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MoneyGram International's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: MGI

We believe the updated identity conveys a fresh vibrant and energetic new look for our brand. In the second quarter, we’ll launch the full global campaign. I am very excited about this next step for our brand and I am confident our new logo will continue to differentiate us from the competition and position us well for the future. Also, in the quarter we continued our focus on promoting our global brand locally. In March, we introduced Moneygrado sa MoneyGram, our first global marketing campaign specifically designed to reach more than 100 million Filipinos. The campaign features native TV and film celebrity Robin Padilla in Tagalog the official language of the Philipines. Moneygrado roughly translates the money for sure, delivering a message of certainty, security and convenience. The Moneygrado campaign represents MoneyGram’s commitment in getting closer to our customers not only geographically, but through messages that are culturally and emotionally relevant.

Finally, alternative channels represented 4.8% of money transfer revenue in the quarter growing an impressive 61% over the prior year. Our focus on MoneyGram Online and self service offerings are creating tremendous growth. Now, let’s look specifically at the money transfer business and that is U.S. to U.S., U.S. outbound and sends originated outside of the U.S.

We’ll start with our very strong growth in the U.S. to U.S. business. During the quarter, we generated 15% transaction growth continuing our fourth quarter momentum, stacking up the sixth consecutive quarter with double digit transaction growth in addition to the strong transaction growth revenue growth accelerated to 12%. In the quarter, we’ve signed a multi-year agreement to sell our MoneyGram Express money transfer products to Speedway SuperAmerica, a convenient store chain with a 1375 locations primarily in the Midwest. This contract also renews our longstanding money order relationship. This is a significant add to our expanding U.S. retail distribution network. MoneyGram Express is a self service card that hangs on a “J” hook in predetermined denomination and allows retailers to offer money transfers with a high speed of service. This is another great finding for our self service offering and our MoneyGram Express offering in particular.

Read the rest of this transcript for free on seekingalpha.com

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