MILWAUKEE – Metavante Technologies, the back-office service provider for credit unions and banks spun off by Marshall & Ilsley last year, said yesterday third quarter earnings fell 30% to $35.1 million, or 29 cents a share.
Processing Content
The major cause was a quadrupling in finance expenses due to the spin-off, to $25.2 million for the quarter, and $78 million for the first three quarters.
Third quarter revenues rose 4% to $424.5 million.
For the first three quarters of the year, Metavante reported a 7% rise in revenues, to $1.2 billion, but a 25% drop in profits to $142.3 million, or $1.06 a share.
