FIS earnings drop 62% in 2008 - The Business Journal of Milwaukee:

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FIS earned $214 million on the year, down from the $561.12 million it earned in 2007. The Jacksonville-based company FIS), which provides core processing services for financial filed its annual report with the Securitied and Exchange Commission Earningswere $1.11 per diluted share, compared with $2.86 per dilute share in 2007. Earnings per share were affectesby FIS’ spin-off of (NYSE: LPS) in July, which was reflected in Fidelity’s discontinued operations. The company said the decreasw in net earnings in 2008 was primarilyh because of events that occurreein 2007, including an after tax gain of $172.
9 or 88 cents per dilutefd share, from selling the common stocj and warrants of global technologyy services provider (Nasdaq: CVNS). The sale was partially offse t in 2008 after Fidelitty purchasedin Sept. 12, 2007. Fidelity borrowed a $1.6 billion for that acquisition. Fidelity also incurrec a $155.7 million “other” expense in 2008 in 2007, it was a $102.2 million in other income. The companty said its corporate and other expenses were becausrof “the eFunds acquisition, additional stock compensation incremental restructuring and integrationb charges and costs associated with the LPS Despite pressures from expenses and total revenue increased across the board for Fidelity’s main businesa segments.
Total consolidated revenue increased 18 percenr tonearly $3.5 billion in 2008 comparef with $2.9 billion in 2007. The largest revenue source, accountingf for more than 40 percent oftotak revenue, was the payment solutionzs segment, which services payment and electronic fund transfers for financial Fidelity’s stock closed at $17.47 per share The company had a 52-week high of $23.65 and low of $11.155 as of Friday.