Western Union 2007 Annual Report Download - page 49

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47
Consolidated Financial Statements
||
Consolidated Statements of Income
Year Ended December 31,
(in millions, except per share amounts) 2007 2006 2005
REVENUES:
Transaction fees $3,989.8 $3,696.6 $3,354.8
Foreign exchange revenue 771.3 653.9 531.0
Commission and other revenues 139.1 119.7 102.1
Total revenues 4,900.2 4,470.2 3,987.9
EXPENSES:
Cost of services 2,808.4 2,430.5 2,118.9
Selling, general and administrative 769.8 728.3 599.8
Total expenses* 3,578.2 3,158.8 2,718.7
Operating income 1,322.0 1,311.4 1,269.2
OTHER (EXPENSE)/INCOME:
Interest income 79.4 40.1 7.6
Interest expense (189.0) (53.4) (1.7)
Derivative gains/(losses), net 8.3 (21.2) 45.8
Foreign exchange effect on notes receivable from First Data, net — 10.1 (5.9)
Interest income from First Data, net — 35.7 24.3
Other income, net 1.7 12.4 4.8
Total other (expense)/income, net (99.6) 23.7 74.9
Income before income taxes 1,222.4 1,335.1 1,344.1
Provision for income taxes 365.1 421.1 416.7
Net income $ 857.3 $ 914.0 $ 927.4
Earnings per share:
Basic $ 1.13 $ 1.20 $ 1.21
Diluted $ 1.11 $ 1.19 $ 1.21
Weighted-average shares outstanding:
Basic 760.2 764.5 763.9
Diluted 772.9 768.6 763.9
* As further described in Note 4, total expenses include amounts paid to related parties of $256.6 million, $364.6 million, and $344.0 million for the years ended December 31,
2007, 2006 and 2005, respectively.
See Notes to Consolidated Financial Statements.