MoneyGram International Reports First Quarter 2013 Financial Results

  MoneyGram International Reports First Quarter 2013 Financial Results

  10th consecutive quarter of double-digit money transfer transaction growth

Business Wire

DALLAS -- May 02, 2013

MoneyGram International, Inc. (NYSE:MGI), a leading global payment services
company, reported financial results for the first quarter, which ended March
31, 2013. Total revenue of $340.5 million increased 7 percent on both a
reported and constant currency basis.

  *Money transfer revenue increased 10 percent over the prior year on both a
    reported and constant currency basis.
  *Money transfer transaction volume increased 11 percent over the prior
    year, led by:

       *13 percent growth in U.S. outbound sends on the strength of
         U.S.-to-Mexico sends, which grew 23 percent
       *13 percent growth in sends originated outside of the U.S.
       *7 percent growth in U.S.-to-U.S. transactions.

  *Global agent locations increased 17 percent over the prior year to
    321,000.
  *Self-service and new channel money transfer revenue grew 31 percent in the
    quarter, representing 6 percent of money transfer revenue.
  *MoneyGram Online money transfer and bill payment transaction volume was up
    50 percent and revenue increased 23 percent over the prior year.
  *The Company reported EBITDA of $19.6 million, which was impacted by:

       *$3.2 million of reorganization and restructuring costs
       *$3.1 million of stock-based and contingent performance compensation
       *$1.1 million of legal expenses related to certain ongoing matters.

  *Adjusted EBITDA for the first quarter increased 6 percent to $72.3 million
    from $68.4 million in the prior year. In the quarter, adjusted EBITDA
    margin was 21.2 percent, down from 21.5 percent compared to the same
    period last year due to a decline in the Financial Paper Products business
    and lower investment revenue.
  *The Company retired its 13.25% second lien Goldman Sachs notes and
    refinanced its credit facility during the quarter. As a result, the
    Company incurred a pre-tax debt extinguishment charge of $45.3 million,
    which resulted in a net loss of $12.6 million. The Company expects to
    realize annual cash interest savings of approximately $28 million as a
    result of the refinancing.
  *Diluted loss per common share was $(0.18), including a negative $0.39 per
    share impact from the recent debt refinancing, a negative $0.03 per share
    impact from reorganization and restructuring costs, and a negative $0.03
    per share impact from stock-based and contingent performance compensation.

"We are proud to have achieved our tenth consecutive quarter of double-digit
money transfer transaction growth and eighth consecutive quarter of
double-digit money transfer constant currency revenue growth. The completion
of our debt refinancing in the quarter was a true milestone strengthening our
balance sheet and significantly improving our free cash flow,” said Pamela H.
Patsley, chairman and chief executive officer. “Our value proposition to both
consumers and agents combined with our growing brand recognition and expanding
network enabled us to again increase our market share. The year is off to a
strong start and we are well positioned in the growing global remittance
industry.”

Balance Sheet and Free Cash Flow Items

MoneyGram ended the quarter with assets in excess of payment service
obligations of $219.7 million, and outstanding debt principal of $850.0
million. Interest expense was $17.4 million in the quarter, down $0.5 million
from the prior year as a result of refinancing activities. The Company
reported an income tax benefit of $5.8 million, due to the recent debt
refinancing, with approximately $0.1 million in cash tax expenses. Free cash
flow for the quarter was $32.8 million, up 16 percent from $28.3 million in
the prior year quarter due to revenue growth, lower interest payments and
lower capital expenditures partially offset by higher agent signing bonuses.

Market Developments

  *Expanded an agreement with Northgate Gonzalez Markets, a 36-location
    supermarket that serves the Hispanic community in southern California,
    displacing a niche brand with MoneyGram.
  *Signed a strategic partnership with Ukash, a UK-based e-payments company
    formed in 2001, enabling customers to initiate MoneyGram money transfers
    from their websites. Today, Ukash operates across more than 55 countries.
  *Renewed and expanded the Company's relationship with India Post, the
    largest postal network in the world.
  *Signed Correos Chile, MoneyGram's first post office in the Latin America
    region.
  *Added money transfer and bill payment services and extended the long-term
    relationship with Circle K, the nation's second-largest convenience store
    chain with 2,900 company-owned stores.
  *Launched mobile and ATM money transfer services with First National Bank
    (FNB), one of the largest banks in South Africa, giving FNB account
    holders the convenient option of sending and receiving money transfers
    through their mobile devices and the bank's vast ATM network.
  *Network expansion activities during the quarter:

