Total GAAP revenue was $1.04 billion for the first quarter of 2009 compared with $1.31 billion in 2008. Total adjusted revenue decreased 3 percent to $989 million for the first quarter of 2009 compared with $1.02 billion in 2008 due primarily to declines in the home equity processing business.
GAAP earnings per share from continuing operations for the first quarter of 2009 were $0.65 compared with $0.60 for the first quarter of 2008. GAAP earnings per share for the quarter including discontinued operations were $0.66 compared with $1.99 for the first quarter of 2008, which included $1.39 from discontinued operations due primarily to gains on disposition. Adjusted earnings per share from continuing operations were up 10 percent to $0.88 for the quarter compared with $0.80 in 2008. Adjusted internal revenue declined by 4 percent in the first quarter.
Adjusted operating margin increased 210 basis points compared with the first quarter of 2008 to 27.9 percent. The increase in operating margin was primarily from growth in higher-margin revenue, favorable changes in the companyâs business mix and operating efficiency.
âOur results showcase the strength of our business model as we continue to deliver highly valued products and services across the financial services market,â said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. âIn spite of the expected revenue weakness in the quarter, we managed the business to optimize margins and grew adjusted earnings per share ten percent. In addition, we took proactive steps to increase our investments in several key areas that should enhance market differentiation and boost growth. We are pleased with our start to the year.â