BROOKFIELD, Wis. – Back office service provider Fiserv reported yesterday that net income for its fourth quarter declined 35% to $62 million, or 39 cents a share, mainly because of a 20-cents-a-share charge for the sale of the remaining stake in its Fiserv Insurance operations.
For the full year, Fiserv reported a 30% rise in net income to $569 million, or $2.12 a share, fueled by the addition of CheckFree, which it acquired in 2007.
Fourth quarter revenues were down 3% to $1.06 billion, while fiscal year revenue was up 21%, to $4.7 billion, because of the CheckFree acquisition.
Fourth quarter highlights included: the addition of 128 electronic bill payment clients; the acquisition of i_Tech Corp.; and major contracts with BB&T Corp., Greece’s Piraeus Bank and Commerce Bank, Harrisburg, Penn.
