Reported EPS of $0.49
Recurring EPS of $0.51
DENVER, Oct. 14 /PRNewswire-FirstCall/ -- First Data today reported third
quarter earnings per share (EPS) growth of 9% to $0.49 on a reported basis.
Recurring EPS grew 13% to $0.51. Third quarter revenue grew 10% to $2.14
billion. Cash flow from operations continues to be strong.
"Our ability to execute on the operating plan allowed us to deliver
another strong quarter," said Charlie Fote, chairman and chief executive
officer. "We continue to make investments across all of our businesses,
ensuring that we remain well positioned to capitalize on strong industry
growth trends. We also continue to review and streamline operations in all
segments as we prepare to integrate Concord.
"Based on what we know today, we expect full-year revenue growth of close
to 14% and full-year reported EPS to be in the middle of the $1.87-$1.93
range," Fote added.
(Refer to the Financial Measures section below for the definition of
recurring operations.)
Third Quarter Financial Highlights
* Recurring third quarter 2003 EPS of $0.51 excluded a net $0.02 charge
related primarily to restructuring.
* Operating margin for the quarter was 23%. The two largest segments,
Payment Services and Merchant Services, delivered margins of 35% and
27%, respectively.
* During the quarter, 11.1 million shares of stock were repurchased for
$439 million at an average price of $39.43 per share. The remaining
authorization for stock repurchases is approximately $607 million.
Third Quarter Business Segment Highlights
Payment Services delivered third quarter revenue of $935 million, a 14%
growth from the same period last year. On August 5th the company acquired a
51% stake in Eposs, a U.K. provider of prepaid payment solutions. During the
third quarter Eposs contributed approximately $1.5 million of revenue to this
segment. Operating profits grew 14% to $324 million with a strong 35% profit
margin. Increased scale in the international business and improving trends in
Mexico contributed to the strong profit margin.
Western Union, which comprises more than 80% of Payment Services' revenue,
posted healthy consumer-to-consumer, consumer-to-business and prepaid
transaction growth of 18%, 11% and 34%, respectively. Mexico money transfer
revenue grew 16% on 20% transaction growth. In the international business,
transactions grew 24% driving revenue growth of 23%.
Agent locations as of September 30 were approximately 169,000, up 25% from
the same period last year. Western Union is on pace to have more than 180,000
agent locations by year-end.
Merchant Services continued to deliver robust results. Revenue grew
12% for the third quarter to $785 million, and operating profits grew 10% to
$215 million. Margins remained strong at 27%, including ongoing investments
in the international arena and product and service enhancements. Total
transactions processed in the third quarter grew a very healthy 26%.
During the quarter, TeleCheck announced an agreement to provide end-to-end
check verification and recovery services to Albertsons.
Card Issuing Services posted third quarter revenue of $492 million, up 1%.
Operating profits of $73 million declined as a result of decreasing subprime
business, pricing adjustments and the deconversion of Citi's bankcard
portfolio. This deconversion was partially offset by the smooth conversion of
The Home Depot retail portfolio, a part of Citi Commerce Solutions.
During the quarter, the company converted more than 15 million accounts,
bringing the total for the year to 24 million. The pipeline of accounts to be
converted is approximately 75 million; 11 million of which are scheduled to be
converted by year-end. The accounts on file at September 30 stood at 332
million.
Internationally, First Data signed its first full bankcard outsourcing
agreement in China with China Everbright Bank.
Emerging Payments, First Data's eONE Global business, reported $39 million
in revenue for the quarter.
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 third 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
210-234-8689 (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 October
15 at 8:00 a.m. EDT through 5:00 p.m. EDT October 22, 2003. The replay of the
call is available at 800-337-6849 in the U.S. or 402-220-0213 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 169,000 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. First Data has filed
with the Securities and Exchange Commission (SEC) a joint proxy
statement/prospectus concerning the planned merger of Concord with a
subsidiary of First Data. WE URGE INVESTORS TO READ 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 website, http://www.sec.gov. In
addition, documents filed with the SEC by First Data 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 will be
available free of charge from Concord Investor Relations, 2525 Horizon Lake
Drive, Suite 120, Memphis, TN 38133.
First Data 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 in connection with
the planned merger. Information about the directors and executive officers of
First Data and their ownership of First Data stock is set forth in the proxy
statement for First Data's 2003 annual meeting of stockholders. Investors may
obtain additional information regarding the interests of the participants by
reading the joint proxy statement/prospectus.
FIRST DATA CORPORATION
SUMMARY FINANCIAL HIGHLIGHTS
(Unaudited)
(In millions, except per share amounts)
Three Months Ended September 30,
2003 2002 Change
Total revenues (GAAP) $2,139.6 $1,947.5 10%
Income before income taxes, minority
interest and equity earnings in
affiliates
Recurring operations $491.7 $458.6 7%
Items excluded from recurring
operations (f) (33.0) --
Reported (GAAP) $458.7 $458.6 0%
Net income
Recurring operations $380.4 $342.5 11%
Items excluded from recurring
operations (19.5) --
Reported (GAAP) $360.9 $342.5 5%
Earnings per common share - diluted
Recurring operations $0.51 $0.45 13%
Items excluded from recurring
operations (0.02) --
Reported (GAAP) $0.49 $0.45 9%
Weighted average shares outstanding -
diluted 743.2 767.4 -3%
Net income margins
Recurring operations 17.8% 17.6% 0.2 pts
Items excluded from recurring
operations (0.9%) --
Reported (GAAP) 16.9% 17.6% -0.7 pts
(See accompanying notes)
FIRST DATA CORPORATION
SUMMARY FINANCIAL HIGHLIGHTS
(Unaudited)
(In millions, except per share amounts)
Nine Months Ended September 30,
2003 2002 Change
Total revenues (GAAP) $6,262.8 $5,577.7 12%
Income before income taxes, minority
interest and equity earnings in
affiliates
Recurring operations $1,370.2 $1,238.5 11%
Items excluded from recurring
operations (f) (33.2) (46.0)
Reported (GAAP) $1,337.0 $1,192.5 12%
Net income
Recurring operations $1,026.8 $911.1 13%
Items excluded from recurring
operations (19.5) (25.7)
Reported (GAAP) $1,007.3 $885.4 14%
Earnings per common share - diluted
Recurring operations $1.36 $1.18 15%
Items excluded from recurring
operations (0.03) (0.04)
Reported (GAAP) $1.33 $1.14 17%
Weighted average shares outstanding -
diluted 756.6 774.6 -2%
Net income margins
Recurring operations 16.4% 16.3% 0.1 pts
Items excluded from recurring
operations (0.3%) (0.4%)
Reported (GAAP) 16.1% 15.9% 0.2 pts
(See accompanying notes)
FIRST DATA CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In millions, except per share amounts)
Three Months Ended September 30,
2003 2002 Change
Revenues:
Transaction and processing
service fees:
Payment services $832.6 $734.3 13%
Merchant services 545.6 490.0 11%
Check verification and
guarantee services 96.3 95.5 1%
Card issuing services 323.8 326.3 -1%
All other 35.0 38.3 -9%
Investment income, net 37.7 22.1 71%
Professional services 23.6 33.5 -30%
Software licensing and maintenance 14.0 13.4 4%
Product sales and other 83.1 61.5 35%
Reimbursable postage and other 147.9 132.6 12%
2,139.6 1,947.5 10%
Expenses:
Cost of services 1,086.1 958.7 13%
Cost of products sold 53.2 46.8 14%
Selling, general and administrative 333.7 323.2 3%
Reimbursable postage and other 147.9 132.6 12%
Other operating expenses:
Restructuring, net 28.9 -- NM
Impairments 0.8 -- NM
Litigation and regulatory
settlements 5.0 -- NM
1,655.6 1,461.3 13%
Operating profit 484.0 486.2 0%
Other income (expense):
Interest income 2.1 1.1 91%
Interest expense (29.1) (28.7) 1%
Investment gains and (losses) (5.1) -- NM
Divestitures, net 6.8 -- NM
(25.3) (27.6) -8%
Income before income taxes,
minority interest and equity
earnings in affiliates 458.7 458.6 0%
Income taxes (g) 101.4 123.5 -18%
Minority interest (32.3) (26.2) 23%
Equity earnings in affiliates 35.9 33.6 7%
Net income $360.9 $342.5 5%
Earnings per share - basic $0.49 $0.45 9%
Earnings per share - diluted $0.49 $0.45 9%
Weighted average shares outstanding:
Basic 731.9 755.5 -3%
Diluted 743.2 767.4 -3%
Shares outstanding at end of period 728.8 752.1 -3%
(See accompanying notes)
FIRST DATA CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In millions, except per share amounts)
Nine Months Ended September 30,
2003 2002 Change
Revenues:
Transaction and processing
service fees:
Payment services $2,382.6 $2,055.6 16%
Merchant services 1,557.4 1,387.2 12%
Check verification and
guarantee services 290.3 276.4 5%
Card issuing services 993.6 956.2 4%
All other 107.9 121.0 -11%
Investment income, net 105.8 77.7 36%
Professional services 74.6 82.8 -10%
Software licensing and maintenance 37.4 41.3 -9%
Product sales and other 247.0 209.2 18%
Reimbursable postage and other 466.2 370.3 26%
6,262.8 5,577.7 12%
Expenses:
Cost of services 3,169.6 2,802.0 13%
Cost of products sold 152.6 140.5 9%
Selling, general and administrative 1,028.0 942.3 9%
Reimbursable postage and other 466.2 370.3 26%
Other operating expenses:
Restructuring, net 28.9 7.1 NM
Impairments 0.8 11.3 NM
Litigation and regulatory
settlements 5.0 30.0 NM
4,851.1 4,303.5 13%
Operating profit 1,411.7 1,274.2 11%
Other income (expense):
Interest income 4.8 3.9 23%
Interest expense (81.0) (88.0) -8%
Investment gains and (losses) (5.3) -- NM
Divestitures, net 6.8 2.4 NM
(74.7) (81.7) -9%
Income before income taxes, minority
interest and equity earnings in
affiliates 1,337.0 1,192.5 12%
Income taxes (g) 344.1 319.6 8%
Minority interest (89.3) (73.2) 22%
Equity earnings in affiliates 103.7 85.7 21%
Net income $1,007.3 $885.4 14%
Earnings per share - basic $1.36 $1.17 16%
Earnings per share - diluted $1.33 $1.14 17%
Weighted average shares outstanding:
Basic 743.3 759.4 -2%
Diluted 756.6 774.6 -2%
Shares outstanding at end of period 728.8 752.1 -3%
(See accompanying notes)
FIRST DATA CORPORATION
SUMMARY SEGMENT DATA
(Unaudited)
(In millions)
Three Months Ended September 30,
2003 2002 Change
Revenues:
Payment services $935.2 $820.5 14%
Merchant services 785.1 702.6 12%
Card issuing services 492.0 485.1 1%
Emerging payments 38.5 37.7 2%
Subtotal segment revenues 2,250.8 2,045.9 10%
All other and corporate 20.0 22.7 -12%
2,270.8 2,068.6 10%
Adjustments for items included in
segment and all other and corporate
revenue: (a)
Equity earnings in affiliates (b) (44.0) (40.0) 10%
Interest income (2.1) (1.1) 91%
Eliminations (c) (85.1) (80.0) 6%
Consolidated revenue $2,139.6 $1,947.5 10%
Operating profit: (d)
Payment services $323.7 $285.0 14%
Merchant services 215.0 196.0 10%
Card issuing services 72.7 97.0 -25%
