First Data, Seeking Consistency, Sees 1st-Quarter Results as in Line

First Data Corp. added to its consistent growth record with a 16% increase in revenues for the first quarter, to $437.5 million.

Excluding 1994 revenues from cable and hotel reservation services that have since been sold, the increase was 24%.

Transaction card processing, payment instruments such as MoneyGram money transmissions, and mutual fund servicing all contributed to the growth, First Data said.

Net income was up $6.5 million, or 15%, to $50.2 million, and by 6 cents a share, to 45 cents.

For 1994, earnings rose 20%, to $208.1 million; revenues, 11%, to $1.65 billion. The company has set long-term growth goals of 20% for both revenues and net income.

Ric Duques, chairman and chief executive officer, said first-quarter results were "on target, reflecting higher expense levels relating to activities performed on behalf of new clients who have not been converted to our systems." He said he anticipates faster revenue and profit growth in the second half, as these clients are connected.

Mr. Duques said First Data also is on schedule with integrating Card Establishment Services Inc., one of the largest processors of transactions for retail merchants, which it acquired in March.

The company does not disclose the performance of individual business units, but credit card services are known to provide the majority of revenues. Quarter-end numbers showed card accounts on file rose 32%, to 95.1 million, and that card and merchant transactions processed, excluding CES, jumped 26%, to 903.4 million.

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