       *Continued to expand network locations in the Dominican Republic with
         the signing of Banco Leon, increasing MoneyGram's network to over 850
         locations in the country.
       *Activated nearly 6,000 locations with Payment Center, further
         expanding into the Russian retail sector.
       *Entered into an agreement with ITG, a well-established exchange
         company in Kuwait.
       *Signed Autotrans Andesmar, one of the leading bus companies in
         Argentina with 120 locations.
       *Activated approximately 1,100 locations in the Indian Subcontinent
         with Supreme Securities and UAE Exchange.
       *Opened the first MoneyGram-owned store in Sweden.
       *Expanded the Company's relationship with SM Supermalls in the
         Philippines by adding send capabilities to the receive services
         previously provided.

Global Funds Transfer Segment Results

Total revenue for the Global Funds Transfer segment was $320.4 million, up 8
percent from $296.1 million in the first quarter of 2012. The segment reported
operating income of $41.4 million and operating margin of 12.9 percent.
Adjusted operating margin was 14.5 percent in the quarter, up from 14.1
percent in the prior year as a result of increased revenue growth and tight
expense management.

During the quarter, money transfer transaction volume increased 11 percent,
continuing the Company’s double-digit growth trend. Money Transfer revenue
increased to $294.4 million, compared with $268.5 million in the first quarter
of 2012, an increase of 10 percent on a reported and constant currency basis.

Money transfer transactions originating outside of the U.S. increased a robust
13 percent over the prior year. U.S.-to-U.S. money transfer transaction volume
increased 7 percent over the prior year, and U.S. Outbound transaction volume
growth was 13 percent for the quarter led by U.S.-to-Mexico growth of 23
percent.

Bill payment transaction volume decreased 3 percent, while revenue decreased 6
percent to $26.0 million from the first quarter of 2012.

Financial Paper Products Segment Results

Total revenue in the Financial Paper Products segment decreased 8 percent to
$19.9 million in the quarter, down from $21.7 million in the prior year
quarter. Operating income was $6.9 million, down from $9.0 million in the
first quarter of 2012. Operating margin was 34.7 percent. Adjusted operating
margin was 37.7 percent in the quarter, down from 45.6 percent in the same
period last year.

Outlook

For fiscal year 2013, management continues to estimate constant currency
revenue growth of 6 percent to 9 percent and constant currency adjusted EBITDA
growth of 3 percent to 6 percent.

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), and constant
currency measures. 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, Free Cash Flow, and constant currency
figures 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 Operations
Table Two – Segment Results
Table Three – Segment Reconciliations
Table Four – EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash
Flow
Table Five – Consolidated Balance Sheets
Table Six – Assets in Excess of Payment Service Obligations
Table Seven – Constant Currency Measures

Conference Call

MoneyGram International will host a conference call today at 9 a.m. ET, 8 a.m.
CT, to discuss its first quarter results. Pamela H. Patsley, chairman and
chief executive officer, will host the call. The conference call can be
accessed by calling 1-800-949-2163 (U.S.) and +1-719-325-2360 (International).
The participant code is 4464141. Slides are available on MoneyGram’s website
at moneygram.com. A replay of the conference call will be available at noon ET
on May 2, 2013, through 11:59 p.m. ET on May 9, 2013. 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 4464141.

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
321,000 global money transfer agent locations in 198 countries and
territories. For more information, visit the Company's website at
moneygram.com.

Forward Looking Statements

This release 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: our
ability to compete effectively; our ability to maintain key agent or biller
relationships, or a reduction in transaction volume from these relationships;
our ability to manage fraud risks from consumers or agents; 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; litigation or investigations involving us or our agents, including the
outcome of ongoing investigations by several state governments, which could
result in material settlements, fines or penalties; uncertainties relating to
compliance with and the impact of the deferred prosecution agreement entered
into with the U.S. federal government and the effect of the deferred
prosecution agreement on our reputation and business; 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; 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 substantial
debt service obligations, significant debt covenant requirements and credit
ratings; sustained financial market illiquidity, or illiquidity at our
clearing, cash management and custodial financial institutions; the ability of
us and our agents to maintain adequate banking relationships; concerns
regarding the European debt crisis; a security or privacy breach in our
facilities, networks or databases; disruptions to our computer network systems
and data centers; continued weakness in economic conditions, in both the
United States and global markets; weakened consumer confidence in our business
or money transfers generally; a significant change, material slow down or
complete disruption of international migration patterns; our ability to manage
credit risks from our retail agents and official check financial institution
customers; our ability to retain partners to operate our official check and
money order businesses; our ability to successfully develop and timely
introduce new and enhanced products and services or investments in
unsuccessful new products, services or infrastructure changes; our ability to
manage risks associated with our international sales and operations; our
ability to adequately protect our brand and intellectual property rights and
to avoid infringing on the rights of others; our ability to attract and retain
key employees; our ability to manage risks related to the operation of retail
locations and the acquisition or start-up of businesses; our ability to
maintain effective internal controls; our capital structure and the special
voting rights provided to designees of Thomas H. Lee Partners, L.P. on our
Board of Directors; 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, 2012.


TABLE ONE
MONEYGRAM INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                                           
                                                                 
                         Three Months Ended
                                                                 2013 vs
                         March 31,
(Amounts in
millions, except per    2013               2012               2012
share data)
                                                                 
REVENUE
Fee and other            $   337.7           $   314.9           $   22.8
revenue
Investment revenue      2.8               3.2               (0.4       )
Total revenue           340.5             318.1             22.4       
OPERATING EXPENSES
Fee and other            154.3               141.9               12.4
commissions expense
Investment              0.1               0.1               —          
commissions expense
Total commissions        154.4               142.0               12.4
expense
Compensation and         65.5                59.1                6.4
benefits
Transaction and          51.5                58.2                (6.7       )
operations support
Occupancy, equipment     13.0                12.2                0.8
and supplies
Depreciation and        11.8              10.7              1.1        
amortization
Total operating         296.2             282.2             14.0       
expenses
OPERATING INCOME        44.3              35.9              8.4        
OTHER EXPENSE
Interest expense         17.4                17.9                (0.5       )
Debt extinguishment     45.3              —                 45.3       
costs
Total other expense     62.7              17.9              44.8       
(Loss) income before     (18.4       )       18.0                (36.4      )
income taxes
Income tax (benefit)    (5.8        )      7.7               (13.5      )
expense
NET (LOSS) INCOME       $   (12.6   )      $   10.3          $   (22.9  )
                                                                 
(Loss) earnings per
common share:
Basic                    $   (0.18   )       $   0.14            $   (0.32  )
Diluted                 $   (0.18   )      $   0.14          $   (0.32  )
                                                                 
Shares used in
computing (loss)
earnings per share:
Basic ^(1)               71.5                71.5                —
Diluted ^(1)             71.5                71.6                (0.1       )
                                                                 
^(1) Includes common stock equivalents of 13.7 million for the three months
ended March 31, 2013. The following weighted-average potential common shares
are excluded from diluted (loss) earnings 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        4.6                 4.8
stock options
Shares related to
restricted stock and     0.8                 0.3
restricted stock
units


TABLE TWO
MONEYGRAM INTERNATIONAL, INC.
SEGMENT RESULTS
(Unaudited)
                                               
                                                   
Global Funds Transfer
                           Three Months Ended
                                                   2013 vs
                           March 31,
(Amounts in millions)     2013       2012       2012
                                                   
Money transfer revenue:
Fee and other revenue      $ 294.3     $ 268.3     $ 26.0
Investment revenue         0.1         0.2         (0.1   )
Bill payment revenue:
Fee and other revenue      26.0        27.6        (1.6   )
Investment revenue        —         —         —      
Total revenue             320.4     296.1     24.3   
                                                   
Commissions expense       153.9     141.5     12.4   
                                                   
Operating income          $ 41.4    $ 33.3    $ 8.1  
                                                   
Operating margin           12.9    %   11.2    %
                                                   
                                                   
                                                   
Financial Paper Products
                           Three Months Ended      2013 vs
                           March 31,
(Amounts in millions)     2013       2012       2012
                                                   
Money order revenue:
Fee and other revenue      $ 13.2      $ 14.4      $ (1.2 )
Investment revenue         0.5         0.5         —
Official check revenue:
Fee and other revenue      4.1         4.7         (0.6   )
Investment revenue        2.1       2.1       —      
Total revenue             19.9      21.7      (1.8   )
                                                   
Commissions expense       0.5       0.5       —      
                                                   
Operating income          $ 6.9     $ 9.0     $ (2.1 )
                                                   
