UPDATE 3-TSYS posts lower profit, '10 outlook misses Street

jueves 21 de enero de 2010 00:27 CET

* Says to continue cutting costs, may cut jobs

* Q4 EPS $0.31 vs $0.34 yr ago

* Q4 rev up marginally to $434.8 mln

* Co expects 2010 EPS from cont ops between $0.95-$0.97

* Shares fall 14 pct after the bell (Adds conference call details)

By Brenton Cordeiro

BANGALORE, Jan 20 (Reuters) - TSYS (TSS.N: Cotización) posted a drop in quarterly profit hurt by lower revenue from electronic payment processing services and forecast full-year earnings below market estimates, sending its shares down 14 percent in trading after the bell.

On a conference call with analysts, the payment processor said it will freeze bonuses, salaries and new hiring, effective immediately.

TSYS said it reduced its overall workforce by about 5 percent in 2009, and plans to cut about the same number of jobs in 2010.   Continuación...