Revenue for the second quarter was $462.2 million, an increase of 15% over revenue of $401.1 million reported in the year-ago quarter.
The related diluted net income per share, adjusted for the June 18, 2001 two-for-one stock split, was $0.23, up 15% as compared to the 2000 second quarter results of $0.20. On a pre-split basis, the related diluted net income per share was $0.47, up 17.5% as compared to the year-ago quarter. Cash earnings per share, which excludes after-tax amortization of acquisition-related intangibles, were $0.27 for the quarter, compared to $0.24 for the same period in 2000.
SunGard performed solidly in the quarter, even in the current economy. We have seen financial firms focusing their IT spending on their top vendor relationships in a flight to quality. We offer straight-through processing solutions that generate revenue and accelerate cost savings for clients, which usually means eliminating manual processes through integration, automation or outsourcing, commented James L. Mann, chairman and chief executive officer.
For the first six months of 2001, revenue was $903.0 million, an increase of 15% over the $785.8 million reported for the first six months of 2000. The related net income and diluted net income per share for the first six months of 2001, excluding one-time items, were $120.9 million and $0.43, respectively, increases of 24% and 19% over related net income and diluted net income per share for the first six months of 2000 of $97.5 million and $0.36, respectively.
We remain confident that our outlook for 2001 diluted net income per share, adjusted for our recent two-for-one stock split, is in the range of $0.95 to $0.98, Mr. Mann added. This outlook is in line with the Company’s previous outlook of 16% to 20% over comparable 2000 diluted net income per share of $0.82, which has been restated to reflect the two-for-one stock split.
Investment Support Systems (ISS) revenue grew 17% to $341 million for the quarter. SunGard believes that the financial services industry is seeing a flight to quality as clients begin to reduce the number of vendor relationships. With a focus on integration and straight-through processing and an extensive client base, SunGard is well positioned.
SOURCE: COMPANY PRESS RELEASE
