GPN 2Q/02

Atlanta-based Global Payments reported that revenue for the quarter ending May 31st was $121 million, an 18% increase over the prior year. Net income for the quarter of $11.8 million compared to $8.7 million in the prior year for a 36% increase. On a GAAP basis, for the fiscal year ending May 31st, revenue was $462.8 million and net income was $23.8 million. The GAAP basis fiscal year 2002 results include a $24.6 million trademark impairment charge relating to a change in accounting principle. This change was due, in part, of a MasterCard buyout. Global has determined it will no longer be marketing under MasterCard’s Merchant Automated Point-of-Sale Program brand. For complete details on GPN’s latest quarterly results visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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HOUSEHOLD 2Q/02

Household reported that its managed basis 60+ days delinquency ratio was 4.53%, down 10 bps from 4.63% at the end of March. Active accounts at the end of the second quarter were 10,224,000, a 12.7% increase over 2Q/01. The improvement in delinquency was led by its VISA and MasterCard portfolio. The managed basis delinquency ratio was 4.27% a year ago. The annualized managed basis net charge-off ratio for the second quarter of 4.26% was 17 bps higher than the first quarter and 55 bps higher than a year ago. VISA and MasterCard charge volume for 2Q/02 was $17,133,910,000, a 2.9% increase over 2Q/01. Household’s bank credit card portfolio had $15,373,368,000 in outstandings as of June 30th, a 3.2% gain over the same quarter in 2001. For complete details on Household’s 2Q/02 performance visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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ORDER-XCEL

UT-based International Automated Systems Inc. announced this week that a test for its self-service fast-food express lanes is slated for a Kentucky Fried Chicken restaurant in California Harman’s Management Corp., which owns approximately 375 KFC, Taco Bell, Pizza Hut and A&W franchises will pilot the OrderXCEL system in Sacramento, CA. IAS’ OrderXCEL is a patent-pending technology, which incorporates IAS’ patented automated biometric fingerprint technology. Using the OrderXCEL, a fast-food customer can enter an order on a touch-pad screen and pay with cash, check, credit, or debit card.

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FAIR ISAAC 2Q/02

Fair, Isaac and Company reported that revenue for the second quarter reached $91.0 million, up 8% from $84.2 million reported in the same period last year. Net income was $14.7 million, compared with $12.4 million reported in the third quarter of last fiscal year. Fair, Isaac and HNC Software jointly announced Thursday that HNC and its directors had entered into a memorandum of understanding with counsel for plaintiffs in a lawsuit filed in the Superior Court of the State of California for the County of San Diego. The suit was filed on April 30, and sought to enjoin HNC’s proposed merger with a subsidiary of Fair, Isaac. Under the terms of the memorandum, HNC and the plaintiffs in the suit have agreed, subject to approval by the court, to enter into a settlement with respect to all claims raised by the plaintiffs in the lawsuit. If the court approves the settlement contemplated in the memorandum, the lawsuit will be dismissed. For complete details on Fair Isaac’s 2Q/02 results visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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STATE FARM CARD

The State Farm Bank VISA CheckCard has been launched as the insurance company makes its way into banking. Customers do not need to be a policyholder of State Farm Insurance to open a State Farm Bank account. Customers may apply by contacting a participating State Farm agent in any state except Massachusetts and Rhode Island. Customers may also establish an account online or by calling. The new VISA card offers access to five ATM networks with 200,000 locations across the USA. State Farm Bank was formally chartered by the Office of Thrift Supervision in November 1998 as State Farm Financial Services, F.S.B.. It opened in its pilot area of Central Illinois and St. Louis, Mo., in May 1999.

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SEARS 2Q/02

Sears, Roebuck and Co. reported that operating income for its credit and financial products increased 19.4% to $412 million as favorable funding costs and higher revenues offset higher provision and selling and administrative expenses. The company has currently issued more than 20 million Gold MasterCards as of June 30th and is gearing up to expand the acceptance of its private label card early next year. Sears Card outstandings at the end of the second quarter were $20.1 billion while Sears MasterCard receivables were $7.5 billion. Sears also reported Thursday that second quarter domestic credit and financial products revenues increased 3.5% from a year ago to $1.3 billion, due primarily to higher average receivable balances. Credit receivables at the end of the second quarter grew 8.8% over the prior year to $28.2 billion. The net charge-off rate for the quarter decreased to 5.32% from 5.42% last year primarily due to decreased customer bankruptcy filings. Year-over-year delinquencies decreased 39 bps from 7.26% to 6.87%. For complete details on Sears 2Q/02 results visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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OPAY OK

Official Payments Corporation has signed Oklahoma County, Oklahoma to offer the company’s Internet tax payment option to citizens who owe personal property and real estate taxes. When the system becomes available in August, Oklahoma County residents will be able to pay these taxes with their Visa, American Express, MasterCard and Discover cards online. Oklahoma County collected more than $375 million in personal property and real estate taxes last year.

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ICBA MEXICO

The Independent Community Bankers of America and Travelex have signed a formal agreement to launch a new money transfer service that will enable ICBA’s member banks to provide money transfer and remittance services to their customers and community members through Travelex’s Worldwide Money division. Travelex’s internet-enabled money transfer service will provide customers with a lower-cost alternative to two of the largest players in the market: Western Union and Moneygram. The service will initially be geared to serving immigrants and workers from Mexico, Central and Latin America who send approximately $15 billion annually to family and friends in their home countries.

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