SunGard swings to profit in Q4
SunGard has reported a net income of $94m for the fourth quarter of 2011 compared to a net loss of $117m for the same period in 2010.
Revenue was $1.17bn for the fourth quarter of 2011, compared to $1.20bn for the same period a year ago.
Operating income was $146m, compared to $172m for the same period in the previous year.
Financial Systems revenue declined 4% to $754m where as availability Services revenue was decreased 1% to $367m for the fourth quarter of 2012.
For the full year of 2011, the company posted a net loss of $149m, compared to $570m for the same period in 2010.
SunGard president and CEO Russ Fradin said that the company successfully closed the sale of its Higher Education business in January 2012. While the environment remains challenging, they're optimistic given the opportunities they see to improve their growth and margins for the long term.
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