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October 28
MoneyGram International Inc. said efficiency gains and cost cuts helped it swing to a $10 million profit for the third quarter despite lower revenue.
The Minneapolis company, which announced its results Thursday, posted an $18.3 million loss for the third quarter last year. Its revenue fell 3.8% in this year's third quarter, to $292.9 million. Its global funds transfer unit reported revenue of $266.2 million, down 0.1%.
Funds-transfer transaction volume rose 9% during the quarter, driven by 16% growth in non-U.S. transfers compared with the same period last year, MoneyGram said. Funds-transfer fee revenue and other revenue was flat.
Net income for the quarter was affected by $7.2 million of stock-based compensation, $1.8 million of legal accruals primarily related to various stockholder litigation matters, and $1.6 million of restructuring and reorganization costs, the company said.
One of the company's highlights during the quarter was an agreement with BillingTree to provide same-day cash-payment services at MoneyGram's agent locations worldwide under the brand name BillingTree PaynCash.
