First Data 2008 Annual Report Download - page 184
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FIRST DATA CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 18: Quarterly Financial Results (Unaudited)
Summarized quarterly results for the two years ended December 31, 2008 and 2007, respectively, are as follows (in millions):
Successor
2008 by Quarter: First Second Third Fourth
Revenues $ 2,126.5 $ 2,204.3 $ 2,164.0 $ 2,316.5
Expenses 1,929.9 1,997.5 2,040.1 5,320.7
Interest income 9.0 6.6 5.9 4.5
Interest expense (517.7) (451.1) (497.7) (498.4)
Other income (expense) (43.2) 6.4 70.5 (48.1)
Loss before income taxes, minority interest and equity earnings in affiliates (355.3) (231.3) (297.4) (3,546.2)
Income tax benefit (130.5) (69.4) (145.5) (353.8)
Minority interest (29.0) (40.3) (47.5) (39.5)
Equity earnings in affiliates 32.1 41.6 35.0 14.3
Net loss $ (221.7) $ (160.6) $ (164.4) $ (3,217.6)
Predecessor Successor
2007 by Quarter:
First
Second
Third Third
Fourth
Period from
July 1 through
September 24,
Period from
September 25 through
September 30,
Revenues $1,836.3 $2,000.7 $ 1,935.9 $ 135.3 $2,143.2
Expenses 1,640.9 1,720.4 1,871.2 127.3 1,996.2
Interest income 8.0 12.9 9.9 3.6 14.3
Interest expense (34.5) (35.9) (33.2) (34.6) (550.1)
Other income (expense) 1.0 2.4 1.5 (27.7) (46.3)
Income (loss) before income taxes, minority interest, equity earnings in affiliates and
discontinued operations 169.9 259.7 42.9 (50.7) (435.1)
Income tax expense (benefit) 37.4 70.2 18.2 (21.2) (154.9)
Minority interest (29.1) (40.0) (36.2) (2.5) (36.5)
Equity earnings in affiliates 68.3 79.4 75.3 3.3 43.5
Income (loss) from continuing operations 171.7 228.9 63.8 (28.7) (273.2)
Discontinued operations, net of tax of $(4.1), $0, $7.1, $0 and $0, respectively 3.5 — (7.1) — —
Net income (loss) $ 175.2 $ 228.9 $ 56.7 $ (28.7) $ (273.2)
Note 19: Discontinued Operations
The Company's financial statements reflect NYCE, PPS, IDLogix, Western Union and Taxware as discontinued operations. The results of operations of
these entities are treated as income from discontinued operations, net of tax, and separately stated on the Consolidated Statements of Operations below income
(loss) from continuing operations.
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