23 October 2017
visit www.response.ncr.com

Acquisitions propel SunGard income

13 February 2004  |  7522 views  |  0 sungard1.gif

Highly acquisitive SunGard Data Systems has reported record net income for the fourth quarter and year-end December 2003.

SunGard posted net income for the year of $370 million, a 14% increase over $326 million for 2002, with revenues also up 14% to $2.96 billion. Net income for the quarter rose to $112 million, up 17% from $96 million in the same period last year.

The Wayne, Pennsylvania-based company, which has acquired more than 100 businesses, has propelled profits and revenues through its acquisition drive.
However, revenue from businesses owned for at least a year was flat for 2003 and increased only two per cent in the fourth quarter.

Investment Support Systems, the umbrella group for SunGard's diverse financial services business, reported revenue growth of 14% to $1.61 billion for the year. Quarter-over-quarter revenue grew by 20% to $455 million.

Revenue from continuing operations declined two per cent for the year but grew two per cent in the fourth quarter. ISS license sales were $151 million for the year and $56 million for the quarter.

Sungard president and CEO Cristobal Conde, is forecasting growth of between 8% and 12% over 2004 as customers look to do more business with fewer, more strategic vendors. "This outlook assumes no merger-related items in 2004," he adds.

Further acquisitions are likely however, as SunGard nurses as $479 million cash pile. Year-over-year cash balances increased $39 million after spending $435 million on nine acquisitions, $212 million on capital expenditures company wide and a $6 million reduction in total debt.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Exceptions are consuming 18% of profits - SunGard ePI

Exceptions are consuming 18% of profits - SunGard ePI

15 January 2004  |  3986 views  |  0 comments
SunGard releases research platform

SunGard releases research platform

14 January 2004  |  3672 views  |  0 comments
Muratore takes over at SunGard ISS as Robinson retires

Muratore takes over at SunGard ISS as Robinson retires

13 January 2004  |  3996 views  |  0 comments
Rating outlook stable at SunGard - Moody's

Rating outlook stable at SunGard - Moody's

12 January 2004  |  3705 views  |  0 comments
Swisscom selects SunGard for move to SwiftNet IP network

Swisscom selects SunGard for move to SwiftNet IP network

08 January 2004  |  4626 views  |  0 comments
SunGard acquires SymphonyRPM's WhiteLight Basel II software

SunGard acquires SymphonyRPM's WhiteLight Basel II software

06 January 2004  |  11168 views  |  0 comments
SunGard Trading and Risk adds Stanning, Strickland and Reddy to senior team

SunGard Trading and Risk adds Stanning, Strickland and Reddy to senior team

19 December 2003  |  4903 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.vasco.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
16837 views comments | 20 tweets | 34 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
14195 views comments | 22 tweets | 30 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10430 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
10103 views comments | 13 tweets | 10 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job