MoneyGram International Reports Third Quarter 2012 Financial Results Sends Originated Outside the U.S. Grew 18 Percent; a Four Year High Business Wire DALLAS -- November 09, 2012 MoneyGram International, Inc. (NYSE:MGI), a leading global payment services company, reported financial results for the third quarter, which ended September 30, 2012. Total revenue of $338.6 million increased 5 percent compared to $321.9 million in the third quarter of 2011. *Money transfer fee and other revenue increased 8 percent over the prior year, and increased 11 percent on a constant currency basis. *Money transfer transaction volume increased 13 percent over the prior year, led by: *18 percent growth in sends originated outside of the U.S. *13 percent growth in U.S. outbound on the strength of U.S.-to-Mexico sends, which grew 19 percent, *9 percent growth in U.S.-to-U.S. sends. *Global agent locations increased 15 percent to 293,000. *The bill payment business showed 5 percent transaction growth driven by new channel expansion, excluding the prior year divestiture. *The Company reported net loss of ($54.8) million and negative EBITDA of ($8.2) million. Both net income and EBITDA were impacted by: *$70.0 million incremental accrual in connection with the settlement with the U.S. Attorney’s Office for the Middle District of Pennsylvania (“MDPA”) investigation *$3.9 million of restructuring and reorganization costs *$2.4 million of stock-based compensation *$2.2 million of legal expenses related to the MDPA investigation and the settled shareholder lawsuit. *Adjusted EBITDA for the third quarter decreased 2 percent to $70.4 million from $72.0 million in the prior year. In the quarter, adjusted EBITDA margin was 20.8 percent, down from 22.4 percent compared to the same period last year. Adjusted EBITDA was negatively impacted by $4.9 million of increased marketing spend, $2.4 million related to a lower euro valuation against the U.S. dollar compared to the prior year, and $1.0 million of lower investment revenue. *Diluted loss per common share was ($0.77), including a negative $1.00 per share impact due to the legal accrual and expenses, a negative $0.03 per share impact from restructuring and reorganization costs, and a negative $0.02 per share impact from stock-based compensation. *For the nine months ended September 30, 2012, total revenue was $986.8 million, an increase of 7 percent year-over-year. Adjusted EBITDA increased 5 percent to $207.2 million, which includes a negative impact of $5.2 million related to a lower euro valuation against the U.S. dollar compared to the prior year. “Consumers continue to recognize MoneyGram’s compelling products and valuable services as evidenced by our third-quarter results, which included our sixth consecutive quarter of double-digit constant currency money transfer growth. We are focused on delivering strong operating results and building on the positive momentum in our core money transfer and bill payment businesses,” said Pamela H. Patsley, chairman and chief executive officer. “At the same time, we have worked diligently to address the Middle District of Pennsylvania investigation in a way that is best for all stakeholders. This settlement is a significant step forward for MoneyGram in resolving our legacy issues. We remain fully committed to employing the highest standards of compliance at MoneyGram and continue to focus our efforts on building a stronger company.” Balance Sheet MoneyGram ended the quarter with assets in excess of payment service obligations of $266.1 million, and outstanding debt principal of $813.5 million. Interest expense was $17.7 million in the quarter, down $4.5 million from the prior year as a result of refinancing activities. Book income tax expense in the quarter was $9.6 million, with approximately $0.1 million in cash tax expenses. Cash Flow Free cash flow for the quarter was $24.6 million, down from the prior year driven by higher signing bonuses for strategic agent renewals, and the timing of capital