SunGard announces record results

SunGard has released its annual financial results and has reported that net income for the year ended December 31st, 2003 was $370 million, a 14 percent increase over $326 million for 2002.

Full-year 2003 diluted net income per share was $1.27, up 13 percent over comparable results of $1.12 in 2002. Merger costs and related items were less than $0.01 per share in 2003 and were $0.03 per share in 2002. Diluted net income per share before merger costs increased 10 percent for the year.

Revenue for full-year 2003 was $2.96 billion, an increase of 14 percent over the $2.59 billion reported for 2002.

"SunGard grew stronger in 2003 and posted record revenue and net income," commented Cristobal Conde, president and chief executive officer. "We continued to expand our business and enhanced our already extensive range of solutions and capabilities through a combination of product development and acquisitions. We also deepened our customer relationships and benefited from customers wanting to do more business with fewer, more strategic vendors. SunGard's competitiveness is stronger than ever."

"In formulating our outlook for 2004, we followed our usual bottoms-up approach and assumed the continuation of the current demand environment for our products and services. Our outlook for 2004 diluted net income per share, excluding merger costs and related items, is in the range of $1.37 to $1.42 per share, representing growth of between 8 percent and 12 percent. Because the timing and magnitude of merger costs are unpredictable, this outlook assumes no merger-related items in 2004," added Mr. Conde.

•Date: 13th February 2004 •Region: N.America / World •Type: Article •Topic: BC markets
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