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SunGard reports first quarter results

04 May 2007  |  2173 views  |  0 Source: SunGard

SunGard, a global leader in integrated software and processing solutions and the pioneer and leading provider of information availability services, reported today that revenue for the three months ended March 31, 2007 was $1.12 billion, an increase of 11% over revenue for the three months ended March 31, 2006.

Organic revenue (revenue from businesses owned for at least one year and further adjusted for the effects of businesses sold in the previous twelve months) grew 10% for the quarter compared to the same period in 2006, including the approximate 3% impact of changes in currency exchange rates.

Adjusted income from operations (defined in Note 1 to the Notes to the Consolidated Condensed Financial Information) for the three months ended March 31, 2007 was $227 million, a 12% increase over $202 million for the same period in 2006.

Reported income from operations for the three months ended March 31, 2007 was $114 million compared to $89 million for the same period in 2006, an increase of 28%. Reported income from operations in the three months ended March 31, 2007 and 2006 includes amortization of acquired intangible assets of $104 million and $96 million, respectively; stock-based compensation and purchase accounting adjustments of $9 million and $15 million, respectively; and merger costs of $2 million in the three months ended March 31, 2006.

For the three months ended March 31, 2007, adjusted EBITDA (defined in Note 2 to the Notes to the Consolidated Condensed Financial Information) was $287 million compared to $259 million in 2006, an increase of 11%.

Cristóbal Conde, president and chief executive officer, commented, "We are pleased with this start to the year. SunGard's performance for the quarter was strong with our Software & Processing businesses achieving double-digit organic growth. Our customers are focused on improving their top-line as well as on lowering their operational costs. They continue to prioritize regulatory and compliance requirements along with system rationalization and achieving value for money. Availability Services showed strong performance in managed services and during the quarter completed major expansions at two facilities that increase capacity. Overall, the spending mood is positive, the pipeline looks solid and our competitive position is strong across the board."

Financial Systems revenue increased 15% to $543 million for the quarter. Organic revenue grew approximately 12%. License fees were $26 million for the quarter, consistent with the same period in 2006.

Notable deals in the quarter included the following:
  • One of the world's leading financial services providers signed a multiyear, multimillion-dollar contract for the renewal of SunGard's Global Plus, an asset management and custody solution.
  • An integrated financial services group in Canada selected SunGard's Adaptiv for real-time credit exposure analysis.
  • A brokerage group in the US selected SunGard's BRASS EnGard as the compliance system for its equity capital markets division.


Higher Education & Public Sector Systems revenue increased 14%, all of which was organic, to $231 million for the quarter. License fees were $15 million for the quarter, an increase of $4 million from the first quarter of 2006.

Notable deals in the quarter included the following:
  • A private research university in Boston selected a range of Banner Unified Digital Campus solutions.
  • A public university in the Dominican Republic selected a range of Banner Unified Digital Campus solutions.
  • An ambulance service in Wales selected a secure digital radio network and SunGard Vivista for the implementation, maintenance and support of a managed communications service for emergency call handling.


Availability Services revenue increased 4%, all of which was organic, to $342 million for the quarter.

Notable deals in the quarter included the following:
  • A software vendor that provides solutions for governance, risk and compliance selected SunGard for managed services.
  • A leading specialty retailer of pet food, supplies and services selected SunGard for managed services.
  • A local city government in Louisiana selected SunGard for disaster recovery services.


At March 31, 2007, total debt was $7.54 billion, cash balances were $305 million and off-balance sheet debt was $428 million. During 2007 the Company invested $69 million in capital expenditures and $13 million (net of cash acquired) in three acquisitions.

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