MoneyGram 2008 Annual Report Download - page 143

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Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
2007 Fiscal Quarters
(Amounts in thousands, except per share data) First Second Third Fourth (2)
Revenues $ 310,051 $ 333,259 $ 341,581 $ (827,354)
Commission expense 152,260 165,599 170,352 175,697
Net revenues (losses) 157,791 167,660 171,229 (1,003,051)
Operating expenses, excluding commission expense 113,700 119,780 121,970 131,446
Income (loss) from continuing operations before income taxes $ 44,091 $ 47,880 $ 49,259 $ (1,134,497)
Income (loss) from continuing operations $ 29,839 $ 32,359 $ 34,292 $ (1,168,238)
Loss from discontinued operations, net of taxes — — — (249)
Net income (loss) $ 29,839 $ 32,359 $ 34,292 $ (1,168,487)
Earnings (loss) from continuing operations per common share
Basic $ 0.36 $ 0.39 $ 0.42 $ (14.18)
Diluted $ 0.35 $ 0.38 $ 0.41 $ (14.18)
Earnings from discontinued operations per common share
Basic $ — $ — $ — $ —
Diluted $ — $ — $ — $ —
Earnings (loss) per common share
Basic $ 0.36 $ 0.39 $ 0.42 $ (14.18)
Diluted $ 0.35 $ 0.38 $ 0.41 $ (14.18)
(1) Revenue in the first quarter of 2008 includes $256.3 million of net realized losses from the realignment of the investment portfolio,
$45.3 million of other-than-temporary impairments and $5.7 million of unrealized losses on trading investments. Revenue in the
second quarter of 2008 includes $9.1 million of other-than-temporary impairments and $21.2 million of unrealized losses on trading
investments. Revenue in the third quarter of 2008 includes $8.4 million of other-than-temporary impairments and $4.9 million of
unrealized losses on trading investments. Revenue in the fourth quarter of 2008 includes $7.5 million of other-than-temporary
impairments, $8.8 million of unrealized losses on trading investments and a $26.5 million gain from put options relating to trading
investments.
(2) Revenue in the fourth quarter of 2007 includes net securities losses of $1.2 billion related to other-than-temporary impairments in the
Company's investment portfolio.
F-57