News

Fiserv earnings are up in 2003

January 27, 2004

BROOKFIELD, Wis. - Fiserv, Inc. (Nasdaq: FISV) reported record earnings for 2003, with processing and services revenues of $2.6 billion, a 22 percent increase over the $2.2 billion in 2002.

Net income per diluted share was $1.61 per share, compared to $1.37 per share for 2002, according to a news release.
 
For the three-month period ended Dec. 31, Fiserv processing and services revenues were $749.5 million, a 30 percent increase over the $575.3 million for 2002's fourth quarter. Net income per diluted share was 42 cents per share, compared to 35 cents per share for 2002's fourth quarter.
 
The company closed 12 acquisitions in 2003, including transaction processing software provider Precision Computer Services, the EDS Credit Union Industry Group and the item processing operations of the Federal Home Loan Bank of Indianapolis. The 12 acquisitions added combined annualized revenues of more than $610 million, according to the release.

(See related stories Fiserv assimilates EDS processing business, to acquire software provider and Fiserv to pay $218M for EDS' credit union group)

Fiserv also purchased the EDS Consumer Network Services business in late 2002. (See related story Fiserv to buy EDS' CNS unit for $320 million cash)
 
Fiserv's earnings per share target for 2004 is $1.86 to $1.93 per share.

Significant client renewals and new relationships gained in 2003's fourth quarter included: Sovereign Bank's multi-year renewal agreement for account processing services; Chicago-based Northern Trust Company's expansion of its longtime relationship with Fiserv to include cash vault processing services; and Fargo, N.D.-based Community First Bankshares extension of its relationship with Fiserv to include outsourced check processing for the bank's operations in 12 states.