Fiserv Reports Smaller Net
BROOKFIELD, Wis. - (04/26/06) Credit union outsourcer Fiservsaid Tuesday that first quarter net earnings fell 17% to $116.2million, or 64 cents a share, due to some one-time gains in lastyears first quarter. The 2005 period included a gain of 14cents per share, or $43.5 million pre-tax, on the sale of thecompanys shares in Bisys, and excluded a 6 cents ofshare-based compensation, Fiserv said. Otherwise, the companyreported a 13% rise in revenues to $1.1 billion, compared to lastyears first quarter. The first quarter was bolstered byflood insurance claims processing of $30.3 million, up from $8.7million in the first quarter last year. Among the highlights of thefirst quarter were the buyback of 5.5 million shares; and thesigning of a contract with Digital CU for core processing services.Separately, Fiserv also announced the retirement of its long-timeChief Financial Officer Kenneth Jensen, who will be succeeded byThomas Hirsch, the companys controller. Jensen has been withFiserv since its 1984 inception and helped engineer more than 140corporate acquisitions. In addition, the company promoted JamesCox, head of Fiserv health, to the new position of executive vicepresident, mergers and acquisitions.