expenditures offset by lower interest payments. For the nine months ended September 30, 2012, free cash flow was $91.5 million, up 8 percent from the prior year period. This was driven by strong money transfer results and lower interest payments offset by higher capital expenditures and signing bonuses. Market Developments *Announced a new agreement with Walmart, extending our relationship through March 31, 2016. MoneyGram will continue to offer money transfer, bill payment and money order products at all Walmart stores in the U.S. and Puerto Rico. *Renewed and expanded our relationship with Advance America, a leading provider of consumer financial services with more than 2,400 retail locations. *Signed a new global agreement with PayPal that will enable consumers to easily access money in their digital wallets. PayPal’s 117 million active account holders will have the option to put cash in and take funds out of their PayPal accounts at MoneyGram locations. Consumers underserved by traditional banking institutions will be able to fund PayPal accounts giving them convenient access to e-commerce. *Entered into an agreement with Gemalto, integrating MoneyGram’s money transfer platform with Gemalto’s LinqUs mobile payment platform solution, allowing customers to send international transfers from a mobile phone to a MoneyGram location or receive transfers directly to their mobile wallet. *Grew self-service and new channel revenue by 40 percent, which represented 5 percent of money transfer revenue in the quarter. *Network expansion activities during the quarter: *Entered into a strategic relationship with Payment Center to provide services in the Russian retail sector, opening up to 10,000 retail locations during the next two years. *Activated an additional 1,500 locations in the Indian Subcontinent with Federal Bank, Muthoot Finance and more than 600 retail locations. *Signed three additional banks in Latin America adding 1,000 locations in this important market. *Doubled our network in South Africa through the signing of First National Bank, one of the largest banks in the country. *Increased our agent locations in Malaysia through the signing of CIMB Islamic Bank. “We remain steadfastly focused on positioning MoneyGram as the leading value brand for consumers to send and receive funds. Through continued global expansion, the extension of key agents like Walmart and the addition of new relationships like PayPal we ensure that vital financial services are provided safely and reliably to consumers who are underserved by traditional financial institutions around the world,” Patsley added. Global Funds Transfer Segment Results Total revenue for the Global Funds Transfer segment was $317.9 million, up 6 percent from $298.9 million in the third quarter of 2011. The segment reported operating income of $39.3 million and operating margin of 12.4 percent. Adjusted operating margin was 14.2 percent in the quarter, down from 16.4 percent in the prior year as a result of increased marketing spend and a lower euro valuation to the U.S. dollar. The increase in marketing was a planned shift in spend from the fourth quarter to the third quarter to take advantage of certain seasonal and global campaigns. For the full year, the Company still expects total marketing spend of approximately 4.5 percent of total revenue. During the quarter, money transfer transaction volume increased 13 percent, continuing the Company’s double-digit growth trend. Money transfer fee and other revenue increased 8 percent to $291.3 million, compared with $270.4 million in the third quarter of 2011. On a constant currency basis, money transfer fee and other revenue increased 11 percent, the Company’s sixth consecutive quarter of double-digit growth. Money transfer transactions originating outside of the U.S. increased a robust 18 percent over the prior year. U.S.-to-U.S. money transfer transaction volume continued its strong growth, increasing 9 percent over the prior year. U.S. Outbound transaction volume growth was 13 percent for the quarter led by U.S.