The FIS Board of Directors, through a Special Committee consisting of independent directors, is evaluating certain strategic alternatives for the Company, which include a potential leveraged buyout opportunity that was proposed to FIS and a leveraged recapitalization with a share repurchase. There can be no assurance of the potential outcome or timing of this evaluation process.
Building on its robust operating model of high recurring revenues and strong cash flow generation, FIS has consistently achieved strong financial results. In its most recent earnings report dated April 27, 2010, the Company reported first quarter revenue of $1.25 billion, net earnings from continuing operations of $94.7 million and cash flow from operations of $271.6 million, all of which exceeded expectations. In addition, FIS is on-track with its integration efforts and synergy goals related to its acquisition of Metavante. The employees and management remain highly focused on serving FIS’ valued clients and contributing to the continued growth and long-term success of the Company.
Goldman, Sachs & Co. is serving as financial advisor to the Special Committee. Wachtell, Lipton, Rosen & Katz is acting as legal counsel to the Special Committee.
FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in over 100 countries worldwide. FIS provides financial institution core processing, and card issuer and transaction processing services, including the NYCE® Network. FIS maintains processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard and Poor's (S&P) 500® Index and consistently holds a leading ranking in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS employs more than 30,000 on a global basis. FIS is listed on the New York Stock Exchange under the “FIS” ticker symbol. For more information about FIS see www.fisglobal.com.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.