Milwaukee-based Metavante Technologies Inc. today reported third quarter net income of $35.1 million, or 29 cents per share, and cash net income for the quarter of $41.6 million, or 35 cents per share.
The company had $424.5 million in revenue for the quarter, compared to $406.9 million in revenue for the third quarter of 2007, an increase of 4 percent.
Metavante separated from Milwaukee-based Marshall & Ilsley Corp. in November 2007.
"We again demonstrated the strength of our business model and our ability to execute by delivering solid financial results. The combination of organic revenue growth and diligent cost discipline allowed us to improve profitability while continuing to invest in new technologies and product enhancements," said Frank R. Martire, president and chief executive officer. "As we close in on another successful year in 2008 and begin the planning process for 2009, we remain focused on two things: helping our clients navigate a tough economic environment and achieving optimal financial performance for Metavante. For our clients, we will respond quickly to their tactical business needs, provide consistent service delivery, and continue to proactively develop technology that will enable their strategic and competitive objectives. For Metavante, we will sell aggressively, drive cost productivity, and build contingency plans that allow us to adapt to various rates of growth. The combined strength of a high recurring revenue business model, our diverse and loyal client base, and our exceptionally capable team gives me confidence that we can continue to deliver solid performance even in this economic down cycle."
Metavante reports higher 3rd quarter revenue
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