STRATEGIC PARTNERS
July 22, 2003
BROOKFIELD, Wis. -- Fiserv, Inc. (Nasdaq: FISV) reported net income per share-diluted of 40 cents for 2003's second quarter, compared to 34 cents per share for 2002's second quarter.
Fiserv processing and services revenues were $659.1 million, a 17 percent increase over the $563.6 million in 2002's second quarter of 2002.
For the first half of the year, processing and services revenues were $1.2 billion, a 14 percent increase over the $1.1 billion for the first six months of 2002. Net income per share-diluted for the first six months of 2003 was 78 cents per share, compared to 67 cents per share for the same period of 2002.
"During the second quarter, we saw solid growth in our various lines of business, with most business units on or above our target expectations in terms of revenue and profit growth," said Leslie Muma, president and chief executive, in a news release.
So far this year, Fiserv has closed six acquisitions with combined annualized processing and services revenues of approximately $270 million, Muma said, adding that Fiserv's earnings estimate for the full year continues to be $1.58 to $1.62 per share.
During the second quarter, Fiserv closed two acquisitions: ReliaQuote, Inc., located in Falls Church, Va., which specializes in the marketing and sale of fully underwritten term life insurance policies, primarily through the Internet; and Wausau Benefits, an employee benefits administrator located in Wausau, Wis., that provides a full range of health and related employee benefit plan administration services.
More recently, Fiserv completed the acquisition of the EDS Credit Union Industry Group, based in Plano, Texas. That business, which supports about 1,000 credit unions, specializes in core processing and provides a variety of other products and services, including debit card and transaction processing, electronic banking and lending, and on-line bill payment and presentment services. (See related story Fiserv to pay $218M for EDS' credit union group)
Fiserv also completed its acquisition of Chase Credit Research and Chase Credit Systems, based in North Hollywood, Calif. Together, the companies provide information from the three major credit repositories in a consolidated report to lenders, and lease software that allows lenders and credit-reporting companies to perform their own analyses.
