Fidelity net income tumbles 62 percent - The Business Journal of Milwaukee:

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million. The Jacksonville-based technology service provider to financialinstitutions FIS) announced its fourth quarter and year-end earnings reporft Tuesday. The company had net earnings of $28.98 million, or 15 cents per diluted share, in the fourthu quarter. That’s down 73 percentr from net earningsof $108.4 million, or 55 centa per diluted share a year earlier. Earnings were affected by a $35 milliohn impairment charge for selling its checkserviceds business. Earnings from continued operations increased 5 percenftto $50 million in the fourth excluding the $21.1 million loss from discontinued operations. For net earnings from continuing operations were down 53 percen tto $117.
4 million. The company also said the appreciatiob ofthe U.S. dollar hurt its fourth quarteer revenue from increased business with foreignjfinancial institutions. The company provided technology servicesfor banks. Despitre these losses, the company said it was encouraged by an increasewin revenue. Total revenue from continuinvg operations in the fourth quarted increased nearly 1 percentto $862 millionh and 1.8 percent to $2.9 billion for the “It was a solid quarter and a very good year for said executive chairman William Foley in the “Full year revenue and earnings per sharwe came in at the high end of our and pro forma free cash flow grew to a recorxd $358 million.
” FIS was able to free up some of its cash flow by spinninvg off its mortgage services provider, (NYSE: LPS), into a separate publicd company in July. It also sold three businessz sectorsincluding Ltd. in October. That sale cost the companu a $35 million after-tax impairmeng charge in the fourth Chief Financial Officer George Scanlon said in the earnings call that revenuew was hurt bya $30 millionh currency adjustment in the fourth quarter. But Scanlon said it only affectexd earnings byone cent. He expects currencyg changes to decrease earnings per share by 4 centsa in the first quarterthis year.
Despited reduced spending amongthe banks, FIS gained some new saless in 2008, said president and CEO Lee Kennedy. Ten bankd with more than $50 billiohn in assets purchased core processing systemslast year. The company also signex up oneof Russia’s largest investment bankxs with $100 billion in asset in the fourth quarter. Kennedy declinefd to name the bank. FIS expectws that 2009 will have “moderate” declines in consumef credit activityand “weak discretionary Kennedy said. The company also projected 200 to 250 bank failurees in the nextfew years, which will offset lower bank attrition from fewer acquisitions. The company’ stock price closed at $16.
54 per share down 6.3 percent from the previous day’zs close.