Industry News

FIS profits up 32% in ’06

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Fidelity National Information Services Inc. -- the developer of software used to process about 50 percent of all U.S. residential mortgages -- said profits were up in 2006 thanks to growth in international business and demand for its default solutions and appraisal products. FIS reported fourth-quarter earnings in 2006 grew to $75.1 million, up 65 percent from the same quarter a year before. Profits for the year totaled $259.1 million, up 32 percent from $196.5 million in 2005. FIS' transaction processing services generated fourth-quarter revenue of $694.7 million, a 16.1 percent increase from the same quarter in 2005. The increase was driven in part by a 55 percent growth in revenue from international business, to $141 million. Fourth-quarter revenue from lender processing services increased 7.9 percent to $437.1 million, despite a 1.6 percent decline in revenue from mortgage processing, to $92.5 million. Revenue from lender processing services benefited from 10.6 percent growth...