First Data 2013 Annual Report Download - page 109
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Summarized quarterly results for the two years ended December 31, 2013 and 2012, respectively, are as follows:
Revenues $2,590.9 $ 2,708.8 $ 2,712.1 $2,797.1
Expenses 2,399.8 2,438.5 2,408.6 2,439.4
Operating profit 191.1 270.3 303.5 357.7
Interest income 2.7 2.6 2.7 3.1
Interest expense (469.0)(472.2)(469.0)(470.5)
Other income (expense) 0.3 15.0 (36.2)(26.0)
Loss before income taxes and equity earnings in affiliates (274.9)(184.3) (199.0) (135.7)
Income tax expense (benefit) 61.6 11.5 28.6 (15.2)
Equity earnings in affiliates 37.7 51.0 47.3 52.3
Net loss (298.8) (144.8)(180.3) (68.2)
Less: Net income attributable to noncontrolling interests and redeemable
noncontrolling interest 38.6 44.3 39.2 54.9
Net loss attributable to First Data Corporation $(337.4) $ (189.1) $ (219.5) $ (123.1)
Revenues $2,564.0 $2,685.5 $ 2,674.0 $ 2,756.8
Expenses 2,347.0 2,417.6 2,422.1 2,419.8
Operating profit 217.0 267.9 251.9 337.0
Interest income 2.5 1.7 2.1 2.5
Interest expense (461.1)(480.7)(488.6)(467.4)
Other income (expense) (8.2) (22.6) (52.0)(11.5)
Loss before income taxes and equity earnings in affiliates (249.8)(233.7)(286.6)(139.4)
Income tax (benefit) expense (108.2)(74.7) (69.4) 28.3
Equity earnings in affiliates 27.5 44.0 43.0 43.7
Net loss (114.1)(115.0)(174.2)(124.0)
Less: Net income attributable to noncontrolling interests and redeemable
noncontrolling interest 38.4 42.4 37.8 55.0
Net loss attributable to First Data Corporation $(152.5)$(157.4)$(212.0)$(179.0)
(a) In the fourth quarter of 2013, the company recorded a charge of $79.6 million reflecting a cumulative correction of prior year errors in “Income tax
expense (benefit)”. The impact of this error correction was more than offset by the correction of certain out-of-quarter income tax items. The annual
impact of this correction was offset by certain prior year corrections recorded in the third quarter. Refer to Note 17 of these Consolidated Financial
Statements for additional information.
(b) In the fourth quarter of 2012, the Company recorded a valuation allowance on state net operating losses of $47.8 million in “Income tax (benefit)
expense”. Refer to Note 17 of these Consolidated Financial Statements for additional information.
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