26 Apr Fiserv makes over $1 billion, but profits decline
Milwaukee, Wis. — Fiserv, which provides software and services to the financial and health-benefits industries, said its first-quarter revenues in 2006 were up 13 percent to $1.1 billion.
Net income was $116 million, down slightly from the $140 million the company made in the first quarter of 2005 on $973 million in revenues.
Fiserve’s activities in the first quarter included repurchasing 5.4 million shares of common stock and breaking into the Fortune 500. Though profits were down, Fiserv stock rose slightly. It opened Wednesday at $43.79, up from Tuesday’s opening price of $41.93. At the beginning of January it traded at $43.66.
More on Fiserv:
• Fiserv crosses Fortune 500 threshold
• Fiserv acquires insurance, training product lines
• Fiserv unit adds healthcare payment processor