DENVER, July 17 /PRNewswire-FirstCall/ -- First Data Corp. (NYSE: FDC),
today reported second quarter earnings per share of $0.47 up 21% on a reported
basis and 15% on a recurring basis year-over-year. Revenue grew 12% to
$2.1 billion.
"It was another good quarter and we remain confident that we will achieve
full-year guidance," said Charlie Fote, chairman and chief executive officer.
"Our focus in the second half of the year is to deliver strong financial
performance and to conclude the Concord transaction."
(Refer to the Financial Measures section below for the definition of
recurring operations.)
Business Segment Highlights
Payment Services, comprised largely of Western Union, delivered second
quarter revenue of $896 million, a 15% growth from $780 million in the same
period last year. Operating profits grew 24% to $305 million with profit
margin improving to 34%, up from 32% in second quarter 2002. The
international business, including Mexico, contributed to the increase in
profit margin.
Western Union's ability to provide convenient means for consumers to send
money anywhere and at any time continued to drive transaction growth in the
second quarter. Consumer-to-consumer money transfer transactions, more than
80% of Western Union's money transfer revenue, grew 20%. Transaction growth
to Mexico was 25%. International transactions and revenue grew 27% and 26%,
respectively. Western Union branded consumer-to-business transactions
increased 15%. Prepaid services transactions grew 34%.
The Western Union agent distribution network is more than
165,000 locations strong. At current expansion rates, Western Union is well
on track to finish the year with more than 180,000 agent locations.
Executing on First Data's cross-sell strategy, ValueLink, Western Union's
prepaid stored value card business, expanded the total number of retail
outlets where ValueLink stored value cards are offered and accepted to nearly
72,000 by signing agreements with several existing First Data clients,
including Winn-Dixie.
Card Issuing Services posted second quarter revenue of $509 million, up
10% year-over-year primarily due to increased print, mail and plastics
outsourcing business. Card Issuing continues to generate healthy cash flows
consistent with the First Data family of businesses. Operating profits of
$74 million declined as a result of decreasing sub-prime business, increased
investments in international markets and pricing adjustments.
As of June 30, accounts on file were 316 million. The pipeline of
accounts to be converted is approximately 90 million. During the quarter,
more than 8 million accounts were converted. An additional 29 million
accounts are scheduled to be converted by the end of 2003.
Merchant Services grew revenue and operating profits 12% for the second
quarter to $783 million and $217 million, respectively. Merchant processing
transactions grew 25%, and profit margin remained strong at 28%.
A pending bank merger led to the termination of a small First Data
alliance relationship. The termination of this alliance relationship and the
sale of First Data's interest in the related merchant portfolio resulted in a
$20 million pre-tax gain in the quarter. This compares to $20 million in
similar gains including contract termination fees in the second quarter 2002.
Emerging Payments, First Data's eONE Global business reported $38 million
in revenue for the quarter. During the quarter, eONE Global signed several
agreements expanding its overall payment technology capabilities and creating
new revenue opportunities.
Other Highlights
On May 21, First Data's board authorized an additional $1.145 billion for
stock repurchases. During the quarter, the company repurchased 10.7 million
shares of its stock for $454 million at an average price of $42.47 per share.
The remaining authorization for stock repurchases is approximately
$1.0 billion.
The company filed a shelf registration with the Securities and Exchange
Commission, for an additional $1.8 billion of debt or equity on June 12, 2003.
Financial Measures
Results from recurring operations are non-GAAP (generally accepted
accounting principles) measures and should be viewed in addition to, and not
in lieu of, the company's reported results. Reconciliations to comparable
GAAP measures are available in the accompanying schedules and in the "Invest"
section of the company's web site at http://www.firstdata.com . Recurring operations
exclude restructuring, impairment, significant litigation and regulatory
settlement charges; and divestiture and non-operating investment gains and
losses, as detailed in the accompanying schedules.