-to-Mexico growth of 19 percent. Bill payment transaction volume decreased 4 percent, while fee and other revenue decreased 7 percent to $26.4 million from the third quarter of 2011. Excluding the fourth quarter 2011 divestiture, transactions increased 5 percent and fee and other revenue decreased slightly. Financial Paper Products Segment Results Total revenue in the Financial Paper Products segment declined 10 percent to $20.3 million in the quarter, down from $22.5 million in the prior year quarter. Operating income was $7.6 million, up from $5.5 million in the third quarter of 2011. Operating margin was 37.3 percent. Adjusted operating margin was 39.7 percent in the quarter, up from 30.5 percent in the same period last year. Outlook For the fiscal year 2012, management is guiding to the low end of the previously provided ranges: total revenue growth of 7 percent to 9 percent; adjusted EBITDA growth in the range of 7 percent to 9 percent; and constant currency, adjusted for the impact of the euro to U.S. dollar exchange rate, adjusted EBITDA growth of 9 percent to 11 percent. Legal Matters The Company today issued a press release and filed a Form 8-K announcing that it has reached a settlement with the U.S. Attorney’s Office for the Middle District of Pennsylvania and the Asset Forfeiture and Money Laundering Section of the Criminal Division of the Department of Justice relating to the previously disclosed investigation of transactions involving certain of the Company’s U.S. and Canadian agents, as well as its fraud complaint data and consumer anti-fraud program, during the period from 2003 to early 2009. Non-GAAP Measures In addition to results presented in accordance with GAAP, this press release and related tables include certain non-GAAP financial measures, including a presentation of EBITDA (earnings before interest, taxes, depreciation and amortization, including agent signing bonus amortization), Adjusted EBITDA (EBITDA adjusted for significant items), Adjusted EBITDA Margin and Free Cash Flow (Adjusted EBITDA less cash interest expense, cash tax expense, cash payments for capital expenditures and agent signing bonuses). In addition, we also present Adjusted Operating Income and Adjusted Operating Margin for our two reporting segments. The following tables include a full reconciliation of these non-GAAP financial measures to the related GAAP financial measures. We believe that these non-GAAP financial measures provide useful information to investors because they are an indicator of the strength and performance of ongoing business operations, including our ability to service debt and fund capital expenditures, acquisitions and operations. These calculations are commonly used as a basis for investors, analysts and credit-rating agencies to evaluate and compare the operating performance and value of companies within our industry. In addition, the Company’s debt agreements require compliance with financial measures based on EBITDA and Adjusted EBITDA. Finally, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow are financial measures used by management in reviewing results of operations, forecasting, assessing cash flow and capital, allocating resources or establishing employee incentive programs. Although MoneyGram believes the above non-GAAP financial measures enhance investors’ understanding of its business and performance, these non-GAAP financial measures should not be considered an exclusive alternative to accompanying GAAP financial measures. Description of Tables Table One – Consolidated Statements of (Loss) Income Table Two – Segment Results Table Three – Segment Reconciliations Table Four – EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin Table Five – Consolidated Balance Sheets Table Six – Assets in Excess of Payment Service Obligations Table Seven – Free Cash Flow Conference Call MoneyGram International will host a conference call today at 9 a.m. ET, 8 a.m. CT, to discuss its third quarter results. Pamela H. Patsley, chairman and chief executive officer, will host the call.The conference call can be accessed by calling 1-888-339-3504 (U.S.) and +1-719-325-4937(International). The participant code is 6426555. Slides are available on MoneyGram’s website at moneygram.com. A replay of the conference call will be available at noon ET on November 9, 2012, through 11:59 p.m. ET on November 16, 2012. The replay of the call is available at 1-877-870-5176 (U.S.) or +1-858-384-5517 (International). The replay participant code is 6246555. About MoneyGram International, Inc. MoneyGram International, Inc. is a leading global payment services company. The Company's major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers. MoneyGram is a New York Stock Exchange listed company with 293,000 global money transfer agent locations in 197 countries and territories. For more information, visit the Company's website at moneygram.com. Forward Looking Statements This Form 8-K may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to, among other things, the financial condition, results of operations, plans, objectives, future performance and business of MoneyGram and its subsidiaries. Forward-looking statements can be identified by words such as “believes,” “estimates,” “expects,” “projects,” “plans,” “will,” “should,” “could,” “would” and other similar expressions. These forward-looking statements speak only as of the date they are made, and MoneyGram undertakes no obligation to publicly update or revise any forward-looking statement, except as required by federal securities law. These forward-looking statements are based on management’s current expectations and are subject to certain risks, uncertainties and changes in circumstances due to a number of factors. These factors include, but are not limited to: the impact of the $100 million forfeiture on our financial condition and results of operations, the Company’s compliance with the terms of the deferred prosecution agreement, the effect of the settlement and compliance with the deferred prosecution agreement on the Company’s reputation and business; the outcome of ongoing investigations by several state governments; our ability to maintain key agent or biller relationships, or a reduction in transaction volume from these relationships; our substantial debt service obligations, significant debt covenant requirements and credit rating; our capital structure and the special voting rights provided to designees of Thomas H. Lee Partners, L.P. on our Board of Directors; sustained financial market illiquidity, or illiquidity at our clearing, cash management and custodial financial institutions; continued weakness in economic conditions, in both the United States and global markets; a material slow down or complete disruption of international migration patterns; litigation involving MoneyGram or its agents, which could result in material settlements, fines or penalties; fluctuations in interest rates; our ability to manage credit risks from our retail agents and official check financial institution customers; our ability to manage fraud risks from consumers or agents; the ability of MoneyGram and its agents to maintain adequate banking relationships; our ability to retain partners to operate our official check and money order businesses; our ability to maintain sufficient capital; our ability to attract and retain key employees; our ability to successfully develop and timely introduce new and enhanced products and services; investments in new products, services or infrastructure changes; our ability to adequately protect our brand and intellectual property rights and to avoid infringing on the rights of others; our ability to compete effectively; the ability of us and our agents to comply with U.S. and international laws and regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; changes in tax laws or an unfavorable outcome with respect to the audit of our tax returns or tax positions, or a failure by