Operating margin           34.7    %   41.5    %


TABLE THREE
MONEYGRAM INTERNATIONAL, INC.
SEGMENT RECONCILIATIONS
(Unaudited)
                                                               
                                                                   
Global Funds Transfer
                                         Three Months Ended        2013 vs
                                         March 31,
(Amounts in millions)                   2013        2012        2012
                                                                   
Revenue (as reported)                   $ 320.4    $ 296.1    $ 24.3 
                                                                   
Adjusted operating income                $ 46.6       $ 41.8       $ 4.8
                                                                   
Reorganization and restructuring costs   (3.0    )    (5.3    )    2.3
Stock-based compensation expense        (2.2    )   (3.2    )   1.0    
Total adjustments                        (5.2    )    (8.5    )    3.3
                                                             
Operating income (as reported)          $ 41.4     $ 33.3     $ 8.1  
                                                                   
Adjusted operating margin                14.5    %    14.1    %
Total adjustments                        (1.6    )%   (2.9    )%
Operating margin (as reported)           12.9    %    11.2    %
                                                                   
                                                                   
                                                                   
Financial Paper Products
                                         Three Months Ended        2013 vs
                                         March 31,
(Amounts in millions)                   2013        2012        2012
                                                                   
Revenue (as reported)                   $ 19.9     $ 21.7     $ (1.8 )
                                                                   
Adjusted operating income                $ 7.5        $ 9.9        $ (2.4 )
                                                                   
Reorganization and restructuring costs   (0.3    )    (0.5    )    0.2
Stock-based compensation expense        (0.3    )   (0.4    )   0.1    
Total adjustments                        (0.6    )    (0.9    )    0.3
                                                             
Operating income (as reported)          $ 6.9      $ 9.0      $ (2.1 )
                                                                   
Adjusted operating margin                37.7    %    45.6    %
Total adjustments                        (3.0    )%   (4.1    )%
Operating margin (as reported)           34.7    %    41.5    %


TABLE FOUR
MONEYGRAM INTERNATIONAL, INC.
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND FREE CASH FLOW
(Unaudited)
                                                           
                                                                
                         Three Months Ended                    2013 vs
                         March 31,
(Amounts in             2013               2012              2012
millions)
                                         
(Loss) income before     $   (18.4   )       $   18.0           $   (36.4  )
income taxes
Interest expense         17.4                17.9               (0.5       )
Depreciation and         11.8                10.7               1.1
amortization
Amortization of
agent signing           8.8               8.4              0.4        
bonuses
EBITDA                   19.6                55.0               (35.4      )
                                                                
Significant items
impacting EBITDA:
Severance and            —                   0.5                (0.5       )
related costs ^(1)
Reorganization and       3.2                 5.8                (2.6       )
restructuring costs
Debt extinguishment      45.3                —                  45.3
^(2)
Stock-based and
contingent               3.1                 3.5                (0.4       )
performance
compensation ^(3)
Legal expenses ^(4)     1.1               3.6              (2.5       )
Adjusted EBITDA         $   72.3          $   68.4         $   3.9    
                                                                
Adjusted EBITDA          21.2        %       21.5       %       (0.3       )%
margin ^(5)
                                                                
Foreign currency        —           
impact
Adjusted EBITDA,
constant currency       $   72.3    
adjusted
Prior year Adjusted      $   68.4
EBITDA, as reported
Adjusted EBITDA          6           %
growth, as reported
Adjusted EBITDA
growth, constant         6           %
currency adjusted
                                                                
                                                                
Adjusted EBITDA          $   72.3            $   68.4           $   3.9
                                                                
Cash interest            (15.6       )       (16.5      )       0.9
expense
Cash tax expense         (0.1        )       (0.1       )       —
Cash payments for        (15.2       )       (18.6      )       3.4
capital expenditures
Cash payments for
agent signing            (8.6        )       (4.9       )       (3.7       )
bonuses
                                                          
Free Cash Flow          $   32.8          $   28.3         $   4.5    
                                                                
^(1) Severance and related costs from executive terminations.
^(2) Debt extinguishment costs upon the termination of the 2011 Credit
Agreement and second lien notes in connection with the 2013 Credit Agreement.
^(3) Stock-based compensation and one-time contingent performance awards
payable after three years based on achievement of revenue growth targets.
^(4) Legal expenses are primarily in connection with the settlement related to
the U.S. Attorney's Office for the Middle District of Pennsylvania
investigation, the IRS tax litigation and the shareholder derivative
litigation, and legal fees and expenses related to these matters.
^(5) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total
revenue.


