Transactions declined 3% year-over-year as a result of fewer low-margin transactions from the Middle East, partially offset by growth in the U.S., India and Germany. Retailer locations declined due the rationalization of sites in the U.S. with marginal volume.The Money Transfer Segment reports the following results for the third quarter 2013 compared with the same period of 2012:
- Revenues of $95.3 million, a 19% increase from $80.0 million (17% increase on a constant currency basis).
- Operating income of $7.5 million, a 21% increase from $6.2 million (21% increase on a constant currency basis).
- Adjusted EBITDA of $12.0 million, a 10% increase from $10.9 million (10% increase on a constant currency basis).
- Total transactions of 8.9 million, an 11% increase from 8.0 million.
- Network locations of approximately 207,000 as of September 30, 2013, a 22% increase from approximately 170,000.