us to establish adequate reserves for tax events; our offering of money transfer services through agents in regions that are politically volatile or, in a limited number of cases, are subject to certain restrictions by the Office of Foreign Assets Control; a security or privacy breach in our facilities, networks or databases; disruptions to our computer network systems and data centers; our ability to effectively operate and adapt our technology to match our business growth; our ability to manage risks related to the operation of retail locations and the acquisition or start-up of businesses; our ability to manage risks associated with our international sales and operations; our ability to maintain effective internal controls; and the risks and uncertainties described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of MoneyGram’s public reports filed with the SEC, including MoneyGram’s Form 10-K for the year ended December 31, 2011 and its Form 10-Q for the quarter ended September 30, 2012. TABLE ONE MONEYGRAM INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF (LOSS) INCOME (Unaudited) (Amounts in Three Months Ended Nine Months Ended thousands, except per September 30, 2012 vs September 30, 2012 vs share data) 2012 2011 2011 2012 2011 2011 REVENUE Fee and other $ 335,630 $ 318,022 $ 17,608 $ 977,254 $ 912,105 $ 65,149 revenue Investment 2,920 3,925 (1,005 ) 9,533 13,819 (4,286 ) revenue Total revenue 338,550 321,947 16,603 986,787 925,924 60,863 EXPENSES Fee and other commissions 152,372 141,010 11,362 440,960 405,631 35,329 expense Investment commissions 94 99 (5 ) 274 350 (76 ) expense Total commissions 152,466 141,109 11,357 441,234 405,981 35,253 expense Compensation 54,744 60,635 (5,891 ) 172,838 177,843 (5,005 ) and benefits Transaction and 135,604 57,375 78,229 291,826 166,378 125,448 operations support Occupancy, equipment and 12,270 11,090 1,180 36,623 34,480 2,143 supplies Depreciation and 10,840 11,413 (573 ) 32,576 34,958 (2,382 ) amortization Total operating 365,924 281,622 84,302 975,097 819,640 155,457 expenses OPERATING (27,374 ) 40,325 (67,699 ) 11,690 106,284 (94,594 ) (LOSS) INCOME Other (income) expense Net securities - - - - (32,816 ) 32,816 gains Interest 17,710 22,234 (4,524 ) 53,230 65,720 (12,490 ) expense Other 50 770 (720 ) 397 15,626 (15,229 ) Total other 17,760 23,004 (5,244 ) 53,627 48,530 5,097 expense, net (Loss) income before income (45,134 ) 17,321 (62,455 ) (41,937 ) 57,754 (99,691 ) taxes Income tax 9,626 1,487 8,139 27,610 1,471 26,139 expense NET (LOSS) $ (54,760 ) $ 15,834 $ (70,594 ) $ (69,547 ) $ 56,283 $ (125,830 ) INCOME (Loss) earnings per common share: Basic $ (0.77 ) $ 0.22 $ (0.99 ) $ (0.97 ) $ (10.82 ) $ 9.85 Diluted $ (0.77 ) $ 0.22 $ (0.99 ) $ (0.97 ) $ (10.82 ) $ 9.85 Net (loss) income available to common stockholders: Net (loss) income as $ (54,760 ) $ 15,834 $ (70,594 ) $ (69,547 ) $ 56,283 $ (125,830 ) reported Accrued dividends on - - - - (30,934 ) 30,934 mezzanine equity Accretion on mezzanine - - - - (80,023 ) 80,023 equity Additional consideration issued in connection - - - - (366,797 ) 366,797 with conversion of mezzanine equity Cash dividends paid on - - - - (20,477 ) 20,477 mezzanine equity Net (loss) income available to $ (54,760 ) $ 15,834 $ (70,594 ) $ (69,547 ) $ (441,948 ) $ 372,401 common stockholders Shares used in computing (loss) earnings per share: ^(1) Basic 71,512 71,478 34 71,501 40,854 30,647 Diluted 71,512 72,176 (664 ) 71,501 40,854 30,647 ^(1) Includes common stock equivalents of 13.7 million for the three and nine months ended September 30, 2012, respectively. The following weighted-average potential common shares are excluded from diluted income (loss) per common share as their effect is anti-dilutive. All potential common shares are anti-dilutive in periods of net loss available to common stockholders. Shares related to 4,593 2,950 4,996 5,108 stock options Shares related to restricted 541 - 462 26 stock and restricted stock units Shares related to - - - 28,062 preferred