MoneyGram 2004 Annual Report Download - page 49

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Table of Contents
MONEYGRAM INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
2004 2003 2002
(Dollars in thousands, except
share and per share data)
Revenue
Fee and other revenue $ 500,940 $ 419,002 $ 365,635
Investment revenue 315,983 323,099 351,332
Net securities gains and losses 9,607 (4,878) (9,277)
Total revenue 826,530 737,223 707,690
Fee commissions expense 183,561 144,997 118,268
Investment commissions expense 219,912 232,336 240,152
Total commissions expense 403,473 377,333 358,420
Net revenue 423,057 359,890 349,270
Expenses
Compensation and benefits 126,641 107,497 99,689
Transaction and operations support 120,767 101,513 96,608
Depreciation and amortization 29,567 27,295 25,894
Occupancy, equipment and supplies 30,828 25,557 25,180
Interest expense 5,573 9,857 15,212
Debt tender and redemption costs 20,661 — —
Total expenses 334,037 271,719 262,583
Income from continuing operations before income taxes 89,020 88,171 86,687
Income tax expense 23,891 12,485 11,923
Income from continuing operations 65,129 75,686 74,764
Income (loss) and gain from discontinued operations, net of tax 21,283 38,216 (16,878)
Net income $ 86,412 $ 113,902 $ 57,886
Basic earnings per share
Income from continuing operations $ 0.75 $ 0.87 $ 0.87
Income (loss) from discontinued operations, net of tax 0.24 0.44 (0.21)
Earnings per common share $ 0.99 $ 1.31 $ 0.66
Average outstanding common shares 86,916 86,223 86,178
Diluted earnings per share
Income from continuing operations $ 0.75 $ 0.87 $ 0.86
Income (loss) from discontinued operations, net of tax 0.24 0.44 (0.21)
Earnings per common share $ 0.99 $ 1.31 $ 0.65
Average outstanding and potentially dilutive common shares 87,330 86,619 86,716
See Notes to Consolidated Financial Statements
F-5