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Fidelity National Information Services I Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 6, 2011 02:20PM
Fidelity National Information Services I (FIS) filed Quarterly Report for the period ended 2011-03-31.
Highlight of Business Operations:
Cost of revenues totaled $996.0 million and $890.4 million resulting in gross profit of $387.4 million and $344.6 million during the three-month periods ended March 31, 2011 and 2010, respectively. Gross profit as a percentage of revenues (“gross margin”) was 28.0% and 27.9% in the three-month periods ended March 31, 2011 and 2010, respectively. The increase in cost
Participacoes had revenues of $9.6 million and $14.6 million during the three-month periods ended March 31, 2011 and 2010, respectively. Participacoes had operating expenses of $14.4 million and $18.3 million for the three-month periods ended March 31, 2011 and 2010, respectively.
Earnings from continuing operations, net of tax, attributable to FIS common stockholders totaled $96.1 million and $97.1 million for the three-month periods ended March 31, 2011 and 2010, respectively, or $0.31 and $0.26 per diluted share, respectively, due to the factors described above.
At March 31, 2011, we had cash and cash equivalents of $384.1 million and debt of $5,012.2 million, including the current portion. Of the $384.1 million cash and cash equivalents, approximately $216.4 million is held by our foreign entities. We expect that cash flows from operations over the next twelve months will be sufficient to fund our operating cash requirements and pay principal and interest on our outstanding debt.
On January 18, 2007, FIS entered into a syndicated credit agreement, which was amended on July 30, 2007, and amended and restated on June 29, 2010 (the “FIS Credit Agreement”). The FIS Credit Agreement, as of March 31, 2011, provides total committed capital of $4,715.6 million comprised of: (1) revolving credit facilities in an aggregate maximum principal amount of $1,033.7 million (together, the “Revolving Loans”), consisting of $112.3 million in revolving credit capacity maturing on January 18, 2012, and $921.4 million in revolving credit capacity maturing on July 18, 2014; (2) an aggregate of $3,681.9 million of term notes consisting of $337.5 million maturing on January 18, 2012 (“Term Loan A-1”), $1,850.0 million maturing on July 18, 2014 (“Term Loan A-2”), (3) $1,492.5 million maturing on July 18, 2016 ("Term Loan B") and (4) an aggregate of
$1.9 million of term notes (the “LCPI Loans”) maturing on July 18, 2014. As of March 31, 2011, the outstanding principal balance of the Revolving Loans was $187.7 million, with $831.0 million of borrowing capacity remaining thereunder (net of $15.0 million in outstanding letters of credit issued under the Revolving Loans). See Note 6 in the Condensed Consolidated Financial Statements (Unaudited) under Item 1 for information regarding the interest rates of the loans.
Stocks Discussed: FIS,