Conference Call and Webcast
First Data will hold a conference call today at 8:00 a.m. EDT to discuss
the company's second quarter financial performance. Charlie Fote, chairman
and chief executive officer; Kim Patmore, executive vice president and chief
financial officer; and David Banks, senior vice president of Investor
Relations will host the call. The call will be open to the public. The
conference call can be accessed by calling 888-831-9087 (in the U.S.) or
210-234-8003 (internationally) and passcode: FDC. This call also will be
broadcast on the company's web site at http://www.firstdata.com . Interested parties
are encouraged to click on the webcast link 10-15 minutes prior to the start
of the conference call.
A replay of the conference call and the webcast will be available July 18
at 8:00 a.m. EDT through 5:00 p.m. EDT July 24, 2003. The replay of the call
is available at 800-873-2140 in the U.S. or 402-220-4756 internationally (no
passcode required), and a replay of the webcast is available at
http://www.firstdata.com .
Please note: All statements made by First Data officers on this call are
the property of First Data and subject to copyright protection. Recording of
the call is prohibited without the express written consent of First Data.
First Data Corp. (NYSE: FDC), with global headquarters in Denver, helps
power the global economy. As a leader in electronic commerce and payment
services, First Data serves approximately 3 million merchant locations,
1,400 card issuers and millions of consumers, making it easy, fast and secure
for people and businesses to buy goods and services using virtually any form
of payment. With 29,000 employees worldwide, the company provides credit,
debit, smart card and stored-value card issuing and merchant transaction
processing services; Internet commerce solutions; money transfer services;
money orders; and check processing and verification services throughout the
United States. First Data also offers a variety of payment services in the
United Kingdom, Australia, Canada, Japan, Mexico, Spain, the Netherlands, the
Middle East and Germany. Its Western Union and Orlandi Valuta money transfer
networks include a total of approximately 165,000 Agent locations in more than
195 countries and territories. For more information, please visit the
company's web site at http://www.firstdata.com .
Notice to Investors, Prospective Investors and the Investment Community
Cautionary Information Regarding Forward-Looking Statements
Statements in this press release regarding First Data Corporation's
business which are not historical facts, including the revenue and earnings
projections, are "forward-looking statements." All forward-looking statements
are inherently uncertain as they are based on various expectations and
assumptions concerning future events and they are subject to numerous known
and unknown risks and uncertainties which could cause actual events or results
to differ materially from those projected. Important factors upon which the
Company's forward-looking statements are premised include: (a) continued
growth at rates approximating recent levels for card-based payment
transactions, consumer money transfer transactions and other product markets;
(b) successful conversions under service contracts with major clients; (c)
renewal of material contracts in the Company's business units consistent with
past experience; (d) timely, successful and cost-effective implementation of
processing systems to provide new products, improved functionality and
increased efficiencies, particularly in the card issuing services segment; (e)
successful and timely integration of significant businesses and technologies
acquired by the Company and realization of anticipated synergies; (f)
continuing development and maintenance of appropriate business continuity
plans for the Company's processing systems based on the needs and risks
relative to each such system; (g) absence of consolidation among client
financial institutions or other client groups which has a significant impact
on FDC client relationships and no material loss of business from significant
customers of the Company; (h) achieving planned revenue growth throughout the
Company, including in the merchant alliance program which involves several
joint ventures not under the sole control of the Company and each of which
acts independently of the others, and successful management of pricing
pressures through cost efficiencies and other cost management initiatives; (i)
successfully managing the credit and fraud risks in the Company's business
units and the merchant alliances, particularly in the context of the
developing e-commerce markets; (j) anticipation of and response to
technological changes, particularly with respect to e-commerce; (k) attracting
and retaining qualified key employees; (l) no unanticipated changes in laws,
regulations, credit card association rules or other industry standards
affecting FDC's businesses which require significant product redevelopment
efforts, reduce the market for or value of its products or render products
obsolete; (m) continuation of the existing interest rate environment so as to
avoid increases in agent fees related to Payment Services' products and
increases in interest on the Company's borrowings; (n) absence of significant
changes in foreign exchange spreads on retail money transfer transactions,
particularly in high-volume corridors, without a corresponding increase in
volume or consumer fees; (o) continued political stability in countries in
which Western Union has material operations; (p) implementation of Western
Union agent agreements with governmental entities according to schedule and no
interruption of relations with countries in which Western Union has or is
implementing material agent agreements; (q) no unanticipated developments
relating to previously disclosed lawsuits, investigations or similar matters;
(r) successful management of any impact from slowing economic conditions or
consumer spending; (s) no catastrophic events that could impact the Company's
or its major customer's operating facilities, communication systems and
technology or that has a material negative impact on current economic
conditions or levels of consumer spending; (t) no material breach of security
of any of our systems; and (u) successfully managing the potential both for
patent protection and patent liability in the context of rapidly developing
legal framework for expansive software patent protection.
