MoneyGram reports $11.8 million in net income

MoneyGram International, Inc., a United States-based financial services company, that provides money transfer services, money orders, and bill payment services to consumers, released its first quarter results. The report shows that the company’s net income was $11.8 million, global agent network expanded by 18% on a year-over-year basis while money transfer and bill payment transaction volume increased 4% year-over-year. Besides, MoneyGram ended the first quarter 2009 with unrestricted assets of $420.8 million, up from $391.0 million at Dec. 31, 2008.

MoneyGram reports that the first-quarter 2009 total revenue stood for $279.9 million against revenue of $17.1 million, which includes $307.3 million of net securities losses, in the first quarter of 2008. Total fee and other revenue increased to $268.1 million in the current quarter from $262.8 million in the first quarter of 2008, driven by money transfer fee and other revenue of $242.1 million in the first quarter 2009 versus $236.9 million in the prior period.

The report also shows that net income for the first quarter of 2009 accounted for $11.8 million as compared with a net loss of $360.9 million for the same period in 2008, which included $307.3 million of net securities losses and a $57.0 million loss on swaps related to commissions payable in the official check business as a result of the Company’s restructuring initiatives.