Fiserv: “Our results showcase the strength of our business model”

Fiserv, Inc., gave a report on its first quarter 2009 financial results. These financial results reflect the disposition of a 51% interest in Fiserv’s insurance operations (“Fiserv Insurance”) in July of 2008. 

Total GAAP revenue in the first quarter of 2009 ($1.04 billion) decreased in comparison with first quarter of 2008 ($1.31 billion). The same is with figures of total adjusted revenue. It also declined approximately by 3% (from $1.02 billion in 2008 to $989 million in 2009) primarily because of the diminution in home equity processing business.

EPS from continuing operations for the first quarter comes to $0.65. The same figure for previous year’s first quarter is less $0.60. EPS which includes discontinued operations amounts to $0.66 for this year as compared with $1.99 for the first quarter of 2008, which contained $1.39 from discontinued operations due to disposition gains. Adjusted EPS is higher for current year’s first quarter ($0.88) comparing to $0.80 in 2008. Nevertheless, adjusted internal revenue dropped by 4% in first quarter of 2009.

Adjusted operating margin increased 210 basis points compared with the first quarter of 2008 to 27.9 percent. The increase in operating margin was primarily from growth in higher-margin revenue, favorable changes in the company’s business mix and operating efficiency.

“Our results showcase the strength of our business model as we continue to deliver highly valued products and services across the financial services market,” said Jeffery Yabuki, President and Chief Executive Officer of Fiserv.