ATLANTA – Electronic payments giant CheckFree, which agreed last week to be acquired by Fiserv, reported Friday that higher expenses cut its fiscal fourth quarter net income by 5%, to $27.9 million, or 32 cents a share. Fourth quarter revenues rose a strong 23% to $276.7 million. But expenses for the fourth quarter surged 29% to $232.4 million, compared to the fourth quarter last year. For the full year, CheckFree reported an 11% rise in revenues to $972.6 million, but a 2% decline in net income, to $124.4 million, or $1.41 a share. CheckFree announced Thursday it has agreed to be acquired by Fiserv for $48 a share, or about $4.2 billion.
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