Not a Proxy Solicitation
This communication is not a solicitation of a proxy from any security
holder of First Data Corporation or Concord EFS, Inc., and First Data
Corporation and Concord EFS, Inc. will be filing with the Securities and
Exchange Commission a definitive joint proxy statement/prospectus to be mailed
to security holders and other relevant documents concerning the planned merger
of Concord EFS, Inc. with a subsidiary of First Data Corporation. WE URGE
INVESTORS TO READ THE DEFINITIVE VERSION OF THE JOINT PROXY
STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE
SEC, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors will be able
to obtain the documents free of charge at the SEC's web site, http://www.sec.gov. In
addition, documents filed with the SEC by First Data Corporation will be
available free of charge from First Data Investor Relations, 6200 S. Quebec
St., Suite 340, Greenwood Village, CO, 80111. Documents filed with the SEC by
Concord EFS, Inc. will be available free of charge from Concord Investor
Relations, 2525 Horizon Lake Drive, Suite 120, Memphis, TN, 38133.
First Data Corporation and its directors and executive officers and other
members of its management and employees, may be deemed to be participants in
the solicitation of proxies from the stockholders of First Data Corporation in
connection with the merger. Information about the directors and executive
officers of First Data Corporation and their ownership of First Data
Corporation stock is set forth in the proxy statement for First Data
Corporation's 2003 annual meeting of stockholders.
Not an Offer to Sell Securities
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described in the
registration statement filed by the company on June 12, 2003, nor shall there
be any sale of the securities in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state.
FIRST DATA CORPORATION
SUMMARY FINANCIAL HIGHLIGHTS
(Unaudited)
(In millions, except per share amounts)
Three Months Ended June 30,
2003 2002 Change
Total revenues (GAAP) (a) $2,114.2 $1,889.9 12%
Income before income taxes,
minority interest and equity
earnings in affiliates
Recurring operations $478.9 $434.6 10%
Items excluded from
recurring operations (i) (0.1) (31.4)
Reported (GAAP) $478.8 $403.2 19%
Net income
Recurring operations $353.8 $316.2 12%
Items excluded from recurring
operations -- (17.6)
Reported (GAAP) $353.8 $298.6 18%
Earnings per common share - diluted
Recurring operations $0.47 $0.41 15%
Items excluded from recurring
operations -- (0.02)
Reported (GAAP) $0.47 $0.39 21%
Weighted average shares outstanding
- diluted 759.4 775.7 -2%
Net income margins
Recurring operations 16.7% 16.7% 0.0 pts
Items excluded from recurring
operations -- (0.9%)
Reported (GAAP) 16.7% 15.8% 0.9 pts
(See accompanying notes)
FIRST DATA CORPORATION
SUMMARY FINANCIAL HIGHLIGHTS
(Unaudited)
(In millions, except per share amounts)
Six Months Ended June 30,
2003 2002 Change
Total revenues (GAAP) (a) $4,123.2 $3,630.2 14%
Income before income taxes,
minority interest and equity
earnings in affiliates
Recurring operations $878.5 $779.9 13%
Items excluded from recurring
operations (i) (0.2) (46.0)
Reported (GAAP) $878.3 $733.9 20%
Net income
Recurring operations $646.4 $568.6 14%
Items excluded from recurring
operations -- (25.7)
Reported (GAAP) $646.4 $542.9 19%
Earnings per common share - diluted
Recurring operations $0.85 $0.73 16%
Items excluded from recurring
operations -- (0.03)
Reported (GAAP) $0.85 $0.70 21%
