This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MoneyGram International Reports First Quarter 2014 Financial Results

MoneyGram (NASDAQ:MGI), a leading global money transfer and payment services company, today reported financial results for its first quarter ended March 31, 2014.

  • Total revenue was $374.9 million, an increase over the prior year of 10 percent on a reported basis and 9 percent in constant currency.
  • Money transfer revenue increased to $326.1 million, representing growth of 11 percent over the prior year on a reported basis and 10 percent in constant currency.
  • Money transfer transactions increased 12 percent over the prior year, led by:
    • 18 percent growth in U.S. outbound sends, including 31 percent growth in U.S. to Mexico
    • 11 percent growth in sends originated outside of the U.S.
    • 7 percent growth in U.S.-to-U.S. sends.
  • Global agent locations increased 6 percent over the prior year to 339,000.
  • Self-service money transfer revenue grew 35 percent in the quarter and represented 7 percent of money transfer revenue.
  • MoneyGram Online money transfer and bill payment transaction volume increased 36 percent and revenue was up 26 percent over the prior year.
  • The Company reported EBITDA of $61.9 million, and pre-tax income of $27.3 million which were impacted by:
    • $7.1 million of expenses related to the compliance enhancement program
    • $3.5 million of stock-based and contingent performance compensation expense
    • $3.1 million of expenses related to reorganization and restructuring costs
    • $1.1 million of expenses related to capital transaction costs
    • $0.8 million of expenses related to direct monitor costs
    • $0.4 million of legal expenses related to certain matters.
  • Adjusted EBITDA for the first quarter was $77.9 million, up 8 percent on a reported basis and 6 percent on a constant currency basis. In the quarter, adjusted EBITDA margin was 20.8 percent, down from 21.2 percent in the prior year.
  • Diluted earnings per common share was $0.54. Adjusted diluted earnings per share was $0.37.
  • Adjusted free cash flow for the quarter was $46.7 million, up 42 percent from $32.8 million in the prior year.

“We had another great quarter, posting our twelfth consecutive quarter of double-digit money transfer constant currency revenue growth and 42 percent growth in adjusted free cash flow. Money transfer transaction growth was impressive at 12% as U.S. outbound transactions continued their rapid pace and sends outside of the U.S. growth accelerated sequentially. I am also proud of the consistently robust self-service business with 54% transaction growth and 35% revenue growth in the quarter,” said Pamela H. Patsley, MoneyGram’s Chairman and CEO. “We are executing extremely well in a dynamic industry, building relevant products with a strong brand that is trusted by agents and consumers around the world. We remain focused on our long term goal of $2 billion in annual revenue in 2017, with 15 to 20 percent of money transfer revenue generated from self-service products."

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs