News

GCA sale drives higher earnings for First Data in 04's 1Q

April 22, 2004

DENVER - First Data Corp. (FDC) reported higher results for 2004's first quarter, though much of the gain was credited to the sale of its Global Cash Access (GCA) unit, the nation's largest operator of casino ATMs.

First Data posted net income of $483.5 million, or 61 cents a share, including discontinued operations, for the quarter ended March 31, up from $292.6 million, or 39 cents a share, in 2003's first quarter.

Revenue rose to $2.26 billion, from $1.97 billion a year ago. Analysts' consensus estimate was for 44 cents a share, according to Thomson First Call.

The $436 million sale of GCA accounted for a gain of 21 cents a share.

First Data also reported a non-cash 2 cents-a-share restructuring charge related to accounting problems found at its TeleCheck business in 2002 and 2003. The company is reviewing TeleCheck's "strategic fit," it said in a statement.

Expenses related to the integration of Concord EFS impacted EPS by one cent.