24 Jan Metavante reports nearly $50M in profit for `07
Milwaukee, Wis. – Metavante Technologies, a Milwaukee-based financial technology firm, has reported net income of $49.5 million, or $0.41 per share, for 2007 on full-year revenue of just under $1.6 billion.
The revenue figure represents a six percent increase over 2006.
The company, which recently was spun off from M&I Corp., said its organic growth was driven by higher volumes in core processing activity and payment transactions, while acquisitions added approximately two points to its growth rate.
Net income for 2007 included non-cash impairment charges, net transaction-related costs, and incremental interest expense. Excluding these costs, adjusted net income for 2007 was $186.8 million, an increase of 17 percent compared to net income of $160.1 million in 2006.
Revenue in the fourth quarter of 2007 was $408.2 million, up six percent over the $385.9 million recorded in 2006.
Metavante trades on the New York Stock Exchange under the symbol MV.
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