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Visa Inc. Message Board

  • bluecheese4u bluecheese4u May 2, 2012 5:57 PM Flag

    Visa Inc. Posts Strong Fiscal Second Quarter 2012 Earnings Results

    Visa Inc. Posts Strong Fiscal Second Quarter 2012 Earnings Results

    -- GAAP quarterly net income of $1.3 billion including non-cash tax benefit

    -- Adjusted quarterly net income of $1.1 billion or $1.60 per diluted class A common share excluding non-cash tax benefit

    SAN FRANCISCO, May 2, 2012 /PRNewswire/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal second quarter 2012 ended March 31, 2012. GAAP net income for the quarter, inclusive of a one-time non-cash benefit related to the remeasurement of existing net deferred tax liabilities, was $1.3 billion.

    On an adjusted basis, excluding this non-cash benefit, net income for the quarter was $1.1 billion, an increase of 23% over the prior year, and diluted class A common stock earnings per share were $1.60, an increase of 30% over the prior year. The weighted-average number of diluted class A common stock outstanding was approximately 676 million. The Company's adjusted quarterly net income per share of class A common stock is a non-GAAP financial measure that is reconciled to its most directly comparable GAAP measure in the accompanying financial tables.

    GAAP net operating revenue in the fiscal second quarter of 2012 was $2.6 billion, an increase of 15% over the prior year and driven by strong double-digit growth in service revenues, data processing revenues and international transaction revenues.

    "Our strong financial performance this quarter was fueled by continued growth of U.S. credit products, strong cross border spending and expansion of Visa's core business in international markets," said Joseph Saunders, Chairman and Chief Executive Officer, Visa Inc. "Across the globe Visa's business continues to expand at a healthy pace, the result of our commitment to continued expansion in our core business as well as our ability to leverage innovative payment technologies."

    Fiscal Second Quarter 2012 Financial Highlights:

    Payments volume growth, on a constant dollar basis, for the three months ended December 31, 2011, on which fiscal second quarter service revenue is recognized, was a positive 11% over the prior year at $993 billion.

    Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2012, was a positive 11% over the prior year at $956 billion.

    Cross-border volume growth, on a constant dollar basis, was a positive 16% for the three months ended March 31, 2012.

    Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2012, were 13 billion, a positive 8% increase over the prior year.

    Fiscal second quarter 2012 service revenues were $1.2 billion, an increase of 13% versus the prior year, and

    http://investor.visa.com/phoenix.zhtml?c=215693&p=irol-newsArticle&ID=1690625&highlight=

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