Western Union Corp., the communications concern that has been teetering on the verge of bankruptcy, Wednesday reported a fourth-quarter net loss of $459.9 million, due mainly to large writedowns.
The loss came on revenue of $213.6 million. A year earlier, the Upper Saddle River, N.J.-based firm posted a deficit of $335.7 million on revenue of $230.9 million.
Western Union said the fourth-quarter writedowns, totaling $468 million, included a charge of $362 million from its program to consolidate and close down redundant telex and private-line switching equipment. Another $106 million was charged against its Westar satellite system.
For all of 1986, the company lost $531.2 million, compared to 1985's $367.2 million loss. Revenue for the year totaled $889.2 million, down from the $982.6 million reported a year earlier.