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TheStreet Open House

MoneyGram International Reports Third Quarter 2013 Financial Results

Stock quotes in this article: MGI

DALLAS, Oct. 24, 2013 (GLOBE NEWSWIRE) -- MoneyGram (Nasdaq:MGI), a leading global money transfer and payment services company, reported financial results for the third quarter, which ended September 30, 2013. Total revenue of $383.0 million increased 13 percent on a reported basis and 12 percent in constant currency.

  • Money transfer revenue increased 15 percent over the prior year on a reported basis and 14 percent in constant currency.
  • Money transfer transaction volume increased 14 percent over the prior year, led by:
  • 20 percent growth in U.S. outbound sends
  • 14 percent growth in sends originated outside of the U.S.
  • 8 percent growth in U.S.-to-U.S. transactions.
  • Global agent locations increased 14 percent over the prior year to 334,000.
  • Self-service and new channel money transfer revenue grew 35 percent in the quarter, representing 6 percent of money transfer revenue.
  • MoneyGram Online money transfer and bill payment transaction volume increased 46 percent and revenue was up 30 percent over the prior year.
  • The Company reported EBITDA of $72.6 million, which was impacted by:
  • $3.7 million of stock-based and contingent performance compensation
  • $0.2 million of legal expenses related to certain ongoing matters.
  • Adjusted EBITDA for the third quarter was $76.5 million, up 9 percent on a reported basis and 7 percent on a constant currency basis. In the quarter, adjusted EBITDA margin was 20.0 percent, down from 20.8 percent compared to the same period last year due to increased commission and compliance expense.
  • Diluted earnings per common share was $0.31, including a negative $0.03 per share impact from stock-based and contingent performance compensation.

"Money transfer revenue and transaction growth accelerated from an already strong first half of the year. Our dedication to offering consumers trusted and convenient services through quality agents and innovative products continues to fuel our momentum. This was our tenth consecutive quarter of double-digit constant currency money transfer revenue growth," said Pamela H. Patsley, chairman and chief executive officer at MoneyGram. "Our solid top-line growth paired with tight expense management enabled us to deliver accelerated free cash flow, which funded investments in products and acquisitions that position the company for future growth."

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