__1st___Quarter report for ___GPN_______	Date:	10/17/12

Percentage change in Sales from year ago quarter_______8.8%_________

Percentage change in Earnings per Share from year ago quarter____-25.3%___________

(from top left box on p. 1 of SSG)

Is company meeting our target sales & earnings estimates at bottom of p. 1 of SSG? No, Sales=9.0% EPS= 8.5%

Pre-tax Profit on sales trend? (up, even, down) Down

Return on equity trends? (up, even, down) Down

Debt? (up, even, down) SSG says up, but it actually decreasing

Current PE is __20.2______. (Section 3 SSG)

Where does it fall in my estimated High/low range of PE's?__near top_______

Signature PE =__ 22.3_______

Club cost basis for this stock is _38.57__. Current price is ___43.92______

(from latest valuation)

Has stock met S&P's 12-month target price from a year ago?___no $50_________

Current fair value: Morningstar:___none_______ S&P:__$47.90_______________

My SSG Total Return is ____10.0%______ Projected Average Return is ____6.5%____

What will drive future growth?_________________________________________________

Additional comments: The decrease in earnings are because of the “processing system intrusion charges” of $0.20, otherwise earnings for the Q1 would be unchanged from a year ago. The security breach will be a cloud over the company for the next few years.

The SSG says “hold” but I recommend we “sell” or challenge

Recommend: Buy More ____, Hold________, Challenge with a better investment___X___, Sell__X__.