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May 12, 2009

SunGard loss widens in first quarter

Services revenue grew 4.1% to $1.2 billion

By CBR Staff Writer

Financial software company SunGard has reported a net loss of $34m for the first quarter 2009, compared to a loss of $22m in the year-ago quarter, on revenue up 2.5% at $1.34 billion.

During the quarter, operating income fell 20% to $100m, compared to $124m for the first quarter of 2008. Adjusted EBITDA fell 1% to $320m, compared to $322m for same period last year.

The company said services revenue grew 4.1% to $1.2 billion, while license and resale revenue grew 8.5% to $64m. Financial systems revenue increased 8% to $742m, while higher education revenue fell 5% to $132m. Public-sector revenue fell 10% to $91m, and availability services revenue declined 5% to $370m.

Cristobal Conde, president and chief executive at SunGard, said: While the IT spending mood remains cautious, some of our customers feel that the worst is behind them, and we are starting to see spending pick up in areas such as compliance and regulation. Our competitiveness is very strong and we are very well positioned to help our customers gain efficiencies and reduce risk and that is why they regard SunGard as a trusted partner.

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