First Data Continues To Dial WesternUnion
DENVER - (01/28/05) -- Payments processor First Data Corp.said rapid growth in its Western Union division continues to driveprofitability, helping the company deliver a 16% rise in net incomefor the fourth quarter to $465.1 million, or 56 cents a share.Fourth-quarter revenues rose 20% to $2.7 billion, compared to thesame period last year, marked by a 20% growth in Western Uniontransactions. For the fourth quarter, revenues for the company'score payments services, which includes Western Union, rose 18% to$1 billion; and for merchants services by 41% to $750 million.Western Union, which accounts for 34% of First Data's revenues,reported 14% revenue growth for the full year. For the full year,First Data reported a 19% rise in revenues to $10 billion, and a33% surge in net income to $1.9 billion, or $2.23 a share. The yearalso marked the full integration of STAR electronic funds transfernetwork into First Data.