MoneyGram's CEO Discusses Q3 2011 Results - Earnings Call Transcript
MoneyGram International, Inc. ( MGI ) Q3 2011 Earnings Conference Call October 27, 2011 9:00 AM ET
Operator
Good morning and welcome to the MoneyGram International Third Quarter 2011 Earnings Conference Call. Today's call is being recorded. At this time, all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation.
It is now my pleasure to turn the floor to your host, Alex Holmes, Senior Vice President of Investor Relations and Strategic Development. Please go ahead, sir.
Alex Holmes
Thank you. Good morning, everyone. And welcome to our third quarter 2011 conference call. With me today are Pam Patsley, Chairman and Chief Executive Officer; and Jim Shields, Executive Vice President and Chief Financial Officer.
If you've not yet seen our earnings release, you can find it on our website at moneygram.com. I must remind you that today's call is being recorded and that the various remarks we make about future expectations, plans, and prospects constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from expectations, plans, and prospects contemplated in any forward-looking statements as a result of various factors, including those discussed in our filings with the SEC. I encourage everyone on this call to read our SEC filings, including our 10-Q for the quarter ended September 30, 2011, which is expected to be filed with the SEC by November 3.
Additionally, I want to note that today's remarks include certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, and adjusted EBITDA margin. Our earnings release includes the full reconciliation of these non-GAAP financial measures to the related GAAP financial measures.
And with that, I'll turn the call to Pam.
4 Consolidation Debt Loan Payday 6 - News
6. You're broke the day after payday. Living paycheque to paycheque is a fact of life for many people. But when the money that's meant to last for the next two weeks has disappeared in 24 hours, that's a crisis that often sends people to payday loan
The consolidated loan loss provision, expressed as a percentage of gross consumer lending revenue, was 20.2% for the quarter ended September 30, 2011 compared to 18.0% for the three months ended June 30, 2011, and represents an aggregation of both
A R5000 payday loan could attract interest and other costs of around 22%/month. Slot says data collected by Octogen shows that the average credit-active consumer is now using 46,7% of their net income to repay debt. According to the Federal Reserve
QC will offer MoneyGram money transfer bill payments and money orders in more than 300 locations, and through them we extend our presence with a leading pay-day lender. Our US outbound business also had another solid quarter, reporting transaction
Reach him by email at SKornacki@salon.com and follow him on Twitter @SteveKornacki More Steve Kornacki If his gigantic Freddie Mac payday ends Newt's surge, who will pick up the slack? By Steve Kornacki Texas Gov. Rick Perry speaks at the Lincoln
I need a reputable & honest bad debt consolidation loan company ...
- NFCC is a non distinction classification which was set up by a credit label attention to suggest benefit to people who have been struggling to compensate their credit label debt..They can suggest marked down payments as well as seductiveness (but NOT settlements for less). http://www.nfcc.org – As a ubiquitous rule, they can revoke your sum monthly remuneration down to 2% of your sum debt…so with 10K in credit label debt…your sum remuneration would rounded off be $200. They can additionally revoke a seductiveness to around 10%. This classification does NOT understanding in payday loans as well as they cannot be enclosed in their program. - Stay divided from any credit label debt converging organisation which promises to cut your debt as well as payments in half. These firms work by carrying we upon purpose default upon your credit cards to solve for half. This is a unsure routine as well as your creditors competence reply by receiving we to justice to get a judgment.
Sorry to listen to about your detriment Ben… As for your situation, unfortunately no converging association can assistance we (UNLESS) of march those payday loans went to collections. These debts have been mostly referred to as cumulative debts due to a payday discerning money inlet of a business. It’s mostly most appropriate to deliberate with a single of these companies, as well as discuss it them we wish to do allotment as against to a converging loan.
Debt converging loans can be possibly great or bad. Some debt converging loans have been done during unreasonable seductiveness rates to those people who can slightest means unreasonable seductiveness rates. Not ALL debt converging loan companies have been honest as well as reputable. Most of those companies which do blurb operation continually in a attention are, however, both creditable as well as honest.
The complete indicate of a debt converging loan is to reduce a monthly monetary requisite of an particular to a turn he or she can live with as well as live with prolonged sufficient so which a debt is utterly eliminated. There have been alternative advantages, though creation it probable for a chairman to pay off their debts is a categorical design of a debt converging loan.