Emerging payments (5.3) (4.9) -8%
Subtotal segment operating
profit 606.1 573.1 6%
All other and corporate (28.6) (24.2) -18%
577.5 548.9 5%
Adjustments for items included in
segment and all other and corporate
operating profit: (a)
Equity earnings in affiliates (35.9) (33.6) 7%
Minority interest from segment
operations (e) 34.3 26.2 31%
Eliminations (c) (55.1) (54.2) 2%
Interest expense (29.1) (28.7) 1%
Items excluded from recurring
operations (f) (33.0) -- NM
Income before income taxes,
minority interest and equity
earnings in affiliates $458.7 $458.6 0%
Depreciation & Amortization:
Payment services $30.8 $24.0 28%
Merchant services 61.5 60.4 2%
Card issuing services 45.5 45.0 1%
Emerging payments 2.7 2.7 0%
All other and corporate 4.0 5.2 -23%
Consolidated depreciation
& amortization $144.5 $137.3 5%
(See accompanying notes)
FIRST DATA CORPORATION
SUMMARY SEGMENT DATA
(Unaudited)
(In millions)
Nine Months Ended September 30,
2003 2002 Change
Revenues:
Payment services $2,684.0 $2,319.2 16%
Merchant services 2,265.5 2,023.3 12%
Card issuing services 1,524.3 1,399.7 9%
Emerging payments 113.3 105.2 8%
Subtotal segment revenues 6,587.1 5,847.4 13%
All other and corporate 60.4 69.0 -12%
6,647.5 5,916.4 12%
Adjustments for items included in
segment and all other and
corporate revenue: (a)
Equity earnings in affiliates (b) (126.6) (104.4) 21%
Interest income (4.8) (3.9) 23%
Eliminations (c) (253.3) (230.4) 10%
Consolidated revenue $6,262.8 $5,577.7 12%
Operating profit: (d)
Payment services $909.2 $761.0 19%
Merchant services 586.3 533.3 10%
Card issuing services 222.2 272.0 -18%
Emerging payments (13.0) (17.3) 25%
Subtotal segment operating
profit 1,704.7 1,549.0 10%
All other and corporate (73.6) (55.6) -32%
1,631.1 1,493.4 9%
Adjustments for items included in
segment and all other and corporate
operating profit: (a)
Equity earnings in affiliates (103.7) (85.7) 21%
Minority interest from segment
operations (e) 91.5 78.3 17%
Eliminations (c) (167.7) (159.5) 5%
Interest expense (81.0) (88.0) -8%
Items excluded from recurring
operations (f) (33.2) (46.0) NM
Income before income taxes,
minority interest and equity
earnings in affiliates
$1,337.0 $1,192.5 12%
Depreciation & Amortization:
Payment services $88.6 $66.5 33%
Merchant services 186.2 176.8 5%
Card issuing services 137.3 126.6 8%
Emerging payments 8.2 10.2 -20%
All other and corporate 12.6 14.5 -13%
Consolidated depreciation
& amortization $432.9 $394.6 10%
(See accompanying notes)
FIRST DATA CORPORATION
NOTES TO FINANCIAL SCHEDULES
(Unaudited)
(a) Reconciles the total segment and all other and corporate revenue to
consolidated revenue or total segment and all other and
corporate operating profit to income before income taxes, minority
interest and equity earnings in affiliates as reported on the
Consolidated Statements of Income.
(b) Excludes equity losses that were recorded in expense of $1.2
million and $2.3 million for the three and nine months ended
September 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.
(c) Represents elimination of adjustment to record payment services
segment revenues and operating profit on a pre-tax equivalent basis
and elimination of intersegment revenue.
