Income from continuing operations increased 3.1% to $51.8 million and net income was up 10.3% compared to 2009. Basic earnings per share (EPS) from continuing operations were $0.26.

As previously reported, TSYS completed its acquisition of 51% of Omaha, Nebraska-based First National Merchant Solutions, LLC (FNMS) on April 1, 2010. TSYS will consolidate this new entity in its financial statements in its Merchant Services segment for the remaining nine months of 2010. TSYS' guidance for 2010 has been updated to reflect this acquisition. For 2010, it is expected that FNMS will contribute $95 to $97 million to TSYS' total revenues; $2 to $3 million to net income, net of acquisition costs of approximately $2.5 million; and approximately $0.01 to basic earnings per share. While TSYS will consolidate and report all of FNMS' revenues and expenses, it will report only 51% of FNMS' net income.

"Our new FNMS joint venture is transformational for TSYS as it advances our goal to diversify our business from being just a transaction processor to being a full service payments company. FNMS is a "top-tier" merchant acquirer with a deep and talented pool of experienced management and team members that mirrors our TSYS culture," said Philip W. Tomlinson, chairman of the board and chief executive officer of TSYS.

"With the economy showing signs of improvement for the first time in two years, we remain optimistic about our ability to achieve our original guidance for 2010, and are pleased to be able to raise it as a result of the FNMS joint venture," added Tomlinson.

TSYS also announced today a new stock repurchase plan to purchase up to 10 million shares of TSYS stock. This equates to approximately $162 million of TSYS stock based on current market prices. The shares may be purchased from time to time over the next two years at prices considered attractive to the company.

View the figures here: