For the third quarter, revenues grew 26% to US$392.7 million compared to US$310.6 million in the prior year. Normalized diluted earnings per share grew 2% to US$0.45 compared to US$0.44 in the prior year quarter.

These results include the unfavorable impact of foreign currency exchange rates during the quarter, and as such, the company included Schedule 9 to provide revenue and diluted earnings per share growth on a constant currency basis for both the quarter and the outlook for fiscal 2009. On a constant currency basis, revenues grew 38% and normalized diluted earnings per share grew 25% over the prior year quarter.

On a GAAP basis we reported revenue of US$392.7 million and a loss per share of (US$1.34). These results include a non-cash, pretax impairment charge relating to our money transfer business of US$147.7 million which was recorded as a result of the company's annual FAS 142 Goodwill and Other Intangible Assets review. The fair value of the money transfer business has significantly declined due to ongoing challenging macroeconomic and immigrant labor trends.

Comments and Outlook

Chairman and CEO, Paul R. Garcia, stated, "We achieved solid third quarter financial performance, in spite of continuing macroeconomic headwinds and unfavorable foreign currency trends. Our normalized results for the quarter were driven by the impact of our June 30, 2008 U.K. acquisition and strong results in our North America segment. North America continues to benefit from successful pricing initiatives in Canada and solid 15% transaction growth in the U.S."

"We are maintaining our 2009 annual revenue guidance of US$1,550 million to US$1,580 million, or 22% to 24% growth over fiscal 2008. In addition, our constant currency expectations for revenue growth of 29% to 31% remain unchanged from last quarter. We are also reaffirming fiscal 2009 normalized diluted EPS guidance of US$2.14 to US$2.21, reflecting 8% to 12% growth over fiscal 2008 (see Schedule 6 for details). Our constant currency outlook for normalized diluted earnings per share growth of 21% to 25% for fiscal 2009 also remains unchanged, in spite of a challenging economic environment," said Garcia.

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