TABLE FIVE
MONEYGRAM INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                                          
                                                             
(Amounts in millions, except per share     March 31, 2013  December 31, 2012
data)
ASSETS
Cash and cash equivalents                   $  —             $   —
Cash and cash equivalents (substantially    2,430.2          2,683.2
restricted)
Receivables, net (substantially             1,170.4          1,206.5
restricted)
Short-term investments (substantially       501.9            450.1
restricted)
Available-for-sale investments              56.2             63.5
(substantially restricted)
Property and equipment, net                 127.4            127.9
Goodwill                                    428.7            428.7
Other assets                               177.2          190.7         
Total assets                               $  4,892.0     $   5,150.6   
                                                             
LIABILITIES
Payment service obligations                 $  3,939.0       $   4,175.4
Debt                                        849.2            809.9
Pension and other postretirement benefits   126.1            126.8
Accounts payable and other liabilities     149.4          199.9         
Total liabilities                          5,063.7        5,312.0       
                                                             
STOCKHOLDERS’ DEFICIT
Participating Convertible Preferred Stock
- Series D, $0.01 par value, 200,000
shares authorized, 109,239 issued at        281.9            281.9
March 31, 2013 and December 31, 2012,
respectively
Common Stock, $0.01 par value,
162,500,000 shares authorized, 62,263,963   0.6              0.6
shares issued at March 31, 2013 and
December 31, 2012, respectively
Additional paid-in capital                  1,003.7          1,001.0
Retained loss                               (1,278.5    )    (1,265.9      )
Accumulated other comprehensive loss        (52.7       )    (52.3         )
Treasury stock: 4,407,038 shares at March
31, 2013 and December 31, 2012,            (126.7      )   (126.7        )
respectively
Total stockholders’ deficit                (171.7      )   (161.4        )
Total liabilities and stockholders’        $  4,892.0     $   5,150.6   
deficit


TABLE SIX
MONEYGRAM INTERNATIONAL, INC.
ASSETS IN EXCESS OF PAYMENT SERVICE OBLIGATIONS
(Unaudited)
                                                              
                                                                   
                                                                   
(Amounts in           March 31,     December 31,   September 30,
millions)                                                      June 30,
                      2013          2012           2012
                                                                   2012
                                                                   
Cash and cash         $ 2,430.2     $  2,683.2     $  2,539.8      $ 2,548.3
equivalents
Receivables, net      1,170.4       1,206.5        1,330.0         1,266.9
Short-term            501.9         450.1          524.4           524.1
investments
Available-for-sale   56.2        63.5         79.9          85.3      
investments
                      4,158.7       4,403.3        4,474.1         4,424.6
Payment service      (3,939.0  )  (4,175.4   )  (4,208.0    )  (4,156.0  )
obligations
Assets in excess of
payment service      $ 219.7     $  227.9     $  266.1      $ 268.6   
obligations


TABLE SEVEN
MONEYGRAM INTERNATIONAL, INC.
CONSTANT CURRENCY MEASURES
(Unaudited)
                                                
                                                  
                                                  Three Months Ended March 31,
(Amounts in millions)                            2013
                                                  
Total revenue, as reported (GAAP)                 $        340.5
Foreign currency impact                          (0.1                 )
Total revenue, constant currency adjusted        $        340.4       
Prior period total revenue, as reported (GAAP)    $        318.1
Total revenue growth, as reported (GAAP)          7                    %
Total revenue growth, constant currency           7                    %
adjusted
                                                  
                                                  
                                                  Three Months Ended March 31,
(Amounts in millions)                            2013
                                                  
Money transfer revenue, as reported (GAAP)        $        294.4
Foreign currency impact                          (0.1                 )
Money transfer revenue, constant currency        $        294.3       
adjusted
Prior period money transfer revenue, as           $        268.5
reported (GAAP)
Money transfer revenue growth, as reported        10                   %
(GAAP)
Money transfer revenue change, constant           10                   %
currency adjusted

Contact:

MoneyGram International, Inc.
Media:
Patty Sullivan, 214-303-9923
media@moneygram.com
or
Investors:
Eric Dutcher, 214-999-7508
edutcher@moneygram.com
 
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