SunGard revenues up in Q2

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 June 30, 2007 was $1.18 billion, an increase of 10% over revenue for the three months ended June 30, 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 9% for the quarter compared to the same period in 2006, including the approximate 2% impact of changes in currency exchange rates overall and in each of our segments.

Adjusted income from operations (defined in Note 1 to the Notes to the Consolidated Condensed Financial Information) for the three months ended June 30, 2007 was $265 million, a 10% increase over $240 million for the same period in 2006.

Reported income from operations for the three months ended June 30, 2007 was $134 million compared to $123 million for the same period in 2006, an increase of 9%. Reported income from operations in the three months ended June 30, 2007 and 2006 includes amortization of acquired intangible assets of $105 million and $102 million, respectively; stock-based compensation and purchase accounting adjustments and other expenses of $26 million and $14 million, respectively; and merger costs of $1 million in the three months ended June 30, 2006.

For the three months ended June 30, 2007, adjusted EBITDA (defined in Note 2 to the Notes to the Consolidated Condensed Financial Information) was $342 million compared to $304 million in 2006, an increase of 13%.

Cristobal Conde, president and chief executive officer, commented, "SunGard's performance for the quarter was strong. Our Financial Systems business once again reported strong organic growth. The realignment of our Financial Systems business earlier this year has improved our competitiveness and positioned us better to bundle multiple products. Our Availability Services business recently announced a definitive agreement to acquire VeriCenter which will help broaden our service offerings and improve our economies of scale. Overall the pipeline is solid and our competitiveness remains strong."

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