Fiserv Advances On Strong OutsourcingBusiness
BROOKFIELD, Wis. - (01/28/05) -- Fiserv Inc. continued itsdouble-digit growth in the fourth quarter, reporting a 21% surge innet income to $98.8 million, or 49 cents a share, compared to thesame period last year. Revenues climbed 20% for the quarter to$966.4 million, paced by the company's core processing and servicesoperations, which also advanced 20% to $866.1 million. For theyear, Fiserv reported a 27% rise in revenues to $3.7 billion, andnet income of $377.6 million, or $1.91 a share, up from $2.9billion, or $1.61 a share, last year. Fiserv, which has been builton the strength of more than 50 corporate acquisitions, acquiredfour companies last year: RegED, Results International Systems,CheckAGAIN and Pharmacy Fulfillment. The company is also in theprocess of selling its securities clearing business to FidelityInvestment's National Financial unit for $350 million. However,Fiserv said it does not expect a material gain or loss from thedeal.