Western Union Corp. said it lost $62.2 million in the fourth quarter, producing a 1984 loss of $58.4 million. It was the second consecutive annual loss for Western Union, which posted a $59-million deficit in 1983, largely because of a $110-million write-off of old equipment.
In the latest quarter, Western Union's loss came on revenue of $289.1 million. A year earlier, the company lost $125.8 million on revenue of $269.4 million because of the equipment write-off.
Full-year revenue rose to $1.13 billion from $1.04 billion, the company said.
Western Union is involved in a costly effort to develop its electronic mail service, which Western Union now considers its flagship business, at a time when its traditional lines--telex, telegrams and communications satellites--are showing only modest growth.
The result has been a severe cash squeeze, which has prompted Western Union to omit its quarterly stock dividend for the past two quarters as part of its bid to cut costs.