23 October 2017
visit www.avoka.com

Profits rise at SunGard but internal revenues remain stagnant

24 April 2003  |  3914 views  |  0 SunGard

SunGard is reporting a nine per cent rise in quarterly earnings for Q1 2003 compared to a year ago, but overall internal revenue, which excludes acquired businesses, remained flat in the quarter and decreased four per cent at its Investment Support Systems (ISS) division.

SunGard says revenue for the first quarter of 2003 was $675 million, an increase of 11 per cent over $608 million reported in the year-ago quarter, but revenue from businesses owned for at least a year (internal revenue) was unchanged from the same period in 2002. The company says quartlery profits rose nine per cent to $76 million, or 26 cents per share, compared with $70 million, or 24 cents per share, reported in 2002.

SunGard's Investment Support Systems (ISS) division continued to drag down internal revenues, due primarily to the economic slowdown in the financial services industry, says the vendor, although the division's overall revenue grew three per cent to $343 million for the quarter.

Revenues from the vendor's other businesses increased 10 per cent to $26 million, but internal revenue for these divisions increased just one per cent for Q1. SunGard's Availability Services (AS) revenue increased 21 per cent to $287 million for the quarter and AS internal revenue grew five per cent for Q1 2003.

Cristóbal Conde, president and chief executive officer, SunGard, says: "Our first quarter results are consistent with both our outlook for the year and the normal quarterly pattern of our business."

Conde says the firm reiterates its outlook for 2003 diluted net income per share in the range of $1.24 to $1.29. He says the outlook assumes neither a rebound nor a further deterioration in demand and that SunGard will have no merger-related items in 2003.

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

ING live with SunGard's Credient

ING live with SunGard's Credient

03 April 2003  |  4301 views  |  0 comments
SunGard hires Dean Jovic for Basel II role

SunGard hires Dean Jovic for Basel II role

27 March 2003  |  5426 views  |  0 comments
Travelex migrates to SwiftNet Fin with SunGard

Travelex migrates to SwiftNet Fin with SunGard

17 March 2003  |  5155 views  |  0 comments
SunGard chalks up wins at CIBC Wood Gundy and Union Planters

SunGard chalks up wins at CIBC Wood Gundy and Union Planters

17 March 2003  |  5758 views  |  0 comments
SunGard invests £5 million in City recovery centres

SunGard invests £5 million in City recovery centres

14 March 2003  |  4950 views  |  0 comments
Yamner & Co live with SunGard FIX engine

Yamner & Co live with SunGard FIX engine

10 March 2003  |  3948 views  |  0 comments
FCT replaces SunGard's GMI with Ubitrade

FCT replaces SunGard's GMI with Ubitrade

05 March 2003  |  4142 views  |  0 comments
Bred extends SunGard Panorama implementation

Bred extends SunGard Panorama implementation

04 March 2003  |  3626 views  |  0 comments
SunGard to spend £15 million on European disaster recovery centre

SunGard to spend £15 million on European disaster recovery centre

03 March 2003  |  6227 views  |  0 comments
SunGard Treasury Systems signs reseller pact with Wisdom Technologies

SunGard Treasury Systems signs reseller pact with Wisdom Technologies

03 March 2003  |  3758 views  |  0 comments
Aktia Savings Bank selects SunGard's BancWare for risk management

Aktia Savings Bank selects SunGard's BancWare for risk management

26 February 2003  |  3616 views  |  0 comments
SunGard Trading and Risk shuffles senior execs

SunGard Trading and Risk shuffles senior execs

24 February 2003  |  4437 views  |  0 comments
Italy's Carifirenze implements SunGard's Panorama to automate back office

Italy's Carifirenze implements SunGard's Panorama to automate back office

24 February 2003  |  3611 views  |  0 comments

Related company news

 

Related blogs

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

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
18394 views comments | 24 tweets | 36 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
14880 views comments | 23 tweets | 31 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10793 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
10233 views comments | 13 tweets | 10 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job