page 9 of 9


Supplemental Information:
	Accounts on File at June 30,
(in millions)	2006	%		2005	%		% Change
Consumer	241.2	65.8	%	230.0	59.2	%	4.9	%
Retail	36.8	10.1		83.0	21.3		(55.6)
Commercial	31.4	8.6		28.8	7.4		9.0
Government services/EBT	19.6	5.3		17.1	4.4		14.4
Stored Value	29.3	8.0		22.4	5.8		30.6
Debit	8.2	2.2		7.3	1.9		12.7
	366.5	100.0	%	388.6	100.0	%	(5.7)	%

Certain accounts previously classified as Retail have been reclassified as Stored Value to conform with the presentation adopted in the second quarter of 2006.

(in millions)	June 30, 2006			June 30, 2005			% Change
QTD Average Accounts on File	415.8			380.7			9.2	%
YTD Average Accounts on File	427.5			371.8			15.0

	Accounts on File at June 30,
(in millions)	2006	%		2005	%		% Change
Domestic	308.5	84.2	%	335.5	86.3	%	(8.0)	%
International	58.0	15.8		53.1	13.7		9.2
	366.5	100.0	%	388.6	100.0	%	(5.7)	%


Note: The accounts on file between domestic and international is based on the geographic domicile of processing clients.

Growth in Accounts on File (in millions):
	June 2005 to June 2006	June 2004 to June 2005
Beginning balance	388.6	287.0
Change in accounts on file due to:
Internal growth of existing clients	36.5	38.4
New clients	40.0	69.3
Purges/Sales	(12.3)	(5.0)
Deconversions	(86.3)	(1.1)
Ending balance	366.5	388.6


Number of Employees (FTEs):	2006	2005
At June 30,	6,549	6,475
Quarterly average for period ended June 30,	6,545	6,432
YTD average for period ended June 30,	6,596	6,111


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