Thread: 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 This material may not be published, broadcast, rewritten or redistributed.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

Managers of Western Union should be in jail for aiding illegals.

It could be good news - or it could just mean more and more banks are aiding and abetting.