Moneygram 1st-quarter net income falls |
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Wed, 18 Apr 2007 21:41
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MINNEAPOLIS (AP) - Money order and transfer company MoneyGram International Inc. on Wednesday said first-quarter net income fell 4 percent as expenses increased.Quarterly earnings totaled $29.8 million, or 35 cents per share, compared with $30.9 million, or 36 cents per share, in the same period a year ago. The latest quarter included 3 cents per share in cash flow recoveries on previously impaired investments and income from limited partnership interests.Revenue grew 18 percent to $310.1 million from $263.7 million.Analysts polled by Thomson Financial expected earnings of 35 cents on revenue of $304.8 million.Expenses grew 24 percent to $113.7 million, due to increased headcount, higher advertising and marketing investments, infrastructure costs and expenses attributable to acquiring an agent in Italy.Shares fell 45 cents to close at $27.64 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Consumer and retailing highlights to 15:45 GMT 