SunGard sees business firming up

SunGard sees business firming up

SunGard is reporting improvements in the "tone" of business in its first quarter results filing, as financial services customers makes straight-through processing and business continuity a priority.

SunGard is reporting net income for the three months ended 31 March, 2002, of $71 million, an increase of 23% over net income of $57.7 million for the same period in 2001. Revenue for the first quarter stands at $608.2 million, an increase of 34% over $454.4 million for the year-ago quarter.

Excluding acquired businesses, however, revenue across the board increased by only two per cent, as compared to the first quarter 2001. Ongoing revenue within SunGard's investment support business acutally dropped two per cent.

The related diluted net income per share was $0.24, up 14% over comparable diluted net income per share of $0.21 for Q1 2001.

Repeating guidance for 2002 diluted net income per share in the range of $1.10 to $1.14, James Mann, SunGard chairman and chief executive officer, comments: "We are beginning to see some improvement in the tone of business. Our customers have made straight-through processing and operational resilience their top priorities for 2002."

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