stock TABLE TWO MONEYGRAM INTERNATIONAL, INC. SEGMENT RESULTS (Unaudited) Global Funds Transfer Three Months Ended Nine Months Ended September 30, 2012 vs September 30, 2012 vs (Amounts in 2012 2011 2011 2012 2011 2011 thousands) Money transfer revenue: Fee and other $ 291,305 $ 270,407 $ 20,898 $ 841,628 $ 766,198 $ 75,430 revenue Investment 138 207 (69 ) 568 405 163 revenue Bill payment revenue: Fee and other 26,439 28,278 (1,839 ) 80,091 85,905 (5,814 ) revenue Investment - - - - 4 (4 ) revenue Total 317,882 298,892 18,990 922,287 852,512 69,775 revenue Commissions 151,996 140,857 11,139 439,799 404,149 35,650 expense Operating $ 39,279 $ 39,083 $ 196 $ 111,187 $ 91,441 $ 19,746 income Operating 12.4 % 13.1 % 12.1 % 10.7 % margin Financial Paper Products Three Months Ended Nine Months Ended September 30, 2012 vs September 30, 2012 vs (Amounts in 2012 2011 2011 2012 2011 2011 thousands) Money order revenue: Fee and other $ 13,450 $ 14,181 $ (731 ) $ 41,761 $ 43,568 $ (1,807 ) revenue Investment 468 639 (171 ) 1,565 2,605 (1,040 ) revenue Official check revenue: Fee and other 4,382 4,947 (565 ) 13,724 16,162 (2,438 ) revenue Investment 1,991 2,716 (725 ) 6,428 9,683 (3,255 ) revenue Total 20,291 22,483 (2,192 ) 63,478 72,018 (8,540 ) revenue Commissions 470 332 138 1,436 1,912 (476 ) expense Operating $ 7,564 $ 5,533 $ 2,031 $ 24,634 $ 23,257 $ 1,377 income Operating 37.3 % 24.6 % 38.8 % 32.3 % margin TABLE THREE MONEYGRAM INTERNATIONAL, INC. SEGMENT RECONCILIATIONS (Unaudited) Global Funds Transfer Three Months Ended Nine Months Ended September 30, 2012 vs September 30, 2012 vs (Amounts in 2012 2011 2011 2012 2011 2011 thousands) Revenue (as $ 317,882 $ 298,892 $ 18,990 $ 922,287 $ 852,512 $ 69,775 reported) Adjusted operating $ 45,070 $ 48,978 $ (3,908 ) $ 130,904 $ 115,890 $ 15,014 income Restructuring and (3,620 ) (6,160 ) 2,540 (12,917 ) (14,050 ) 1,133 reorganization costs Stock-based compensation (2,171 ) (3,735 ) 1,564 (6,800 ) (10,399 ) 3,599 expense Total (5,791 ) (9,895 ) 4,104 (19,717 ) (24,449 ) 4,732 adjustments Operating income (as $ 39,279 $ 39,083 $ 196 $ 111,187 $ 91,441 $ 19,746 reported) Adjusted operating 14.2 % 16.4 % 14.2 % 13.6 % margin Total (1.8 %) (3.3 %) (2.1 %) (2.9 %) adjustments Operating margin (as 12.4 % 13.1 % 12.1 % 10.7 % reported) Financial Paper Products Three Months Ended Nine Months Ended September 30, 2012 vs September 30, 2012 vs (Amounts in 2012 2011 2011 2012 2011 2011 thousands) Revenue (as $ 20,291 $ 22,483 $ (2,192 ) $ 63,478 $ 72,018 $ (8,540 ) reported) Adjusted operating $ 8,052 $ 6,859 $ 1,193 $ 26,477 $ 26,663 $ (186 ) income Restructuring and (241 ) (671 ) 430 (1,066 ) (1,673 ) 607 reorganization costs Stock-based compensation (247 ) (655 ) 408 (777 ) (1,733 ) 956 expense Total (488 ) (1,326 ) 838 (1,843 ) (3,406 ) 1,563 adjustments Operating income (as $ 7,564 $ 5,533 $ 2,031 $ 24,634 $ 23,257 $ 1,377 reported) Adjusted operating 39.7 % 30.5 % 41.7 % 37.0 % margin Total (2.4 %) (5.9 %) (2.9 %) (4.7 %) adjustments Operating margin (as 37.3 % 24.6 % 38.8 % 32.3 % reported) TABLE FOUR MONEYGRAM INTERNATIONAL, INC. EBITDA, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (Amounts in 2012 2011 2012 2011 thousands) (Loss) income before income $ (45,134 ) $ 17,321 $ (41,937 ) $ 57,754 taxes Interest 17,710 22,234 53,230 65,720 expense Depreciation and 10,840 11,413 32,576 34,958 amortization Amortization of agent signing 8,377 8,115 24,761 24,182 bonuses EBITDA (8,207 ) 59,083 68,630 182,614 Significant items impacting EBITDA: Net securities - - - (32,816 ) gains Severance and related costs - - 1,029 (31 ) ^(1) Restructuring and 3,949 6,375 14,163 17,259 reorganization costs Capital transaction - (114 ) - 5,407 costs ^(2) Asset impairment - 884 - 2,686 charges ^(3) Contribution from investors - - 347 - ^(4) Debt extinguishment - - - 5,220 ^(5) Stock-based compensation 2,419 4,403 7,579 12,166 expense Legal accruals 72,215 1,341 115,463 3,954 and fees ^(6) Adjusted EBITDA $ 70,376 $ 71,972 $ 207,211 $ 196,459 