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07-24-2007, 09:24 AM #1
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AP: Western Union 2nd-quarter earnings fall 7%
Associated Press - July 24, 2007 8:44 AM ET
Western Union 2nd-quarter earnings fall 7%
ENGLEWOOD, Colo. (AP) - Englewood-based wire-transfer company Western Union says its second-quarter earnings fell seven percent, as costs associated with the company's stock-exchange listing drove expenses higher.
Net income amounted to $204.5 million for the quarter, down from 218.9 million during the same period a year ago.
Revenue rose eight percent to $1.2 billion, but the latest quarter included pre-tax costs of $47 million related to the company's listing on the stock market.
That helped push expenses 12% higher to $880.2 million.
The profits amounted to 26 cents a share, which was even with analysts' estimates.
Western Union blamed discussion about changing the country's immigration policy for a ten-percent revenue drop in its consumer-to-consumer business, and a five-percent decline in transaction volume.
Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
http://kjct8.com/Global/story.asp?S=6830594
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