MoneyGram posts big 1Q loss on securities losses
SAN FRANCISCO, May 09, 2008 (Thomson Financial via COMTEX) -- By Staff Reporter
Company: MoneyGram International Inc (MGI)
MoneyGram International late Thursday reported a first-quarter net loss of $360.9 million, or $4.40 a share, as the company recorded $307.3 million in net securities losses due to the realignment of its investment portfolio and other-than-temporary impairments.
In the same period last year, the Minneapolis-based money transfer company reported a net profit of $29.8 million, or 35 cents a share.
Fee and other revenue in the quarter ended March 31 rose to $262.8 million from $213.1 million last year, driven by growth in money transfer transaction volume, the company said.
MoneyGram said it does not expect to declare any dividends for common stock during 2008.
The company's share closed at $2.03 and fell 7% in after-hours trade. Gabriel Madway gm
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Company: MoneyGram International Inc (MGI)
