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Profits fall 5 percent at card processor TSYS

Profits fell 5 percent last year at payment processing firm TSYS, the company reported Wednesday.

Net income, or profit, was $237 million, which was down from $249 million in 2006.

That translated to earnings per share of $1.21 for the year. They were 23 cents per share in the fourth quarter.

The earnings report included several non-recurring items, including taxes on the $65 million contract termination fee paid by Bank of America, as well as costs and taxes related to the firm's spinoff from its parent company, Synovus Financial Corp.

Both TSYS and Synovus are headquartered in Columbus.

Total revenues for TSYS were $1.8 billion, up 1 percent from $1.78 billion the prior year.

Bankholding firm Synovus will report its 2007 and fourth quarter earnings Thursday.

TSYS shares (Ticker: TSS) rose 70 cents to close at $21.06 in heavy trading Wednesday on the New York Stock Exchange. Its report was released after the market's final bell.

Shares of Synovus stock (Ticker: SNV) were up 95 cents, closing at $12.54.

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