MoneyGram 2004 Annual Report Download

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MONEYGRAM INTERNATIONAL INC (MGI)
10-K
Annual report pursuant to section 13 and 15(d)
Filed on 03/04/2005
Filed Period 12/31/2004

Table of contents

  • Page 1
    MONEYGRAM INTERNATIONAL INC (MGI) 10-K Annual report pursuant to section 13 and 15(d) Filed on 03/04/2005 Filed Period 12/31/2004

  • Page 2
    ...'s telephone number, including area code (952) 591-3000 Securities registered pursuant to Section 12(b) of the Act: Title of each class 16-1690064 (I.R.S. Employer Identification No.) 55416 (Zip Code) Name of each exchange on which registered Common stock, $0.01 par value New York Stock Exchange...

  • Page 3
    ... and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information PART III. Directors and Executive Officers of the Registrant Executive Compensation Security Ownership of Certain Beneficial Owners and Management...

  • Page 4
    ... multi-lingual customer service for both agents and consumers 24 hours per day, 365 days per year. MoneyGram Money Transfers: Money transfers are transfers of funds between consumers from one location to another. Money transfers are used by consumers who want to transfer funds quickly, safely and 1

  • Page 5
    ... consumer goes to an agent location, completes a form and pays the agent the money to be transferred, together with a fee. The agent enters the transaction data into a point-of-sale money transfer platform, which connects to our central data processing system. Through our FormFree service, customers...

  • Page 6
    ...orders and bill payment services on a regional basis to our three principal distribution channels: large national agent accounts, smaller, independent accounts and check cashing outlets. We also have dedicated sales and marketing teams that market our urgent bill payment services directly to billers...

  • Page 7
    ...focused on new ways to transfer money and pay bills. In March 2004, we launched our MoneyGram eMoney Transfer service that allows online money transfers and bill payments to be initiated on our website using credit cards and bank account debits. We are developing a prepaid debit card that we plan to...

  • Page 8
    ... • internal policies and controls; • the designation of a compliance officer; • ongoing employee training; and • an independent review function. Unclaimed property laws of every state, the District of Columbia and Puerto Rico require that we track the relevant information on each money order...

  • Page 9
    ... Travelers Express Company, Inc. in 1991 and served as General Manager of the official check business from 1991 until early 1992, as Vice President, General Manager of the Payment Systems segment from 1992 until early 1993, and as Vice President, General Manager of the Global Payment Products group...

  • Page 10
    ... to the position of Vice President of Human Resources in 1996. Available Information Our principal executive offices are located at 1550 Utica Avenue South, Minneapolis, Minnesota 55416, telephone (952) 591-3000. Our website address is www.moneygram.com. We make our reports on Forms 10-K, 10-Q and...

  • Page 11
    ...New York City, Florida and in the United Kingdom, as well as small sales and marketing offices in Germany, Hong Kong, Greece, Dubai, Russia, Italy, South Africa, Australia, China and the Netherlands. We believe that our properties are sufficient to meet our current and projected needs. Item 3. LEGAL...

  • Page 12
    Table of Contents PART II Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our stock is traded on the New York Stock Exchange under the symbol MGI. Our Board of Directors declared and paid a quarterly cash dividend of $0.01 per...

  • Page 13
    ... stock (4) Stockholders' equity (5) Other Selected Data Capital expenditures Depreciation and amortization Cash dividends declared per share (6) Average investable balances (7) Net investment margin (8) Approximate number of countries served Number of money order and money transfer locations...

  • Page 14
    ... Statements" and elsewhere in this Annual Report on Form 10-K. Our Separation from Viad Corp On July 24, 2003, Viad announced a plan to separate its payment services segment, operated by Travelers, from its other businesses into a new company, and to effect a tax-free distribution of its shares in...

  • Page 15
    ... revenue growth in money transfer. • Our money order transaction volume was relatively flat in 2004, despite a market trend of declining paper-based instruments. Based on current industry information, the trend in paper-based payment instruments is estimated to be an annual decline of five to...

  • Page 16
    ...bill payment transaction fees are fixed per transaction. Foreign exchange revenue is derived from the management of currency exchange spreads on international money transfer transactions. Other revenue consists of processing fees on rebate checks and controlled disbursements, service charges on aged...

  • Page 17
    ... (%) 2002 (%) 2004 2003 (Dollars in thousands) 2002 Revenue: Fee and other revenue Investment revenue Securities gains and losses, net Total revenue Fee commissions expense Investment commissions expense Total commissions expense Net revenue Expenses: Compensation and benefits Transaction and...

  • Page 18
    ... driven by transaction growth in our money transfer and urgent bill payment services, with volume increasing 32 percent during 2003. As in 2004, revenue growth rates are lower than money transfer volume growth rates. Fee commissions consist primarily of fees paid to our third-party agents for the...

  • Page 19
    ...1.30 percent. During the same period, the Fed Funds rate declined 54 basis points and the 5-year U.S. Treasury Note declined 93 basis points. Table 4 - Summary of Gains, Losses and Impairments 2004 2003 2002 (Dollars in thousands) 2004 vs 2003 2003 vs 2002 Gross realized gains Gross realized losses...

  • Page 20
    ... in Table 1. Compensation and benefits - Compensation and benefits includes salaries and benefits, management incentive programs, severance costs and other employee related costs. Included in 2004 are $4.3 million of expenses allocated from Viad that will not recur in 2005. Compensation and benefits...

  • Page 21
    ... bill payment services to consumers through a network of agents. Fee revenue is driven by transaction volume and fees per transaction. In addition, investment and related income is generated by investing funds received from the sale of money orders until the instruments are settled. Payment Systems...

  • Page 22
    ... markets, to over 77,000 locations. Revenue increased nine percent in 2003 over 2002, primarily driven by money transfer and bill payment services as transaction volumes increased by 32 percent. The money transfer and bill payment services growth was partially offset by a decline in money order fee...

  • Page 23
    ... presented under GAAP. Payment Systems revenue includes investment revenue, securities gains and losses, per-item fees charged to our official check financial institution customers and fees earned on our rebate processing business. Revenue increased three percent during 2004 compared to 2003, due...

  • Page 24
    ..., and by Company policy are not available to satisfy working capital or other financing requirements. As of December 31, 2004 and 2003, we had unrestricted cash and cash equivalents, receivables, and investments to the extent those assets exceed all payment service obligations as summarized in Table...

  • Page 25
    ... higher net income and the timing of payment on accounts payable and other liabilities. To understand the cash flow activity of our business, the cash provided by (used in) operating activities relating to the payment service assets and obligations should be reviewed in conjunction with the related...

  • Page 26
    ...Table 11 - Cash Flows Provided By or Used In Investing Activities 2004 2003 (Dollars in thousands) 2002 Net investment activity Purchases of property and equipment Cash paid for acquisition of minority interest Proceeds from sale of Game Financial Corporation Other Other investing activity Net cash...

  • Page 27
    ... to pay merger consideration to Viad in connection with the spinoff. The remaining amount of the credit facility is available for general corporate purposes and to support letters of credit. The interest rate on both the term loan and the credit facility is LIBOR plus 60 basis points, subject...

  • Page 28
    ... Accounting Policies - Pension obligations" for further discussion of these plans. We have agreements with clearing banks that provide processing and clearing functions for money orders and official checks. One clearing bank contract has covenants that include maintenance of total cash and cash...

  • Page 29
    ...through cash generated from operating activities. Viad sold treasury stock in 1992 to its employee equity trust to fund certain existing employee compensation and benefit plans. In connection with the spinoff, Viad transferred 1,632,964 shares of MoneyGram common stock to the MoneyGram International...

  • Page 30
    ... the extent that estimated cash flows are matched over time across various interest rate environments. The third element to our strategy is setting parameters for rebalancing actions to help attain corporate margin objectives. Management develops rebalancing actions based upon a number of factors...

