SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
January 20, 1998
FISERV, INC.
(Exact name of registrant as specified in its charter)
Wisconsin
(State or other jurisdiction of incorporation)
0-14948 39-1506125
(Commission File Number) (IRS Employer Identification No.)
255 Fiserv Drive 53045
Brookfield, Wisconsin (Zip code)
(Address of principal
executive offices)
Registrant's telephone number, including area code
(414) 879-5000
ITEM 7. (C) EXHIBITS.
(1) Earnings release by Fiserv, Inc., dated January 20, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FISERV, INC.
By /S/ EDWARD P. ALBERTS
------------------------
EDWARD P. ALBERTS
Senior Vice President - Finance
Date: January 20, 1998
<PAGE>
Fiserv Reports Continued Record Earnings
for Fourth Quarter and End of 1997
Brookfield, Wisconsin, January 20, 1998--Fiserv, Inc. (NASDAQ:FISV)
announced today continued record earnings for the fourth quarter and year ended
December 31, 1997. Revenues, net income and net income per share increased over
the corresponding periods of 1996 as originally presented and as restated on a
pooling of interests basis.
For the fourth quarter, Fiserv revenues were $269.5 million, a 28%
increase over the $210.5 million originally reported for the fourth quarter of
1996. Net income rose to $24.2 million, an increase of 50% over the $16.1
million originally reported in 1996. Net income per share-diluted for the period
based on 54,317,000 shares outstanding was $0.45 per share, compared to $0.35
per share originally reported for the fourth quarter of 1996.
For the year ended December 31, 1997, revenues were $974.4 million, a
22% increase over the $798.3 million originally reported in 1996. Net income
rose to $90.8 million, a 47% increase over the $61.7 million originally reported
in 1996. Net income per share-diluted for the year based on 53,528,000 shares
outstanding increased 27% to $1.70 per share, compared to $1.34 as originally
reported in 1996.
The Company provides item processing services in the Canadian market
through a joint venture with Canadian Imperial Bank of Commerce, the revenues of
which are recognized on a fee basis. If the gross revenues from this activity
were recognized, the Company's revenues for the fourth quarter would have
increased approximately $75 million or 33% over amounts as originally reported
in 1996. Revenues for the year ended December 31, 1997, would have increased
$287 million or 35% over amounts as originally reported in 1996.
Revenues, net income and net income per share have been restated for
all periods commencing prior to April 1, 1997, to include the results of
operations of BHC, an acquisition completed in the second quarter, on a
pooling-of-interests basis.
Restated amounts for the quarter and the year ended December 31, 1996,
were:
Quarter Ended Year Ended
December 31, 1996 December 31, 1996
------------------ -------------------
(in thousands, except per share amounts)
Revenues $ 231,542 $ 879,449
Net income $ 20,408 $ 79,708
Net income per share-diluted $ 0.39 $ 1.53
"No matter how you look at it, 1997 was an outstanding year for
Fiserv," said George D. Dalton, Fiserv Chairman and Chief Executive Officer.
"Our team of sales professionals recorded its best year ever. We expanded our
technology resources and service capabilities through ongoing research and
development, as well as strategic acquisitions. Our earnings continued to grow,
with revenues nearing the $1 billion mark. Our shareholders should be pleased
with the performance of their stock this year."
Fiserv completed nine acquisitions during 1997, with one more
acquisition agreement announced in November and still pending. These
acquisitions include: BHC Financial, Inc. (BHC), a leading provider of
securities processing and support services to banks, insurance companies,
brokerage firms and mutual fund companies; AdminaStar Communications, a
specialized provider of laser printing and mail fulfillment services;
Interactive Planning Systems, a leading financial industry software company
providing comprehensive PC-based financial decision-support and planning
products; Stephens Inc. clearing business, the financial institutions
correspondent clearing businesses of Stephens, including discount brokerage
services conducted through banks and other correspondents, and a brokerage
affiliate; FIS, Inc., a national provider of financial software and data
processing services; Hanifen, Imhoff Holdings, Inc. clearing business, providing
professional and correspondent clearing services; Central Service Corp., a
regional provider of online financial data processing and item processing
services in the Southeast; Savoy Discount Brokerage, a specialized provider of
technology for entering trades over the Internet or by telephone touch tone /
automated voice response; and Emerald Publications, a national provider of
marketing, seminar and training materials to professionals in the financial
services industry.
In November we announced an agreement to acquire CUSA Technologies,
Inc., a leading provider of software management systems for credit unions. When
finalized, this acquisition will expand our capabilities to include specialized
solutions for all size credit unions, and more than double our credit union
client base.
"Sales of data processing solutions and related services to new clients
grew at a record pace in 1997, with more than 430 institutions leaving other
providers for Fiserv," said Leslie M. Muma, Fiserv Vice Chairman, President and
Chief Operating Officer. "In addition, our relationships with existing clients
continued to expand as we signed 921 cross-sale contracts, a 17% increase over
1996."
Fiserv, Inc. is an independent provider of financial data processing
systems and related information management services and products to more than
5,000 banks, credit unions, mortgage firms and savings institutions worldwide.
Worldwide, Fiserv employs more than 9,000 financial services professionals
skilled in information technology. A publicly held company headquartered in
Brookfield, Wis., Fiserv is traded on the NASDAQ over-the-counter market under
the symbol FISV.
Attachment
<PAGE>
Fiserv, Inc.
1997 Year End - Financial Highlights
(in thousands, except per share amounts)
Quarter Ended Year Ended
December 31, December 31,
-------------------------- -------------------------
1997 1996 1997 1996
----------- ----------- ---------- ----------
Revenues $ 269,472 $ 231,542* $ 974,432 $ 879,449*
=========== =========== ========== ==========
Income before income
taxes $ 40,990 $ 34,425* $ 153,899 $ 134,462*
=========== =========== ========== ==========
Net income $ 24,184 $ 20,408* $ 90,800 $ 79,708*
=========== =========== ========== ==========
Net income per share:
Basic $ 0.46 $ 0.40* $ 1.75 $ 1.56*
=========== =========== ========== ==========
Diluted $ 0.45 $ 0.39* $ 1.70 $ 1.53*
=========== =========== ========== ==========
Shares used in computing
net income per share:
Basic 52,703 50,937* 52,009 50,993*
Diluted 54,317 52,137* 53,528 52,046*
Net income per common
share as originally
reported - diluted $ 0.45 $ 0.35 $ 1.70 $ 1.34
* as restated on a pooling of interests basis
Corporate Headquarters
255 Fiserv Drive
Brookfield, Wisconsin 53045
(414) 879-5000
World Wide Web: fiserv.com
