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Fidelity National Information Services Q2 profit rises

26 July 2006  |  1140 views  |  0 Source: Fidelity National Information Services

Fidelity National Information Services, Inc. (NYSE: FIS), a leading global provider of technology services to financial institutions, today announced financial results for the second quarter of 2006.

Consolidated revenue increased to $1.02 billion, Net earnings increased to $66.0 million and Net earnings per diluted share was $0.34. These results reflect the combination between FIS and Certegy Inc. as of February 1, 2006, the effective date of the merger, in accordance with Generally Accepted Accounting Principles (GAAP).

"FIS generated another quarter of solid operating performance. Year-to- date pro forma revenue growth of 6.2% and EBITDA growth of 10.4% are in line with our original full year expectations," stated FIS Chairman William P. Foley, II. "With strong sales growth in the first half of the year and the recent launch of our new item processing and BPO operation in Brazil, we are increasing our full year outlook to reflect pro forma revenue growth of 5% to 7% percent, EBITDA growth of 10% to 12% and cash earnings per diluted share of $2.06 to $2.12."

FIS' expected cash earnings per diluted share now includes costs associated with the newly established credit card processing joint venture in Brazil, which the company announced in March 2006. These expenses were previously excluded from the Company's guidance.

FIS' operating results are presented on a GAAP and on an adjusted pro forma basis, which management believes provides more meaningful comparisons between the periods presented. FIS' pro forma results reflect a January 1, 2005, effective date for the merger between FIS and Certegy, the March 2005 recapitalization and the sale of minority interests by FIS. Additionally, the adjusted pro forma results exclude merger and acquisition and integration expenses.
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