  • Page 31
    ... that the Company may not collect on funds received by agents in connection with money transfers and money orders. Approximately 70 percent of the Company's investment portfolio at December 31, 2004 consists of securities that are not issued or guaranteed by the U.S. government. If the issuer of any...

  • Page 32
    ... to prevent agents from issuing money orders or performing money transfers if suspicious activity is noted or remittances are not received according to the agent's contract. The point of sale software requires each location to be re-authorized on a daily basis for transaction processing. Operational...

  • Page 33
    ... be realized in a current market exchange. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. In general, as interest rates increase, the fair value of the available-for-sale portfolio and stockholders' equity decreases...

  • Page 34
    ... pension plans that cover certain employees of MoneyGram, as well as former employees of Viad and of sold operations of Viad. Through December 31, 2000, the principal retirement plan was structured using a traditional defined benefit formula based primarily on final average pay and years of service...

  • Page 35
    ... benefit obligation: Discount rate Rate of compensation increase Net periodic benefit cost: Discount rate Expected return on plan assets Rate of compensation increase 6.00% 4.50% 6.25% 8.75% 4.50% 6.25% 4.50% 6.75% 8.75% 4.50% 6.75% 4.50% 7.25% 10.00% 4.50% MoneyGram's pension expense for 2004...

  • Page 36
    ..., MoneyGram uses the intrinsic value method prescribed by APB Opinion No. 25,Accounting for Stock Issued to Employees, and related interpretations in accounting for its stock-based compensation plans. Under our stock option plans, options are granted at exercise prices equal to the market price...

  • Page 37
    ...and payables denominated in foreign currency. See "Enterprise Risk Management - Foreign Currency Exchange Risk." • Growth Rates. We cannot anticipate whether growth rates approximating recent levels for consumer money transfer transactions and other payment product markets will continue. • Agent...

  • Page 38
    ... Investor Relations section and are available in print free of charge to any stockholder who requests them. Written requests for our Code Ethics, Always Honest policy, Corporate Governance Guidelines and committee charters should be addressed to MoneyGram International, Inc., 1550 Utica Avenue South...

  • Page 39
    ... sections entitled "Security Ownership of Management," "Security Ownership of Certain Beneficial Owners" and "Proposal 2: Approval of the MoneyGram International, Inc. 2005 Omnibus Incentive Plan - Equity Compensation Plan Information" in our definitive Proxy Statement for our 2005 Annual Meeting of...

  • Page 40
    ... duly authorized. MoneyGram International, Inc. (Registrant) Date: March 4, 2005 By: /s/ Philip W. Milne Philip W. Milne President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on...

  • Page 41
    /s/ Teresa H. Johnson Teresa H. Johnson * As attorney-in-fact Vice President, General Counsel and Secretary 37

  • Page 42
    ...on Form 8-K filed on February 23, 2005). MoneyGram International, Inc. Deferred Compensation Plan, as stated July 1, 2004 (Incorporated by reference from Exhibit 10.7 to Registrant's Quarterly Report on Form 10-Q filed on August 13, 2004). MoneyGram International, Inc. Executive Severance Plan (Tier...

  • Page 43
    ...Current Report on Form 8-K filed on December 22, 2004). MoneyGram International, Inc. Performance Unit Incentive Plan (Incorporated by reference from Exhibit 99.3 to the Registrant's Current Report on Form 8-K filed on February 23, 2005). Description of MoneyGram International, Inc. Compensation for...

  • Page 44
    ... Description Section 302 Certification of Chief Executive Officer Section 302 Certification of Chief Financial Officer Section 906 Certification of Chief Executive Officer Section 906 Certification of Chief Financial Officer * Filed herewith. †Indicates management contract or compensatory plan...

  • Page 45
    Table of Contents MoneyGram International, Inc. Annual Report on Form 10-K Items 8 and 15(a) Index to Financial Statements Management's Responsibility Statement Financial Statements Report of Independent Registered Public Accounting Firm Consolidated Balance Sheets as of December 31, 2004 and 2003 ...

