Brookfield, Wis. – Citing one-time gains due to Hurricane Katrina and other Gulf Coast storms in late 2005, Fiserv has reported a net loss of nearly $45 million, or 20 cents per share, for the fourth quarter of 2006.
The information management services firm reported net income of $105.9 million, down from the $150.5 million reported in the fourth quarter of 2005, a drop of 29.6 percent.
The decrease was attributed in part to unpredictable events such as the $31.5 million in collected termination fees in Q4 of 2005, compared to $6.9 million for the same period of 2006, and higher flood insurance claims and processing revenue from the 2005 hurricane season.
Fiserv, which also announced plans to repurchase 10 million shares of common stock, earned 61 cents per share in the fourth quarter of 2006, compared with 81 cents per share the prior year.
The company reported $1.2 billion in revenue in Q4 of 2006, and more than $4.5 billion in revenue for the year.
Click here for more details on the company’s financial report.