Segment operating income for the second quarter of 2008 was $117.9 million, an increase of 10 percent compared to the second quarter of 2007. The segment operating margin for the second quarter of 2008 improved to 27.8 percent, an increase of 0.6 percentage points compared to the second quarter of 2007.
Net income for the second quarter of 2008 was $36.9 million, or $0.31 per share. Cash net income for the second quarter of 2008 was $43.7 million, or $0.36 per share. Comparison of either of these financial metrics to prior year results is not meaningful due to the significantly different capital structure of the company prior to the separation from Marshall & Ilsley Corporation in November 2007.
EBITDA in the second quarter of 2008 was $121.0 million, an increase of 9 percent compared to adjusted EBITDA of $111.2 million in the second quarter of 2007.
Cash provided by operating activities for the first half of 2008 was $148.3 million, compared to $155.3 million in the first half of 2007. Free cash flow for the first half of 2008 was $82.5 million, compared to $83.4 million in the first half of 2007.
Commenting on the results, Frank R. Martire, president and chief executive officer, said, âOur second quarter results met our expectations and completed a good first half of the year. Organic growth was solid, and benefited from success in prior periods cross-selling our comprehensive product portfolio and capturing new business. The combination of operating leverage and cost productivity allowed us to continue to make additional investments in future growth while still improving current profitability.â
Cash net income (including per share amounts), EBITDA, adjusted EBITDA, and free cash flow are non-GAAP financial measures. These measures should not be considered substitutes for GAAP measures. See the attachments to this release under âNon-GAAP Financial Measuresâ for an explanation of these measures and reconciliations to GAAP financial measures.