By Philadelphia Business Journal

SunGard Data Systems Inc. said Friday it lost $14 million on $1.11 billion in revenue in the third quarter, after losing $378 million on $1 billion in the same quarter a year ago.

The most recent quarterâ¿¿s loss was worsened by $48 million of restructuring charges and reduced by $27 million in income from SunGardâ¿¿s Malvern, Pa.-based Higher Education business, which it announced in August it was selling. The loss in the third quarter of last year was increased by a loss of $117 million from the Higher Education business, a goodwill impairment charge of $205 million and $5 million of restructuring charges.

SunGardâ¿¿s revenue rose by 3 percent in the most recent quarter from the same quarter a year ago, but didnâ¿¿t increase at all when adjusted for currency fluctuations. Revenue for its Financial Systems business grew 5 percent, or 2 percent adjusted for currency fluctuations, to $695 million. Revenue for its Availability Services remained at $364 million and fell by 2 percent when adjusted for currency fluctuations.

⿿We continue to hold up well in a challenging environment driven by growth in Financial Systems. However, we see real opportunities to improve our performance,⿝ Russ Fradin, who was named SunGard⿿s president and CEO in May, said in the company⿿s earnings press release. ⿿Based on my assessment after my first 100 days, we began a performance improvement program this quarter which we believe will create a stronger enterprise that will accelerate growth and improve margins over the long term.⿝

Copyright 2011 American City Business Journals

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