First Data Has Strong First Quarter
First Data Corp., Atlanta, had first-quarter 1999 revenue of $1.25 billion, up from $1.18 billion in first-quarter 1998. Net income was $141 million, up 8% from $130.7 million.
The quarter ended March 31.
The majority of the company’s growth came in its Payment Instruments division, revenue for which rose 20%, from $383 million to $459 million. The credit card division’s revenue rose 5%, from $335 million to $351 million. Merchant Processing Services were up 10%, from $313 million to $346 million.
Operating profits for Payment Instruments were up 19%, from $98 million to $117 million. For the Card Issuer division they rose 5%, from $57 million to just under $60 million, and Merchant Processing Systems had a 26% increase, from $55 million to $70 million.
