First Data to Restate Past Results

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00018713-first-data-to-restate-past-results/

by Mike Bevel, CollectionIndustry.com

Calling out ?do overs!? Tuesday, credit card processor First Data Corp. would like the chance to restate its financial results for all of 2005 as well as the first two quarters of 2006. Seems there?s some additional reporting to be done on its accounting treatment of certain hedging and derivative transactions.

The new and improved financial statements will reflect a non-cash earnings increase of about $30 million for the period between 2001 and the first half of this year.

Shares of the company slid 23 cents to close earlier at $41.18 on the New York Stock Exchange.