Fidelity reports solid start to the year
Fidelity National Information Services (NYSE:FIS), a leading global provider of technology services to financial institutions, today announced financial results for the first quarter of 2007.
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Consolidated revenue increased to $1.1 billion, net earnings increased to $59.5 million and net earnings per diluted share was $0.30.
FIS reported pro forma revenue growth of 13.1%, pro forma EBITDA growth of 14.1% and adjusted cash earnings per diluted share of $0.54. "We are very pleased with the outstanding first quarter performance," stated FIS Chairman William P. Foley, II. "Excellent sales results, combined with a strong emphasis on improving our cost base, drove 20% growth in cash earnings per share. These strong results position us solidly to achieve our full year 2007 objectives."
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' 2006 pro forma results reflect a January 1, 2006 effective date for the merger between FIS and Certegy.
Additionally, the adjusted pro forma results exclude certain merger and acquisition and integration expenses, certain stock compensation charges and debt restructuring charges.
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