Western Union 2010 Annual Report Download - page 80
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THE WESTERN UNION COMPANY
Consolidated Statements of Income
(in millions, except per share amounts)
2010 2009 2008
Year Ended December 31,
Revenues:
Transaction fees ........................................................................ $ 4,055.3 $ 4,036.2 $ 4,240.8
Foreign exchange revenues ......................................................... 1,018.8 910.3 896.3
Commission and other revenues ................................................. 118.6 137.1 144.9
Total revenues............................................................................... 5,192.7 5,083.6 5,282.0
Expenses:
Cost of services ......................................................................... 2,978.4 2,874.9 3,093.0
Selling, general and administrative.............................................. 914.2 926.0 834.0
Total expenses*............................................................................. 3,892.6 3,800.9 3,927.0
Operating income .......................................................................... 1,300.1 1,282.7 1,355.0
Other income/(expense):
Interest income .......................................................................... 2.8 9.4 45.2
Interest expense ......................................................................... (169.9) (157.9) (171.2)
Derivative losses, net ................................................................. (2.5) (2.8) (6.9)
Other income, net ...................................................................... 14.7 0.1 16.6
Total other expense, net ................................................................. (154.9) (151.2) (116.3)
Income before income taxes........................................................... 1,145.2 1,131.5 1,238.7
Provision for income taxes ............................................................. 235.3 282.7 319.7
Net income ................................................................................... $ 909.9 $ 848.8 $ 919.0
Earnings per share:
Basic ........................................................................................ $ 1.37 $ 1.21 $ 1.26
Diluted ..................................................................................... $ 1.36 $ 1.21 $ 1.24
Weighted-average shares outstanding:
Basic ........................................................................................ 666.5 698.9 730.1
Diluted ..................................................................................... 668.9 701.0 738.2
* As further described in Note 5, total expenses include amounts for related parties of $236.4 million,
$257.4 million and $305.9 million for the years ended December 31, 2010, 2009 and 2008, respectively.
See Notes to Consolidated Financial Statements.
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