(d) Segment and all other and corporate operating profit includes
interest income, minority interest from segment operations 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 (f)
below and interest expense.
(e) Minority interest from segment operations excludes minority
interest attributable to items excluded from segment operations
discussed in note (f) below.
(f) Items excluded from recurring operations consist of the following:
Three months Nine months
ended Sept. 30, ended Sept. 30,
2003 (in millions) 2003 2003
Restructuring, net $(28.9) $(28.9) Restructuring charges
of $30.4 million were
recorded offset with
reversals of excess
restructuring accruals
of $1.5 million.
Impairments (0.8) (0.8) A software impairment
charge of $0.8 million
was recorded in the
third quarter related
to the discontinuance
of a card issuing
services product
offering.
Litigation and
regulatory settlements (5.0) (5.0) A litigation charge of
$5.0 million was
recorded in the third
quarter related to a
lawsuit associated
with the merchant
services segment.
Investment losses, net (5.1) (5.3) Net investment losses
of $5.1 million and
$5.3 million were
recorded in the three
and nine months,
respectively,
primarily related to
e-commerce businesses.
Divestitures, net 6.8 6.8 Divestiture reserves
of $6.8 million were
released in the third
quarter related to the
passage of certain
exposures.
(33.0) (33.2)
Minority interest 2.0 2.2
$(31.0) $(31.0)
Three months Nine months
2002 (in millions) ended Sept. 30, ended Sept. 30,
2002 2002
Restructuring, net $-- $(7.1) A restructuring charge
of $9.0 million was
recorded offset with
reversals of excess
restructuring accruals
of $1.9 million.
Impairments -- (11.3) Impairment charges of
$11.3 million related
to SurePay's
capitalized business
to business software
development costs.
Litigation and
regulatory settlements -- (30.0) A litigation charge of
$30.0 million related
to the anticipated
settlement of various
Western settlements
Union class action
lawsuits.
Investment gains, net -- -- Investment losses of
$8.1 million related
to e-commerce
businesses offset by a
net gain of $8.1
million on the sale of
a portion of the
Company's investment
in CheckFree
Corporation.
Divestitures, net -- 2.4 Divestiture reserves
of $2.4 million were
released due to the
passage of certain
contractual
indemnification
provisions and the
release of amounts
previously held in
escrow.
-- (46.0)
Minority interest -- 5.1
$-- $(40.9)
(g) The reduction of the effective tax rate for the three and nine
months ended September 30, 2003 resulted from higher than
anticipated tax free municipal interest and, to a larger extent, the
third quarter 2003 expiration of the statutory examination period
for a prior tax year.
NM = Not meaningful.
FIRST DATA CORPORATION
FINANCIAL TRANSACTION PROCESSING
KEY INDICATORS
(Unaudited)
At September 30, 2003 2002 Change
Card accounts on file (millions) (a)
Domestic cards 302.2 299.7 1%
International cards 30.1 25.2 19%
Total 332.3 324.9 2%
For the Three-Months Ended September 30:
North America merchant dollar volume
(billions) (b) $175.6 $143.9 22%
North America merchant transactions
(millions) (b) 3,274.6 2,609.0 26%
Payment services transactions
(millions):
Consumer-to-consumer money
transfer
(c) 20.9 17.7 18%
Branded consumer-to-business (d) 33.6 30.2 11%
For the Nine-Months Ended September 30:
North America merchant dollar volume
(billions) (b) $491.8 $403.4 22%
North America merchant transactions
(millions) (b) 9,113.1 7,302.7 25%
Payment services transactions
(millions):
Consumer-to-consumer money transfer
(c) 59.0 49.0 20%
Branded consumer-to-business (d) 100.1 88.4 13%
(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) 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 the entire year to provide a more meaningful
comparison.
SOURCE First Data Corp.
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Related links:
http://www.firstdata.com
CONTACT:
David Banks, Investor Relations of First Data
Corp., +1-303-967-8057
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