Profits Slump At First Data
DENVER - (10/17/05) -- First Data Corp. reported Fridaythat net income for its third quarter declined 8% to $421.5million, or 54 cents a share, compared to the same period lastyear. Most of the decline was due to a 9% rise in expenses duringthe period, to $1.43 billion. Third quarter revenues rose 6% to$2.7 billion. Revenue growth continued to be driven by thecompany's Western Union payment services, with Western Uniontransactions up 22% and merchant transactions by 13% for theperiod. Card issuing services slumped during the period, with a 4%drop in revenues. For the first three quarters of the year, netincome was down 16% to $1.2 billion, or $1.51 a share, compared tothe first nine months last year.