Friday, November 5, 2010
Image via CrunchBase
Credit card processor First Data said its third quarter loss widened 48 percent, as the company logged a $178 million charge from a change in tax law. The tax charge came from a change in federal tax law that diminished the company’s ability to use foreign tax credits to offset future domestic taxes.Atlanta-based First Data, privately owned by private equity firm Kohlberg Kravis Roberts & Co., lost $431.3 million compared to a loss of $290.6 million in the third quarter a year ago.
Revenue climbed 8 percent to $2.63 billion, but expenses grew 7 percent to $2.49 billion.
Also Thursday, First Data introduced Jonathan J. Judge, a veteran of Paychex and IBM, as its new CEO. He joined the company Oct. 1.
- First Data Names Jonathan Judge Chief Executive Officer (pindebit.blogspot.com)
- UPDATE 1-First Data posts wider Q3 loss on $178 mln charge (reuters.com)
- K.K.R. Aims to Raise $2.5 Billion on Rebound in Deal-Making (dealbook.blogs.nytimes.com)
- K.K.R. Profit Falls 61% in Third Quarter (dealbook.blogs.nytimes.com)