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Earnings Calls: 
Western Union Q3 2009 Earnings Call Transcript
Author: 123jump.com Staff
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Last Update: 3:20 AM ET October 30 2009

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The Western Union Company third quarter revenues fell 5% to $1.31 billion and net income fell 25% to $181 million or 26 cents a share.


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Okay.

Operator

And our next question will come from the line of Tien-Tsin Huang with J.P. Morgan. Please proceed.

Tien-Tsin Huang - J.P. Morgan

Thanks. Just to expand on Bryan''s question, I guess, were there any surprises in the quarter in terms of country or regional performance?

Christina A. Gold

I would say no. I think it''s pretty consistent with all of the other quarters, there were no, if we look at different countries, there was no major deterioration or things that kind of did not perform consistently. So I think we felt pretty comfortable that things had stabilized for us in our business.

Scott T. Scheirman

And Tien, this is Scott, what I would add is U.S. outbound trends were consistent with the last few quarters.

Christina A. Gold

Yeah.

Scott T. Scheirman

Western Europe were consistent and those are major send areas for us. Gulf, although the transaction growth trends are strong, there was some moderation but C2C transactions both Q2, Q3 were 3%. And then the average principal per transaction on a constant currency basis was down 4%, which was a slight moderation from the second quarter, so the average ticket price is hanging in there too.

Tien-Tsin Huang - J.P. Morgan

Right. On the Mexico front, just the Vigo branded performance. How much of that is tied to the proactive store closings that you referred to last quarter versus the other factors. Can you just give us an update there?

Christina A. Gold

We''re seeing that the small retailers and the Vigo, that''s really where we''re seeing the underperformance, so obviously it is tied to Vigo performance and the small independents. But if we look at our major chains, they''re performing up to the market level. So we''re not seeing the same number of closures or the same issues that we had in the first half but obviously it rolls into second half because those locations are no longer there. But Stewart and his team is looking aggressively to try to increase the number of independents in the network.

Tien-Tsin Huang - J.P. Morgan

Okay. The solution is to expand the network from here and the other changes that might be on the horizon?

Christina A. Gold
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