TSYS® Reports 59.5% Increase in Net Income for First Quarter 2000

TSYS Reports 59.5% Increase in Net Income for First Quarter 2000

Columbus, Ga., April 10, 2000 -- Total System Services, Inc.® (TSYS®) (NYSE: "TSS") today announced net income and revenues for the three months ended March 31, 2000.

Net income for the first quarter of 2000 increased 59.5% to $20.7 million, up from $12.9 million for the same period last year. Basic and diluted earnings per share for the quarter increased to $.11, up from $.07 for the first quarter of 1999. Revenues for the first quarter of 2000 were $145.9 million, an increase of 26.5%, compared with revenues of $115.3 million for the first quarter of 1999.

Chairman and CEO Richard W. Ussery said, "We are extremely pleased with the financial results for the first three months of 2000. The results were $.01 per share higher than previously forecasted. We saw our revenue grow faster than we had planned in the first quarter as a result of the increased growth from several of our existing clients. With the exceptional growth in the first quarter of 2000 and continued emphasis on expense control, we are well on our way to meeting our financial projections for 2000."

Ussery continued, "The first quarter of 2000 proved to be a very busy quarter for us. During the quarter, we announced:

  • Plans to create a new wholly owned subsidiary, DotsConnectTM, to capitalize on the e-commerce revolution as we realize our vision to be the global solutions provider of choice for commerce;
  • Plans to expand our commercial card service offerings with the integration of ProCard’s software solutions as a result of the acquisition of ProCard by Synovus Financial Corp.;
  • Contract extensions with AmSouth until 2005, First Tennessee until 2005 and a one-year extension with Sears until 2010; and
  • Membership in GlobalPlatform, a cross-industry membership organization created to advance standards for smart card growth. TSYS is a member of the systems infrastructure and business committees.

We are excited with our results for the first quarter and look forward to another record year in 2000."

TSYS will host a conference call about the quarterly earnings report at 4:15 EST, April 11, 2000. The conference call can be accessed at www.videonewswire.com/totalsystems/041100 (link no longer valid). You will be required to register prior to hearing the live web broadcast.

TSYS provides global commerce solutions. With more than 207 million accounts on file, TSYS facilitates the paperless payment link between buyers and sellers for more than 300 million consumers. Our systems capture and deliver more of the right information to our clients that allows them to make wiser business decisions, currently yielding portfolio growth more than twice the industry average. TSYS and its family of companies offers a full range of business services, from credit application to collections, allowing our clients to focus on building their brands while we focus on safety, security, ease and convenience. Based in Columbus, Ga., TSYS is an 80.8-percent-owned subsidiary of Synovus Financial Corp. (NYSE: "SNV") (www.synovus.com), No. 5 on FORTUNE magazine’s list of "The 100 Best Companies To Work For" in 2000.

Contacts:
James B. Lipham
Chief Financial Officer
ph. (706) 649-2262

Patrick A. Reynolds
Director of Investor Relations
ph. (706) 649-5220

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. "Forward-looking" statements contained in this press release include the intent, belief or current expectations of TSYS and members of its senior management team with respect to the percentage increases in earnings of TSYS expected for the year 2000, as well as the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release include, but are not limited to, lower than anticipated internal growth rates for TSYS' existing customers, TSYS' inability to control expenses associated with the growth in its number of employees, the inability of TSYS to grow its business through acquisitions, adverse developments with respect to entering into contracts with new clients and retaining current clients, adverse developments with respect to the successful conversion of clients, adverse developments with respect to the credit card industry in general and overall market conditions. Additional factors that could cause actual results to differ materially from those contemplated in this press release can be found in TSYS' Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2000.