  • Page 46
    ... statements are prepared by the Company in accordance with accounting principles generally accepted in the United States of America using, where appropriate, management's best estimates and judgments. The financial information presented throughout the Annual Report is consistent with that in...

  • Page 47
    ..., 2004 and 2003, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2004, in conformity with accounting principles generally accepted in the United States of America. /s/ DELOITTE & TOUCHE LLP Minneapolis, Minnesota March 2, 2005...

  • Page 48
    ...assets Liabilities and Stockholders' Equity Payment service obligations (Note 2) Debt (Note 9) Derivative financial instruments (Note 5) Pension and other postretirement benefits (Note 14) Preferred stock subject to mandatory redemption (Note 10) Accounts payable and other liabilities Liabilities of...

  • Page 49
    Table of Contents MONEYGRAM INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME Year Ended December 31, 2003 (Dollars in thousands, except share and per share data) 2004 2002 Revenue Fee and other revenue Investment revenue Net securities gains and losses Total revenue Fee commissions expense ...

  • Page 50
    Table of Contents MONEYGRAM INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2004 2003 2002 (Dollars in thousands) Net income Other comprehensive income: Net unrealized gains on available-for-sale securities: Reclassification of securities from held-to-...

  • Page 51
    ... Purchases of property and equipment Cash paid for acquisition of MoneyGram International Limited Proceeds from the sale of Game Financial Corporation, net of cash sold Other investing activities Net cash provided by (used in) investing activities Cash flows from financing activities Payments...

  • Page 52
    ...20 per share) Employee benefit plans Treasury shares acquired Unrealized foreign currency translation adjustment Unrealized loss on available-for-sale securities Unrealized gain on derivative financial instruments Minimum pension liability Other, net Balance at December 31, 2004 $ 149,610 $ 225...

  • Page 53
    ... and processing of money orders, processing of official checks and share drafts, controlled disbursement processing and routine bill payment service. These products and services are offered to consumers and businesses through a network of agents and financial institution customers located around...

  • Page 54
    ... - We generate funds from the sale of money orders, official checks (including cashier's checks, teller checks, and agent checks) and other payment instruments (classified as "Payment service obligations" in the Consolidated Balance Sheets). The proceeds are invested in cash and cash equivalents and...

  • Page 55
    ... service obligations resulting from outstanding cashier's checks; however, we restrict a portion of the funds related to these payment instruments due to contractual arrangements and/or Company policy. Assets restricted for regulatory or contractual reasons are not available to satisfy working...

  • Page 56
    ...software and hardware and leasehold improvements and is stated at cost, net of accumulated depreciation. Property and equipment is depreciated using a straight-line method over the assets' estimated useful lives ranging from ten years for office furniture and equipment, five to seven years for agent...

  • Page 57
    ...) on international money transfer transactions. Foreign exchange revenue is recognized at the time the exchange in funds occurs. - Other revenue consists of processing fees on rebate checks and controlled disbursements, service charges on aged outstanding money orders, money order dispenser fees and...

  • Page 58
    ... the agent disbursing the funds receive a commission. The commission amount is generally based on a percentage of the fee charged to the customer. We generally do not pay commissions to agents on the sale of money orders. Fee commissions are recognized at the time of the transaction. Fee commissions...

  • Page 59
    Table of Contents MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) 2004 2003 2002 (Dollars in thousands, except per share data) Net income, as reported Plus: stock-based compensation expense recorded under APB 25, net of tax Less: stock-based ...

  • Page 60
    ... as of a point in time and could fluctuate significantly as interest rates change. In December 2004, the FASB issued an SFAS No. 123R, Share-Based Payment. This standard, which is effective for the Company beginning in the third quarter of 2005, requires that all share-based compensation awards be...

  • Page 61
    ... and is responsible for the variable costs associated with its direct usage of the asset. Game Financial Corporation: During the first quarter of 2004, we completed the sale of one of our subsidiaries, Game Financial Corporation ("Game Financial"), for approximately $43.0 million in cash, resulting...