Weighted average shares outstanding
- diluted 759.6 778.3 -2%
Net income margins
Recurring operations 15.7% 15.7% 0.0 pts
Items excluded from recurring
operations -- (0.7%)
Reported (GAAP) 15.7% 15.0% 0.7 pts
(See accompanying notes)
FIRST DATA CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In millions, except per share amounts)
Three Months Ended June 30,
2003 2002 Change
Revenues:
Transaction and processing
service fees:
Payment services $791.8 $691.1 15%
Merchant services (a) 529.5 473.9 12%
Check verification and
guarantee services 101.6 96.3 6%
Card issuing services 332.9 315.6 5%
All other 36.4 42.4 -14%
Investment income, net 38.2 25.7 49%
Professional services 24.7 29.3 -16%
Software licensing and maintenance 12.2 17.5 -30%
Product sales and other 95.1 75.9 25%
Reimbursable postage and other 151.8 122.2 24%
2,114.2 1,889.9 12%
Expenses: (a)
Cost of services 1,049.0 939.1 12%
Cost of products sold 55.0 47.3 16%
Selling, general and administrative 355.4 319.3 11%
Reimbursable postage and other 151.8 122.2 24%
Other operating expenses:
Restructuring, net -- (1.8) NM
Impairments -- 11.3 NM
Litigation and regulatory
settlements -- 30.0 NM
1,611.2 1,467.4 10%
Operating profit 503.0 422.5 19%
Other income (expense):
Interest income 1.4 1.2 17%
Interest expense (25.5) (28.6) -11%
Investment gains and (losses) (0.1) 5.7 NM
Divestitures, net -- 2.4 NM
(24.2) (19.3) 25%
Income before income taxes,
minority interest and equity
earnings in affiliates 478.8 403.2 19%
Income taxes 131.7 106.2 24%
Minority interest (32.1) (26.4) 22%
Equity earnings in affiliates 38.8 28.0 39%
Net income $353.8 $298.6 18%
Earnings per share - basic $0.47 $0.39 21%
Earnings per share - diluted $0.47 $0.39 21%
Weighted average shares outstanding:
Basic 747.9 760.0 -2%
Diluted 759.4 775.7 -2%
Shares outstanding at end of period 740.2 757.2 -2%
(See accompanying notes)
FIRST DATA CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In millions, except per share amounts)
Six Months Ended June 30,
2003 2002 Change
Revenues:
Transaction and processing
service fees:
Payment services $1,550.0 $1,321.3 17%
Merchant services (a) 1,011.8 897.2 13%
Check verification and
guarantee services 194.0 180.9 7%
Card issuing services 669.8 629.9 6%
All other 72.9 82.7 -12%
Investment income, net 68.1 55.6 22%
Professional services 51.0 49.3 3%
Software licensing and maintenance 23.4 27.9 -16%
Product sales and other 163.9 147.7 11%
Reimbursable postage and other 318.3 237.7 34%
4,123.2 3,630.2 14%
Expenses: (a)
Cost of services 2,083.5 1,843.3 13%
Cost of products sold 99.4 93.7 6%
Selling, general and administrative 694.3 619.1 12%
Reimbursable postage and other 318.3 237.7 34%
Other operating expenses:
Restructuring, net -- 7.1 NM
Impairments -- 11.3 NM
Litigation and regulatory
settlement charges -- 30.0 NM
3,195.5 2,842.2 12%
Operating profit 927.7 788.0 18%
Other income (expense):
Interest income 2.7 2.8 -4%
Interest expense (51.9) (59.3) -12%
Investment gains and (losses) (0.2) -- NM
Divestitures, net -- 2.4 NM
(49.4) (54.1) -9%
Income before income taxes,
minority interest and equity
earnings in affiliates 878.3 733.9 20%
Income taxes 242.7 196.1 24%
Minority interest (57.0) (47.0) 21%
Equity earnings in affiliates 67.8 52.1 30%
Net income $646.4 $542.9 19%
Earnings per share - basic $0.86 $0.71 21%
Earnings per share - diluted $0.85 $0.70 21%
Weighted average shares outstanding:
Basic 749.1 761.3 -2%
Diluted 759.6 778.3 -2%
Shares outstanding at end of period 740.2 757.2 -2%
