Record results for SunGard
Reported income from operations for the year 2007 was $631 million compared to $532 million for the year 2006, an increase of 19 percent. Reported income from operations in 2007 and 2006 includes: amortization of acquired intangible assets of $438 million and $399 million, respectively; stock-based compensation, purchase accounting adjustments and other expenses of $76 million and $59 million, respectively; and merger costs of $4 million in 2006. Adjusted income from operations for the three months ended December 31, 2007 was $364 million, a 22 percent increase over $299 million for the same period in 2006. Reported income from operations for the three months ended December 31, 2007 was $219 million compared to $184 million for the year 2006, an increase of 19 percent. Revenue for the year 2007 was $4.90 billion, an increase of 13 percent over revenue for the year 2006. Revenue for the three months ended December 31, 2007 was $1.39 billion, an increase of 17 percent over revenue for same period in 2006. Cristóbal Conde, president and chief executive officer, commented, “SunGard’s performance for the quarter was strong despite uncertainty about the broader economy. In our Financial Systems business, fourth quarter results were very strong and were not impacted by the sub-prime crisis. In our Higher Education and Public Sector businesses, we continued to sign new business and renew existing relationships. We saw continued strong performance from our Higher Education business for the quarter and the year. We will begin reporting these businesses separately going forward. In our Availability Services business, we saw a continuation of the trend towards advanced recovery and managed services. Our Availability Services business in the UK produced strong results. Overall, our competitive position is stronger than ever and our pipelines remain healthy.” Overall Availability Services revenue increased 10 percent to $385 million for the quarter. Organic revenue grew 4 percent.
•Date: 22nd February 2008• Region: US/UK/World •Type: Article •Topic: BC markets
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