|To: klambet who started this subject||10/23/2003 8:57:39 AM|
|SunGard Announces Third Quarter Results and Reaffirms 2003 Outlook|
Wednesday October 22, 5:03 pm ET
Net Income per Share Grew 15%
Revenue Grew 13%
WAYNE, Pa.--(BUSINESS WIRE)--Oct. 22, 2003--SunGard (NYSE:SDS), a global leader in integrated IT solutions for financial services and the pioneer and leading provider of information availability services, reported today that net income for the three months ended September 30, 2003 was $92 million, an 18% increase over $78 million for the third quarter of 2002.
Diluted net income per share for the quarter grew 15% to $0.31, which included $0.01 per share of merger costs for the quarter, as compared to the $0.27 reported in 2002, which included $0.02 per share of merger costs. Details concerning merger costs are described in the Notes attached to this release. Earnings per share before merger costs for the quarter were $0.32, up 10% from $0.29 in the third quarter of 2002.
For the first nine months of 2003, net income and diluted net income per share were $258 million and $0.89, respectively, increases of 12% and 13% over comparable results reported in 2002.
Revenue for the third quarter of 2003 was $742 million, an increase of 13% over the $660 million reported in the year-ago quarter. Revenue from businesses owned for at least a year (internal revenue) was unchanged from the same period in 2002. Revenue for the first nine months of 2003 was $2.15 billion, an increase of 14% over the $1.89 billion reported for 2002.
Cristobal Conde, president and chief executive officer, commented, "SunGard has performed solidly in 2003. Over the past three years, IT spending has been characterized by cost-cutting and an overriding focus on resilience. Today, we see our leading customers putting an equal emphasis on gaining market share. As a result, we see an improvement in the size and quality of leads coming into our pipeline, especially for offerings on an ASP or outsourced basis where we can leverage our economies of scale and resilient IT infrastructure. Our competitiveness is stronger than ever."
"Our outlook for 2003 diluted net income per share is in the range of $1.23 to $1.28, which includes $0.01 per share of merger costs incurred through the end of September. Therefore, excluding merger costs, our original outlook of $1.24 to $1.29 per share remains unchanged. Because the timing of acquisitions and the amount of merger costs are unpredictable, this outlook assumes that we will have no further merger-related items in 2003. It also assumes neither a rebound nor a further deterioration in demand in 2003," added Mr. Conde.
Investment Support Systems (ISS) revenue grew 18% to $404 million in the quarter due to acquisitions. ISS internal revenue declined approximately 1% for the quarter, due primarily to the slowdown in IT spending. Financial services firms are increasingly focusing on their competitiveness. With deep customer relationships, a broad product portfolio and a strong investment program, SunGard is well positioned to help customers achieve their goals.
Availability Services (AS) revenue grew 2% to $290 million in the quarter due primarily to currency fluctuation. IT capital spending, which has been flat, is a key driver in business continuity spending. The blackout in August and Hurricane Isabel in September provided fresh proof of the extent to which businesses depend on IT and require resilience.
Other Businesses revenue increased 46% to $48 million due to the acquisition in March of H.T.E., Inc., a leader in government information technologies.
SunGard has exceptional financial strength and flexibility, which allows it to consistently invest in its business. In the quarter, SunGard spent 11% of ISS revenue on product development. At September 30, 2003, cash balances were $306 million and long-term debt remained at $188 million. For the first nine months, cash flow from operations was approximately $438 million, and cash balances decreased $134 million after spending $421 million on eight acquisitions and $145 million on capital expenditures company-wide.
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|To: klambet who started this subject||2/13/2004 9:10:13 AM|
|SunGard Announces Record Results for 2003|
Thursday February 12, 5:25 pm ET
Net Income per Share Grew 13%
Revenue Grew 14%
WAYNE, Pa.--(BUSINESS WIRE)--Feb. 12, 2004--SunGard (NYSE:SDS), a global leader in integrated software and processing solutions for financial services and the pioneer and leading provider of information availability services, reported today that net income for the year ended December 31, 2003 was $370 million, a 14% increase over $326 million for 2002.
Full-year 2003 diluted net income per share was $1.27, up 13% over comparable results of $1.12 in 2002. Merger costs and related items were less than $0.01 per share in 2003 and were $0.03 per share in 2002. Diluted net income per share before merger costs increased 10% for the year.
Net income for the quarter ended December 31, 2003 was $112 million, a 17% increase over the $96 million reported in the fourth quarter of 2002. The related diluted net income per share was $0.38 for the quarter, up 15% over the $0.33 reported in 2002. The fourth quarter diluted net income per share in 2003 included $0.01 per share benefit from the reversal of previously-recorded merger costs. Diluted net income per share before merger costs was $0.37 for the quarter, representing an increase of 12% from the fourth quarter of last year. Details concerning merger costs and related items are described in the Notes attached to this release.
Revenue for full-year 2003 was $2.96 billion, an increase of 14% over the $2.59 billion reported for 2002. Revenue for the fourth quarter was $804 million, an increase of 15% over the $702 million reported in the fourth quarter of 2002. Revenue from businesses owned for at least a year (internal revenue) was flat for 2003 and increased 2% in the fourth quarter.
