Fiserv Soars On One-TimeItems
BROOKFIELD, Wis. - (01/31/06) ¡V Credit union outsourcer Fiservreported Monday that fourth quarter earnings surged 80% to $150.4million, or 81 cents a share, on the strength of two non-recurringevents. The company booked a $43.4 million pre-tax gain on the saleof its stake in INTRIA Items to its partner Canadian Imperial Bankof Commerce; and realized a $26.3 million termination fee for oneof its customers. As a result, fourth quarter revenues rose almost12% to $1.1 billion. Third quarter highlights included theintegration of the company¡¦s BillMatrix electronicbill payment acquisition, and introduction of the Fiserv checkclearing network for Check 21. The two fourth quarter items helpedFiserv claim a 39% rise in annual earnings to $516.4 million, or$2.70 a share.