  • Page 62
    ...December 31, 2004: Amortized Cost Gross Gross Unrealized Unrealized Gains Losses (Dollars in thousands) Market Value Obligations of states and political subdivisions Mortgage-backed and other asset-backed securities U.S. government agencies Corporate debt securities Preferred and common stock Total...

  • Page 63
    ... in connection with the sale of the underlying securities. Gross realized gains and losses on sales of securities classified as available-for-sale, using the specific identification method, and other-than-temporary impairments were as follows for the year ended December 31: 2004 2003 (Dollars...

  • Page 64
    ... currency exchange rates or from certain types of forecasted transactions. The Company enters into foreign currency forward contracts of generally less than thirty and ninety days to hedge forecasted foreign currency money transfer transactions. The Company designates these currency forwards as cash...

  • Page 65
    ...average variable receive rate 2.1% and 0.9% at December 31, 2004 and 2003, respectively. The variable rate portion of the swaps is generally based on Treasury bill, federal funds, or 6 month LIBOR. As the swap payments are settled, the net difference between the fixed amount the Company pays and the...

  • Page 66
    ... our financial statements. The agreement expires in June 2006. The receivables are sold to accelerate the cash flow for investments. The aggregate amount of receivables sold at any time cannot exceed $450.0 million. The balance of sold receivables as of December 31, 2004 and 2003 was $345.5 million...

  • Page 67
    ...third quarter of 2004, the Company evaluated the recoverability of certain purchased customer list intangibles due to the expected departure of a particular customer. To determine recoverability, the Company estimated future cash flows over the remaining useful life and calculated the fair value. An...

  • Page 68
    ... the term loan and the credit facility is an indexed rate of LIBOR plus 60 basis points, with one, two, three and six month repricing options. On December 31, 2004, the interest rate was 3.1% (exclusive of the effects of commitment fees and other costs), respectively. The interest rate is subject to...

  • Page 69
    ... corporate expenses and to support letters of credit. Any letters of credit issued reduce the amount available under the revolving credit facility (see Note 16). The Company pays a fee on the facilities regardless of the usage ranging from 0.1% to 0.375% depending upon our credit rating. During 2004...

  • Page 70
    ... continuing operations for the year ended December 31 is: 2004 % 2003 % (Dollars in thousands) 2002 % Income tax at statutory federal income tax rate Tax effect of: State income tax, net of federal income tax effect Preferred stock redemption costs Other Tax-exempt income Income tax expense $ 31...

  • Page 71
    ... of its foreign entities. Included in "Employee benefit plans" in the Consolidated Statement of Stockholders' Equity in 2004 is $0.6 million of tax benefits recognized in connection with the exercise of stock options. Tax benefits recognized in connection with the exercise of stock options were...

  • Page 72
    ... to purchase one one-hundredth of a share of MoneyGram series A junior participating preferred stock for $100.00, once the rights become exercisable. The rights become exercisable ten days after a person or group acquires, or begins a tender or exchange offer for, 15 percent or more of the Company...

  • Page 73
    ...,364 shares of Viad common stock in treasury. On November 18, 2004, the Board of Directors authorized a plan to repurchase, at the Company's discretion, up to 2,000,000 shares of MoneyGram International, Inc. common stock with the intended effect of returning value to the stockholders and reducing...

  • Page 74
    ... of the Plan, which is a noncontributory defined benefit pension plan covering all employees who meet certain age and length-of-service requirements. Viad retained the pension liability for a portion of the employees in its Exhibitgroup/ Giltspur subsidiary and one sold business, which represented...

  • Page 75
    ... MoneyGram International, Inc. SERP, is a nonqualified defined benefit pension plan, which provides postretirement income to eligible employees selected by the Board of Directors. It is our policy to fund the supplemental executive retirement plan as benefits are paid. Net periodic pension cost for...

  • Page 76
    ... year Actual return on plan assets Employer contributions Benefits paid Fair value of plan assets at the end of the year Reconciliations of funded status: Funded (unfunded) status Unrecognized actuarial (gain) loss Unrecognized prior service cost Net amount recognized in Consolidated Balance Sheets...

