DENVER – Payments giant First Data Corp. said that high finance expenses related to its 2007 takeover by buyout fund Kohlberg Kravis Roberts continues to weigh on its bottom line, pushing the company to a $195.9 million loss for the second quarter.
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The loss, compared to a loss of $221.7 million for the second quarter last year, was caused by a $449.6 million interest expense on the huge debt accrued in the $27 billion buyout.
Second-quarter revenues were flat at $2.2 billion.
For the first six months of the year revenues were down 1% to $4.28 billion, while losses rose 11% to $427.2 million.
