In the midst of some company restructuring, Total System Services Inc. delivered a 60% increase in total revenue during the first quarter of 2017 at $1.2 billion, compared to last year's $739 million.
The Columbus, Ga.-based payments processor and technology provider posted net revenue, excluding reimbursable items, interchange and assessment expenses, at $833 million, an increase of 24% over last year's $671 million, the company stated in an April 25 press release.
That jump led to a net income of $106 million, an increase of 16.8% over last year's first quarter of $90.6 million.
The strong earnings report came just two weeks after TSYS confirmed it was restructuring its business by closing information technology facilities in Boise, Idaho and Golden, Colo. Those closings are expected to affect more than 60 jobs, though TSYS did not state which positions would be affected.
"We are extremely pleased to report an outstanding beginning to 2017 with across-the-board high double-digit growth," M. Troy Woods, chairman and CEO of TSYS, said in the release.
TSYS continues to execute on its "strategy of diversification and growth of our business while maintaining our leadership in technology, product innovation and service to our customers," Woods added.
Hints of company restructuring surfaced at the end of 2016 when longtime executive William Pruett was preparing to retire and TSYS revealed plans to consolidate its North American and International services operations into a single unit called the Issuer Solutions Segment.
TSYS did secure the services of another experienced payments executive when Philip McHugh, a top executive with Barclaycard, joined the company in late January. McHugh has 20 years of experience in international banking and payments, including 10 years at Barclaycard Business Solutions and 10 years with Citigroup in Latin America.