Profits Flat At First Data

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DENVER - (04/20/06) – Payments processing giant FirstData Corp. reported flat earnings of $374 million, or 48 cents forthe first quarter, as most of a 10% increase in revenues was eatenup by rising costs. The company, which plans to spin off its coreWestern Union money transfers operations, reported a 16% growth inrevenues, and a 13% rise in operating profit, for the operation.Revenue growth wa salso strong in the company’s commercialservices unit, at 9%, but slower in the financial institutionsoperation, which was down by 5%. The first quarter figures includedthe elimination of earnings from the NYCE electronic funds transfernetwork, which was sold last year to Metavante; a $23 million gainfrom the sale of CheckFree stock; and a $15 million charge for thesettlement of a patent infringement suit with DataTreasury.

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