BROOKFIELD, Wis. – Fiserv reported a surge in fourth quarter earnings to $118 million, from $62 million a year ago when it recorded a $40 million loss on the sale of its insurance business.
Fourth quarter revenue growth was almost flat, as sales increased to $1.06 billion, from $1.04 billion for the fourth quarter of 2008.
“We finished the year with a strong fourth quarter highlighted by positive revenue growth, record December sales and superior free cash flow providing momentum as we enter the new year,” said Jeffery Yabuki, Fiserv president. “In a challenging 2009, we delivered on our financial goals and enhanced our strategic position.”
Fourth quarter highlights included: the signing of Christian Community CU to become the first American credit union to use the company’s Acumen core processing solution; the addition of Desert Schools FCU to the company’s CheckFree RXP bill payment and check presentment business; and, the singing of Space Coast CU to the company’s account processing, online banking, EFT, debit, credit and ATM solutions services.
For the full year, Fiserv reported an 11% decline in revenues to $4.08 billion and a 16% drop in net income to $476 million.
