Brown Deer-based Metavante Technologies Inc. today reported second quarter revenue of $424.8 million, up 7 percent from $395.7 million in the same period a year ago.
The company reported quarterly net income of $36.9 million, or 31 cents per share. However, earnings comparisons with the prior year would be irrelevant, since the company's capital structure has changed since it was spun off from Marshall & Ilsley Corp. in November 2007.
Frank Martire, president and chief executive officer of Metavante, said, "Our second quarter results met our expectations and completed a good first half of the year. Organic growth was solid, and benefited from success in prior periods cross-selling our comprehensive product portfolio and capturing new business. The combination of operating leverage and cost productivity allowed us to continue to make additional investments in future growth while still improving current profitability."
Commenting on company's outlook, Martire said, "At the mid-point of our fiscal year, it is becoming increasingly apparent that 2008 will be another good year for Metavante. Continued strong execution, coupled with some stability in consumer spending behavior and customer investment during the second half, should enable us to deliver full year financial results consistent with our guidance. While we remain focused on closing a solid 2008, we also recognize that sustaining organic growth in 2009 and beyond requires us to work harder to sign new business in a challenging economic environment, and continue to make investments in technologies and capabilities that will drive future growth."
Metavante reports strong quarter
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