MoneyGram 2009 Annual Report Download - page 130

Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 18 — Quarterly Financial Data (Unaudited)
The summation of quarterly earnings per share may not equate to the calculation for the full year as quarterly calculations are performed
on a discrete basis.
2009 Fiscal Quarters
(Amounts in thousands, except per share data) First Second (1) Third (1) Fourth (1)
Revenues $ 279,891 $ 291,181 $ 304,450 $ 296,380
Commissions expense 118,943 122,118 128,727 128,679
Net revenue 160,948 169,063 175,723 167,701
Operating expenses, excluding commissions expense 148,544 172,653 194,427 180,133
Income (loss) before income taxes $ 12,404 $ (3,590) $ (18,704) $ (12,432)
Net income (loss) $ 11,841 $ (3,317) $ (18,304) $ 7,874
Loss per common share
Basic and diluted $ (0.20) $ (0.40) $ (0.60) $ (0.29)
2008 Fiscal Quarters
(Amounts in thousands, except per share data) First (2) Second (2) Third (2) Fourth (2)
Revenues $ 17,062 $ 286,088 $ 304,999 $ 318,969
Commissions expense 214,121 123,713 141,365 125,409
Net (losses) revenue (197,059) 162,375 163,634 193,560
Operating expenses, excluding commissions expense 146,056 138,955 202,098 172,592
(Loss) income before income taxes $ (343,115) $ 23,420 $ (38,464) $ 20,968
Net (loss) income $ (360,855) $ 15,161 $ (38,552) $ 122,861
(Loss) earnings per common share
Basic $ (4.40) $ (0.11) $ (0.80) $ 0.23
Diluted $ (4.40) $ (0.11) $ (0.80) $ 0.22
(1) Operating expenses in the second and third quarters of 2009 include legal accruals of $12.0 million and $22.5 million, respectively.
Operating expenses in the fourth quarter of 2009 include $20.3 million of legal accruals and a $15.5 million curtailment gain on the
Company's benefit plans.
(2) 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 $21.2 million of unrealized losses on trading investments and $9.1 million of other than temporary
impairments. 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 a $26.5 million gain from put options
relating to trading investments, $8.8 million of unrealized losses on trading investments and $7.5 million of other-than-temporary
impairments.
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