SunGard reports that adjusted income from operations for the year 2008 was $1.22 billion, a 6% increase over $1.15 billion in 2007.
Reported income from operations for the year 2008 was $470 million compared to $631 million for the year 2007, a decrease of 26%. Reported income from operations in 2008 and 2007 includes amortization of acquired intangible assets of $515 million and $438 million, respectively, and stock-based compensation, purchase accounting adjustments and other expenses of $102 million and $76 million, respectively, and a goodwill impairment charge in our public sector segment of $128 million in 2008.
Revenue for the year 2008 was $5.60 billion, an increase of 14% over revenue for the year 2007. Revenue for the three months ended 31 December 2008 was $1.54 billion, an increase of 11% over revenue for the same period in 2007.
Financial Systems revenue increased 22% to $907 million for the quarter, reaching $3.08 billion for the year. Organic revenue grew approximately 11% in the quarter. Excluding the impact of foreign exchange movements, organic revenue grew 13% in the quarter.
License fees were $87 million for the quarter, a decrease of $2 million compared to the same period in 2007.
SunGards performance in the quarter was solid. Despite the turbulence in the financial industry, we achieved a strong finish in our Financial Systems business which is a reflection of our competitive strength and the disciplined decision-making and decisive actions of our employees, says Cristbal Conde, president and chief executive officer.
While the spending mood for IT has continued to deteriorate, our customers realize that investing in IT is one way they can address the cost pressures they are facing, and they view us as a trusted partner. We have a broad portfolio of products and services, we are well capitalized, and we are confident that SunGard will come out of the economic crisis more competitive than ever.
L.D.