Fiserv Reports Record Earnings for Second Quarter of 2003
Tuesday July 22, 6:30 pm ET
biz.yahoo.com
BROOKFIELD, Wis.--(BUSINESS WIRE)--July 22, 2003--Fiserv, Inc. (Nasdaq:FISV) announced today record earnings for the second quarter of 2003.
For the three-month period ended June 30, 2003, Fiserv processing and services revenues were $659.1 million, a 17% increase over the $563.6 million for the second quarter of 2002. Net income per share-diluted for the second quarter of 2003 was $0.40 per share, compared to $0.34 per share for the second quarter of 2002.
For the six-month period ended June 30, 2003, Fiserv processing and services revenues were $1,283.9 million, a 14% increase over the $1,124.3 million for the first six months of 2002. Net income per share-diluted for the first six months of 2003 was $0.78 per share, compared to $0.67 per share for the first six months of 2002.
"Fiserv continued to perform well in the second quarter, again posting record earnings," said Leslie M. Muma, President and CEO of Fiserv, Inc. "During the second quarter, we saw solid growth in our various lines of business, with most business units on or above our target expectations in terms of revenue and profit growth.
"We're also off to a great acquisition year with six acquisitions closed so far in 2003, totaling combined annualized processing and services revenues of approximately $270 million," Muma continued. "Our earnings estimate for full year 2003 continues to be $1.58 to $1.62 per share."
During the second quarter of 2003, Fiserv closed two acquisitions: ReliaQuote, Inc., located in Falls Church, Virginia, which specializes in the marketing and sale of fully underwritten term life insurance policies, primarily through the Internet; and Wausau Benefits, an employee benefits administrator located in Wausau, Wisconsin, that provides a full range of health and related employee benefit plan administration services nationwide.
Since the close of the second quarter, Fiserv completed the acquisition of the EDS Credit Union Industry Group, based in Plano, Texas. The business, which supports about 1,000 credit unions, specializes in core processing and provides a variety of other products and services, including debit card and transaction processing, electronic banking and lending, and on-line bill payment and presentment services. Fiserv also completed its acquisition of Chase Credit Research and Chase Credit Systems, based in North Hollywood, California. Together, the companies provide information from the three major credit repositories in a consolidated report to lenders, and lease software that allows lenders and credit-reporting companies to perform their own analyses.
Significant client relationships signed during the second quarter included First Federal Savings and Loan Association, a $1 billion institution in Lakewood, Ohio, for an enhanced solution set that includes the Fiserv VISION core processing system, data warehouse and an Internet banking platform; Marriott Vacation Club International, the vacation ownership division of Marriott International, agreed to use the Fiserv MortgageServ mortgage loan servicing system for its loan portfolio; Pacific Capital Bancorp, a $4.4 billion, multi-bank holding company in Santa Barbara, California, will use software from the Precision Computer Systems unit of Fiserv to replace its current core banking system; the Benefit Planners unit of Fiserv Health will handle health plan management for Station Casinos, Inc. under a multi-year contract; and Porsche Financial Services, Inc., has substantially increased its relationship with Fiserv LeMans for automotive financing solutions. In addition, Romania's fifth largest bank, Raiffeisen Bank-Romania, has expanded its relationship with Fiserv CBS Worldwide to include an upgrade and maintenance of the existing Fiserv core processing system, and improved service offerings for the bank's 650,000 customers. |
