BROOKFIELD, Wis. -- Fiserv, Inc. (Nasdaq: FISV) reported record revenues of $624.8 million for the first quarter of 2003, up 11 percent over $560.7 million in 2002's first quarter. Net income per share was 38 cents, compared to 33 cents per share for 2002's first quarter.
Fiserv's earnings estimate for the full year continues to be $1.58 to $1.62 per share, according to a news release.
Significant client relationships signed in the first quarter include Ohio Savings Bank's selection of Fiserv to provide core processing, teller and sales automation and call center support. Ohio Savings is a $14 billion financial institution based in Cleveland.
Under an agreement with Bank Millennium in Warsaw, Poland, Fiserv led a technology project to centralize that bank's processing systems in 367 branches across the country.
During the first quarter, Fiserv also completed previously announced plans to acquire AVIDYN, Inc., a Dallas-based provider of specialized health care industry services, and acquired Precision Computer Systems (PCS), a provider of bank processing solutions located in Sioux Falls, S.D.
Since the close of the first quarter, Fiserv has announced three more acquisitions, all designed to complement its growing presence in the insurance processing business.
Fiserv is one of the top transaction processors in the financial industry, following its late 2002 purchase of EDS' Consumer Network Services unit.
For 2002, Fiserv reported revenues (excluding customer reimbursements) of $2.2 billion, an 18 percent increase over $1.9 billion in 2001. Net income per share (excluding realized gains from sale of investment) for 2002 was $1.36 per share, compared to $1.07 per share for 2001.
