MoneyGram International Reports Solid First Quarter 2011 Financial Results

MoneyGram International MGI, a leading global payment services company, today reported financial results for the first quarter of 2011. Money transfer transaction volume increased 14 percent driven by 17 percent growth in non-U.S. sends in the first quarter of 2011 versus prior year. Money transfer fee and other revenue increased 8 percent in the first quarter of 2011 versus prior year on both a reported and constant currency basis. The difference between transaction growth and constant currency revenue growth is due to lower revenue per transaction primarily related to the continuation of the $50 price band in the United States. Global agent locations increased 18 percent over the prior first quarter to 233,000. Total revenue in the first quarter increased 3 percent to $294.0 million, compared with $286.5 million in the first quarter of 2010. Total fee and other revenue increased 3 percent to $290.0 million, from $280.9 million in the first quarter of 2010.