"SunGard grew stronger in 2003 and posted record revenue and net income," commented Cristobal Conde, president and chief executive officer. "We continued to expand our business and enhanced our already extensive range of solutions and capabilities through a combination of product development and acquisitions. We also deepened our customer relationships and benefited from customers wanting to do more business with fewer, more strategic vendors. SunGard's competitiveness is stronger than ever."
"In formulating our outlook for 2004, we followed our usual bottoms-up approach and assumed the continuation of the current demand environment for our products and services. Our outlook for 2004 diluted net income per share, excluding merger costs and related items, is in the range of $1.37 to $1.42 per share, representing growth of between 8% and 12%. Because the timing and magnitude of merger costs are unpredictable, this outlook assumes no merger-related items in 2004," added Mr. Conde.
Investment Support Systems (ISS) revenue grew 14% to $1.61 billion for the year. Quarter-over-quarter revenue grew by 20% to $455 million. ISS internal revenue declined 2% for the year but grew 2% in the fourth quarter. ISS license sales were $151 million for the year and $56 million for the quarter.
Availability Services revenue increased 11% to $1.17 billion for the year. Quarter-over-quarter revenue increased 4% to $302 million.
Other Businesses revenue increased 35% to $179 million for the year due to the acquisition last March of H.T.E., Inc. The previously announced acquisition of Systems & Computer Technology Corporation (SCT) closed today, for total cash consideration of approximately $590 million. As a result, this segment is now named "Higher Education and Public Sector Systems."
SunGard has exceptional financial strength and flexibility, enabling it to further invest in its existing businesses and to pursue acquisition opportunities. Cash balances as of December 31, 2003 were $479 million and total debt was $200 million. For 2003, cash flow from operations was approximately $645 million. Year-over-year cash balances increased $39 million after spending $435 million on nine acquisitions, $212 million on capital expenditures company wide and a $6 million reduction in total debt. On January 15, 2004, SunGard borrowed $500 million by issuing two tranches of unsecured senior notes: $250 million of 3.75% notes due January 15, 2009, and $250 million of 4.875% notes due January 15, 2014. The net proceeds from the sale of the notes were used to acquire SCT.
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|To: klambet who started this subject||3/3/2004 8:02:52 AM|
|SunGard Launches Octagon IT Services|
Tuesday March 2, 4:35 pm ET
Octagon IT Services Provides Outsourced Processing Services for High-Volume Futures and Derivatives Trading in Central Europe
FRANKFURT, Germany--(BUSINESS WIRE)--March 2, 2004--SunGard Futures Systems, an operating unit of SunGard (NYSE:SDS), announced today the availability of SunGard's Octagon IT Services, an application service provider (ASP) version of its Octagon system for exchange-traded derivatives and futures trade management, processing and accounting. Octagon IT Services provides a secure, outsourced processing environment for futures commission merchants participating in high-volume trading in Germany and throughout Central Europe.
"With Octagon IT Services, futures brokers can effectively reduce costs and reliance on internal resources to maintain systems in-house, while improving their operational efficiency, system availability and scalability," said Joachim Holzer, managing director of SunGard Futures Systems' Central European operations. "Octagon IT Services is a comprehensive solution that provides real-time access to data, external interfaces with exchanges and regulatory authorities, multi-level system security, and full backup and recovery."
Serving financial institutions in Central Europe since the early 1990s, Octagon provides high-volume processing and accounting for exchange-traded derivatives, futures and options, from order to clearing and settlement. Octagon IT Services features a Java-based user interface and includes interfaces to regulatory bodies for reporting purposes, providing institutions with an efficient, single-vendor solution. SunGard provides Octagon IT Services with full system backup and recovery using SunGard Availability Services, and comprehensive support services through SunGard Futures Systems, both located in Germany.
Octagon IT Services also integrates with other SunGard solutions for futures trading, including Exchange Gateway for retrieving trade and order information from MISS Architecture and OM-Net based exchanges, WorldSource for worldwide daily revaluation data, and Global Margin Server for initial and intraday variable margin calculations.
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|From: JakeStraw||11/10/2004 2:40:57 PM|
|SunGard's AvantGard-Quantum Selected by Chartered for the Automation of its Group Treasury Operations|
Tuesday November 9, 4:30 pm ET
SINGAPORE--(BUSINESS WIRE)--Nov. 9, 2004--SunGard Asia Pacific, an operating unit of SunGard (NYSE:SDS), today announced that Chartered Semiconductor Manufacturing, one of the world's top three dedicated semiconductor foundries, has selected the Company's AvantGard-Quantum software to support its treasury function. Chartered will utilize AvantGard-Quantum to monitor cash positions, foreign-exchange and interest rates exposure as well as enable flexible forecasting.
"We are pleased to leverage AvantGard-Quantum to support the streamlining of our treasury function," said George Thomas, vice president and chief financial officer of Chartered. "Implementing AvantGard-Quantum automates Chartered's interfaces with various banking services. This gives us the ability to view financial data movements as they are reported."
John Wilson, president, SunGard Asia Pacific, said, "Treasury operators across the region are looking for a leading global solution that caters for effective treasury and cash management. SunGard's AvantGard-Quantum is a proven global solution and one of the most widely used in the Asia Pacific region. We have the solution, the functionality and the local expertise to support our customers."
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