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MoneyGram Revenue Marginally Up In Q1

MoneyGram International has posted a total revenue of $288.9m for the first quarter ended March 31, 2010, up 3% compared with $279.9m in the same period of 2009.

MoneyGram International has posted a net income of $10.81m, or $0.26 per common share, for the first quarter of 2010, compared to $11.84m, or $0.20 per common share, for the first quarter of 2009.

Fee and other revenue grew 5% to $280.9m, while investment revenue decreased to $5.6m in the first quarter of 2010 as compared with $11.7m in 2009.

Adjusted EBITDA for the first quarter of 2010 was $61.7m versus $66.1m in the same period of 2009.

Pamela Patsley, chairman and CEO of MoneyGram, said: “MoneyGram delivered solid financial results from our core money transfer business in the quarter. We created important partnerships with industry leaders like Fiserv and SMART Communications to bring more value and added convenience to existing consumers and expand our reach to new consumers. We also launched our enhanced website and continued to increase our global agent network.”