Adjusted EBITDA 20.8 % 22.4 % 21.0 % 21.2 % margin ^(7) ^(1) Severance and related costs from executive terminations. ^(2) Represents professional and legal fees related to the 2011 Recapitalization. ^(3) Impairments of assets in 2011 relate to disposition activity. ^(4) Expense resulting from payment by an investor to Wal-Mart upon liquidation of their investment and as required by the Participation Agreement. ^(5) Debt extinguishment loss upon the termination of the senior facility in connection with the 2011 Recapitalization. ^(6) Legal expenses for 2012 primarily include accruals in connection with the settlement related to the U.S. Attorney's Office for the Middle District of Pennsylvania investigation and the shareholder derivative litigation, and legal fees and expenses related to these matters. Legal expenses for 2011 related primarily to the shareholder derivative litigation. ^(7) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Total Revenue. TABLE FIVE MONEYGRAM INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, (Amounts in thousands, except share and per 2012 2011 share data) ASSETS Cash and cash equivalents $ - $ - Cash and cash equivalents (substantially 2,539,844 2,572,174 restricted) Receivables, net (substantially restricted) 1,330,018 1,220,065 Short-term investments (substantially 524,428 522,024 restricted) Available-for-sale investments 79,907 102,771 (substantially restricted) Property and equipment 119,906 116,341 Goodwill 428,691 428,691 Other assets 224,201 213,512 Total assets $ 5,246,995 $ 5,175,578 LIABILITIES Payment service obligations $ 4,208,052 $ 4,205,375 Debt 810,112 810,888 Pension and other postretirement benefits 110,931 120,252 Accounts payable and other liabilities 281,513 149,261 Total liabilities 5,410,608 5,285,776 STOCKHOLDERS' DEFICIT Participating Convertible Preferred Stock - Series D, $0.01 par value, 200,000 shares 281,898 281,898 authorized, 109,239 issued at September 30, 2012, and December 31, 2011, respectively Common Stock, $0.01 par value, 162,500,000 shares authorized, 62,263,963 shares issued 623 623 at September 30, 2012, and December 31, 2011, respectively Additional paid-in capital 999,464 989,188 Retained loss (1,286,065 ) (1,216,543 ) Accumulated other comprehensive loss (32,794 ) (38,028 ) Treasury stock: 4,407,038 and 4,429,184 shares at September 30, 2012, and December (126,739 ) (127,336 ) 31, 2011, respectively Total stockholders' deficit (163,613 ) (110,198 ) Total liabilities and stockholders' deficit $ 5,246,995 $ 5,175,578 TABLE SIX MONEYGRAM INTERNATIONAL, INC. ASSETS IN EXCESS OF PAYMENT SERVICE OBLIGATIONS (Unaudited) September 30, June 30, March 31, December 31, (Amounts in 2012 2012 2012 2011 thousands) Cash and cash $ 2,539,844 $ 2,548,257 $ 2,547,250 $ 2,572,174 equivalents Receivables, net 1,330,018 1,266,882 1,210,506 1,220,065 Short-term 524,428 524,055 525,356 522,024 investments Available-for-sale 79,907 85,281 93,127 102,771 investments 4,474,197 4,424,475 4,376,239 4,417,034 Payment service (4,208,052 ) (4,155,880 ) (4,152,604 ) (4,205,375 ) obligations Assets in excess of payment service $ 266,145 $ 268,595 $ 223,635 $ 211,659 obligations TABLE SEVEN MONEYGRAM INTERNATIONAL, INC. FREE CASH FLOW (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (Amounts in thousands) 2012 2011 2012 2011 Adjusted EBITDA $ 70,376 $ 71,972 $ 207,211 $ 196,459 Cash payments for (16,454 ) (21,107 ) (48,903 ) (60,109 ) interest Cash payments for tax (115 ) (102 ) (913 ) (611 ) Cash payments for (12,918 ) (6,761 ) (43,213 ) (30,606 ) capital expenditures Cash payments for (16,297 ) (7,568 ) (22,637 ) (20,371 ) agent signing bonuses Free Cash Flow $ 24,592 $ 36,434 $ 91,545 $ 84,762 Contact: MoneyGram International, Inc. Media Relations: Patty Sullivan, 214-303-9923 email@example.com or Investor Relations: Eric Dutcher, 214-999-7508 firstname.lastname@example.org
MoneyGram International Reports Third Quarter 2012 Financial Results
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