Bank technology stocks basically held their positions this week, even though several firms posted higher quarterly earnings.
Two out outsourcing companies, Fiserv Inc. and Electronic Data Systems Corp., posted strong earnings increases.
Milwaukee-based Fiserv Inc. said its first quarter 1994 net income reached $8.7 million, an increase in 28% over the $6.8 million reported in the year-earlier period. Earnings per share rose to 22 cents from 19 cents in the 1993 quarter.
For the three-month period ended March 31, 1994, Fiserv revenues were $135.9 million, a 36% increase over the $99.7 million reported for the first quarter of 1993.
Gain for the Week
Fiserv stock closed at $21.75 a share, up $0.625 for the week.
Dallas-based EDS, a unit of General Motors Corp., saw its first quarter earnings rise 13% to $171.7 million in the first quarter of 1993. Revenues were $2.24 billion, up $166 million form the year earlier period.
Earnings per share, based on General Motors Class E common stock, increased 12.5% to 36 cents per share from the first quarter of 1993.
"We continued to add new customers across all service offerings, to expand our customer based in existing industries and to penetrate new markets worldwide," said Les Aberthal, EDS chairman and chief executive.
EDS common stock closed at $43.50 a share Friday, down $0.625 for the week.
'Pleased with Results'
Software developer and system integrator Broadway & Seymour Inc. reported net income for the three months ended March 31 of $1,199,000 or 16 cents per share, or revenue of $23.1 million compared to net income of $713,000 or 11 cents a share on revenue of $15.4 million for the quarter ended April 30, 1993.
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The Charlotte, N.C.-based company changed its fiscal year from Jan. 31 to Dec. 31 last year.
"We are pleased with the results of the first quarter," Broadway & Seymour chief executive officer Wiliam W. Neal said in a statement. "Gross margins increased to 34.7% in the current quarter from 29.5% last year and reflect strong product sales."
Broadway & Seymour shares ended the week at $15 a share, up $1.75 from the preceding Friday.