MILWAUKEE – Metavante Technologies, spun off from Marshall & Ilsley last quarter, yesterday said a $126 million impairment charge related to its Image Solutions business pushed it into the red to the tune of $93 million, or 70 cents a share, for the fourth quarter.
All of the goodwill impairment and $14.6 million of the other long-lived asset impairments related to the Image Solutions Division resulted from updated expectations for long-term financial performance of that business, Metavante said.
Fourth quarter results also include net transaction-related costs of $24.7 million and incremental interest of $15.9 million related to the spin-off, which was completed on Nov. 1.
The company, which is the parent of NYCE electronic funds network and Viewpoint Exchange image network, said revenues were up 6% for the fourth quarter to 408.2 million.
Net income for the full year was $49.5 million, or 41 cents a share. Full year revenues were up 6%, to $1.6 billion.
