Business Context and Reporting Period
This Form 8-K is a current report filed by Certegy Inc. (not Fidelity National Information Services, Inc.) on October 23, 2003. The filing serves to announce the company's financial results for the third quarter of 2003 via a press release attached as Exhibit 99.1.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references a press release (Exhibit 99.1) containing these figures. The text notes that the press release presents:
- Operating income and corporate expense measures.
- Earnings per share (EPS) projections.
- Reconciliations between Non-GAAP measures and GAAP measures.
Material Changes and Unusual Items
The filing highlights specific charges excluded from Non-GAAP measures to allow for better period-to-period comparison of core operations:
- 2002 Exclusions: Charges related to asset impairment in the Brazilian card operation, litigation settlements, severance, and market value losses on life insurance policies.
- 2003 Exclusions: Contract early termination costs and other net charges primarily related to downsizing the Brazilian card operation.
Management Commentary and Risks
Management states that presenting Non-GAAP measures excluding the described charges is useful for evaluating core operating results from ongoing operations. However, the filing explicitly warns that these Non-GAAP measures should not be considered in isolation or as an alternative to GAAP financial measures. The information is furnished solely pursuant to Item 12 and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the specific Q3 2003 revenue, operating income, and EPS figures in the attached Exhibit 99.1 press release.
- Review the reconciliation table in the press release to understand the magnitude of the excluded charges (Brazilian operations, litigation, severance) versus GAAP results.
- Confirm the status of the Brazilian card operation downsizing and its impact on future cash flows.
- Note that the registrant is Certegy Inc., not Fidelity National Information Services, Inc.