  • Page 77
    ... the benefit obligation for postretirement benefits other than pensions for all Viad and non-MoneyGram employees, with the exception of one executive. In May 2004, the FASB issued FASB Staff Position ("FSP") FAS 106-2 on the accounting for the effects of the Medicare Prescription Drug, Improvement...

  • Page 78
    Table of Contents MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The Company's funding policy is to make contributions to the plan as benefits are required to be paid. Net periodic postretirement benefit cost includes the following components...

  • Page 79
    ... employee compensation and benefit plans. In connection with the spin-off, Viad transferred 1,632,964 shares of MoneyGram common stock to a MoneyGram International, Inc. employee equity trust (the "Trust") to be used by MoneyGram to fund employee compensation and benefit plans. The fair market...

  • Page 80
    ... period. Forfeited and cancelled awards become available for new grants. As of December 31, 2004, the Company has remaining authorization to issue awards totaling up to 3,471,220 million shares of common stock under the 2004 Omnibus Incentive Plan. Stock options granted in 2004 become exercisable in...

  • Page 81
    ... awards granted in 2002 will vest in 2006 and 2007 in an equal number of shares each year. Future vesting in all cases is subject generally to continued employment with MoneyGram or Viad. Holders of restricted stock and performance-based restricted stock have the right to receive dividends and vote...

  • Page 82
    Table of Contents MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) shares will vest on June 30, 2006. The Company recognized compensation expense totaling $1.9 million, $1.4 million and $1.1 million in 2004, 2003 and 2002, respectively, related...

  • Page 83
    ... primarily provides official check services for financial institutions in the United States, and processes controlled disbursements. In addition, Payment Systems sells money orders through financial institutions in the United States. No single customer or agent in either segment accounted for more...

  • Page 84
    ... 408,697 9,222,154 Geographic areas - Foreign operations are located principally in Europe. Foreign revenues are defined as revenues generated from money transfer transactions originating in a country other than the United States. Long lived assets are principally located in the United States. F-40

  • Page 85
    ... of Contents MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The table below presents revenue by major geographic area for the year ended December 31: 2004 2003 (Dollars in thousands) 2002 United States Foreign Total revenue $ $ 675,129...

  • Page 86
    Table of Contents MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) 2003 Fiscal Quarters First Second Third (Dollars in thousands, except per share data) Fourth Revenues Commission expense Net revenues Operating expenses, excluding commission ...

  • Page 87
    ... Inc. (Puerto Rico) MoneyGram Payment Systems, Inc. (Delaware MoneyGram of New York LLC (Delaware) MoneyGram Payment Systems Canada, Inc. (Ontario) MoneyGram International Holdings Limited (United Kingdom) • • MoneyGram International Limited (United Kingdom) MIL Overseas Limited (United Kingdom...

  • Page 88
    ... Statement on Form S-8 (Registration No. 333-116976) of MoneyGram International, Inc. of our report dated March 2, 2005, appearing in this Annual Report on Form 10-K of MoneyGram International, Inc. for the year ended December 31, 2004. /s/ DELOITTE & TOUCHE LLP Minneapolis, Minnesota March...

  • Page 89
    ..., to sign the Form 10-K Annual Report of MoneyGram International, Inc. for the fiscal year ended December 31, 2004, and any and all amendments thereto, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting...

  • Page 90
    ... summarize and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ PHILIP W. MILNE President and Chief Executive Officer Date: March 4, 2005

  • Page 91
    ..., process, summarize and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. /s/ DAVID J. PARRIN Vice President and Chief Financial Officer Date...

  • Page 92
    ... 2002 In connection with the Annual Report of MoneyGram International, Inc. (the "Company") on Form 10-K for the period ended December 31, 2004, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Philip W. Milne, Chief Executive Officer of the Company, certify...

  • Page 93
    ... 2002 In connection with the Annual Report of MoneyGram International, Inc. (the "Company") on Form 10-K for the period ended December 31, 2004, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David J. Parrin, Chief Financial Officer of the Company, certify...