BROOKFIELD, Wis. - Fiserv Inc. reported a 10-percent revenue increase for the second quarter of 2006, from $996.4 million in 2005 to $1 billion. Net income for the quarter came in at $117.6 million, 66 cents per share, up from $113.997, 59 cents per share, in 2Q '05.
"Earnings for the quarter exceeded our expectations after an exceptionally strong first quarter," said Jeff Yabuki, Fiserv's president and chief executive. "Our stronger-than-expected first-half financial performance provides us with increased confidence that we will achieve our full-year earnings and organic revenue-growth targets while continuing to invest for the future."
The company attributed the revenue growth, in part, to the signing of 111 new EFT clients. Fiserv's BillMatrix group also signed several "marquee" bill-payment clients - including BMW Financial Services, Liberty Mutual Insurance, and Entergy & First Energy utilities.
"We've had very good performance in our sales and business development activities this year and are well ahead of the prior year," Yabuki said. "That performance, in combination with especially strong sales activity in last year's fourth quarter, positions us to deliver solid organic revenue growth in the second half of 2006 and into 2007."
Fiserv's financial businesses brought in revenue of $768 million, up from $714 million last year. Health businesses brought in $289.5 million, up from $247.7 million; and investment-support services brought in $35.7 million, up slightly from $34.7 million last year.