(See accompanying notes)
FIRST DATA CORPORATION
SUMMARY SEGMENT DATA
(Unaudited)
(In millions)
Three Months Ended June 30,
2003 2002 Change
Revenues:
Payment services $896.3 $779.6 15%
Merchant services (a) 783.1 697.4 12%
Card issuing services 508.8 462.3 10%
Emerging payments 38.1 40.6 -6%
Subtotal segment revenues 2,226.3 1,979.9 12%
All other and corporate 20.0 23.6 -15%
2,246.3 2,003.5 12%
Adjustments for items included
in segment and all other and
corporate revenue: (b)
Equity earnings in
affiliates (c) (45.9) (34.0) 35%
Interest income (1.4) (1.2) 17%
Eliminations (d) (84.8) (78.4) 8%
Consolidated revenue $2,114.2 $1,889.9 12%
Operating profit: (e)
Payment services $304.8 $245.7 24%
Merchant services 216.9 194.0 12%
Card issuing services 73.8 90.5 -18%
Emerging payments (3.7) (4.0) 8%
Subtotal segment operating
profit 591.8 526.2 12%
All other and corporate (23.9) (10.7) -123%
567.9 515.5 10%
Adjustments for items included
in segment and all other and
corporate operating profit: (f)
Equity earnings in affiliates (38.8) (28.0) 39%
Minority interest from
segment operations (g) 32.3 29.8 8%
Eliminations (h) (57.0) (54.1) 5%
Interest expense (25.5) (28.6) -11%
Items excluded from recurring
operations (i) (0.1) (31.4) NM
Income before income taxes,
minority interest and equity
earnings in affiliates $478.8 $403.2 19%
Depreciation & Amortization:
Payment services $28.8 $22.2 30%
Merchant services (a) 63.1 59.3 6%
Card issuing services 46.2 41.4 12%
Emerging payments 2.7 4.4 -39%
All other and corporate 4.2 4.4 -5%
Consolidated depreciation
& amortization $145.0 $131.7 10%
(See accompanying notes)
FIRST DATA CORPORATION
SUMMARY SEGMENT DATA
(Unaudited)
(In millions)
Six Months Ended June 30,
2003 2002 Change
Revenues:
Payment services $1,748.8 $1,498.7 17%
Merchant services (a) 1,480.4 1,320.7 12%
Card issuing services 1,032.3 914.6 13%
Emerging payments 74.8 67.5 11%
Subtotal segment revenues 4,336.3 3,801.5 14%
All other and corporate 40.4 46.3 -13%
4,376.7 3,847.8 14%
Adjustments for items included
in segment and all other and
corporate revenue: (b)
Equity earnings in
affiliates (c) (82.6) (64.4) 28%
Interest income (2.7) (2.8) -4%
Eliminations (d) (168.2) (150.4) 12%
Consolidated revenue $4,123.2 $3,630.2 14%
Operating profit: (e)
Payment services $585.5 $476.0 23%
Merchant services 371.3 337.3 10%
Card issuing services 149.5 175.0 -15%
Emerging payments (7.7) (12.4) 38%
Subtotal segment operating
profit 1,098.6 975.9 13%
All other and corporate (45.0) (31.4) -43%
1,053.6 944.5 12%
Adjustments for items included
in segment and all other and
corporate operating profit: (f)
Equity earnings in affiliates (67.8) (52.1) 30%
Minority interest from segment
operations (g) 57.2 52.1 10%
Eliminations (h) (112.6) (105.3) 7%
Interest expense (51.9) (59.3) -12%
Items excluded from recurring
operations (i) (0.2) (46.0) NM
Income before income taxes,
minority interest and equity
earnings in affiliates $878.3 $733.9 20%
Depreciation & Amortization:
Payment services $57.8 $42.5 36%
Merchant services (a) 124.7 116.4 7%
Card issuing services 91.8 81.6 13%
Emerging payments 5.5 7.5 -27%
All other and corporate 8.6 9.3 -8%
Consolidated depreciation
& amortization $288.4 $257.3 12%
(See accompanying notes)
FIRST DATA CORPORATION
NOTES TO FINANCIAL SCHEDULES
(Unaudited)
(a) In the third quarter of 2002, the Company acquired a majority
interest in three merchant alliances, Huntington Merchant Services,
Wachovia Merchant Services and Wells Fargo Merchant Services.
Revenues and expenses were retroactively restated back to January 1,
2002 to reflect the merchant alliances, which were previously
accounted for under the equity method of accounting, as consolidated
subsidiaries.
(b) Adjustments for items included in segment and all other and corporate
revenue represent items that are included in segment and all other
and corporate revenues but are excluded from total revenues on the
Consolidated Statements of Income.
(c) Excludes equity losses that were recorded in expense of $0.1 million
and $1.0 million for the three and six months ended June 30, 2003,
respectively, and the amortization related to the excess of the
investment balance over the Company's proportionate share of the
investee's net book value for 2003 and 2002.
(d) Represents elimination of adjustment to record payment services
revenues on a pre-tax equivalent basis and elimination of
intersegment revenue.
(e) Segment and all other and corporate operating profit includes
interest income, minority interest and equity earnings in affiliates
net of related amortization expense and the allocation of corporate
overhead. Segment and all other and corporate operating profit
excludes items discussed in note (i) below and interest expense.
(f) Adjustments for items included in segment and all other and corporate
operating profit represent items that are included in segment and all
other and corporate operating profit but are excluded from "Income
before income taxes, minority interest and equity earnings in
affiliates" on the Consolidated Statements of Income.
(g) Minority interest from segment operations excludes minority interest
attributable to items excluded from segment operations.
(h) Primarily represents elimination of adjustment to record payment
services profits on a pre-tax equivalent basis.
(i) Items excluded from recurring operations consist of the following:
2003 (in millions) Three months Six months
ended ended
June 30, June 30,
2003 2003
Investment losses, net (0.1) (0.2)
(0.1) (0.2)
The Company recorded a $0.1 million investment loss during the three
months ended June 30, 2003 attributed to a $0.5 million write-down of
an investment in the emerging payments segment, offset by a
$0.4 million dividend on an investment held by corporate. The Company
recorded a $0.1 million write-down of an investment in the emerging
payments segment during the three months ended March 31, 2003.
Minority interest 0.1 0.2
$-- $--
2002 (in millions) Three months Six months
ended ended
June 30, June 30,
2002 2002
Restructuring, net $1.8 $(7.1)
A restructuring charge of $8.9 million was recorded in the first
quarter and was offset with reversals of excess restructuring accruals
of $1.8 million in the second quarter.
Impairments (11.3) (11.3)
Impairment charges of $11.3 million were recorded in the second quarter
related to SurePay's capitalized business to business software
development costs.
Litigation and regulatory settlement charges (30.0) (30.0)
A litigation charge of $30.0 million was recorded in the second quarter
related to the anticipated settlement of various Western Union class
action lawsuits.
Investment gains, net 5.7 --
Investment losses of $5.7 million related to e-commerce businesses were
recorded in the first quarter offset by a net gain of $5.7 million in
the second quarter, related to an $8.1 million gain on the sale of a
portion of the Company's investment in CheckFree Corporation and
e-commerce investment losses of $2.4 million.
Divestitures, net 2.4 2.4
Divestiture reserve reversals of $2.4 million were recorded in the
second quarter of 2002 related to the passage of certain contractual
indemnification provisions and the release of amounts previously held
in escrow.
(31.4) (46.0)
Minority interest 3.4 5.1
$(28.0) $(40.9)
NM = Not meaningful.
FIRST DATA CORPORATION
FINANCIAL TRANSACTION PROCESSING
KEY INDICATORS
(Unaudited)
At June 30, 2003 2002 Change
Card accounts on file (millions) (a)
Domestic cards 287.8 291.9 -1%
International cards 27.7 23.1 20%
Total 315.5 315.0 0%
For the Three-Months Ended June 30:
North America merchant dollar volume
(billions) (b) $168.5 $137.5 23%
North America merchant transactions
(millions) (b) 3,111.3 2,481.4 25%
Payment services transactions
(millions):
Consumer-to-consumer money
transfer (c) 20.0 16.6 20%
Total consumer-to-business (d) 45.4 42.6 7%
Western Union branded
consumer-to-business (e) 33.1 28.9 15%
For the Six-Months Ended June 30:
North America merchant dollar volume
(billions) (b) $316.2 $259.4 22%
North America merchant transactions
(millions) (b) 5,838.5 4,693.7 24%
Payment services transactions
(millions):
Consumer-to-consumer money
transfer (c) 38.0 31.3 21%
Total consumer-to-business (d) 91.5 84.1 9%
Western Union branded
consumer-to-business (e) 66.5 58.3 14%
(a) Domestic and international card accounts on file for 2002 have been
restated to reflect a reclassification from domestic to international
for accounts related to Canada and Latin America that are now
considered part of international.
(b) North America merchant dollar volume includes Visa and MasterCard
credit and off-line debit and PIN-based debit at point-of-sale.
North America Merchant transactions include Visa and MasterCard
credit and off-line debit, processed-only customer transactions and
PIN-based debit at point-of-sale.
(c) Consumer-to-consumer money transfer transactions include North
America and International consumer money transfer services.
(d) Consumer-to-business transactions include Quick Collect, EasyPay,
PhonePay, Paymap's Just-in-Time and Equity Accelerator services, and
E Commerce Group's SpeedPay. Amounts for 2002 include transactions
for E Commerce Group and Paymap as if they were consolidated
subsidiaries for all periods to provide a more meaningful
comparison.
(e) Western Union branded consumer-to-business transactions include Quick
Collect, EasyPay, PhonePay, Paymap's Just-in-Time and Equity
Accelerator services, and E Commerce Group's SpeedPay transactions
directly processed by E Commerce Group. Amounts for 2002 include
transactions for E Commerce Group and Paymap as if they were
consolidated subsidiaries for all periods to provide a more
meaningful comparison.
FIRST DATA CORPORATION
FINANCIAL TRANSACTION PROCESSING
KEY INDICATORS
(Unaudited)
Full
Three months ended, year
March 31, June 30, September 30, December 31, 2002
2002 2002 2002 2002
Payment services
transactions
(millions):
Western Union
branded consumer-
to-business (a) 29.4 28.9 30.2 30.9 119.3
Full
Three months ended, year
March 31, June 30, September 30, December 31, 2001
2001 2001 2001 2001
Payment services
transactions
(millions):
Western Union
branded consumer-
to-business (a) 23.3 23.8 25.0 26.4 98.5
(a) Western Union branded consumer-to-business transactions include Quick
Collect, EasyPay, PhonePay, Paymap's Just-in-Time and Equity
Accelerator services, and E Commerce Group's SpeedPay transactions
directly processed by E Commerce Group. Amounts for 2002 and 2001
include transactions for E Commerce Group and Paymap as if they were
consolidated subsidiaries for all periods to provide a more
meaningful comparison.
FDC - 1
SOURCE First Data Corp.
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Related links:
http://www.firstdata.com
CONTACT:
David Banks, Investor Relations,
+1-303-967-8057, or Greg Rossiter, Media Relations,
+1-303-967-6275, both of First Data Corp.
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