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Earnings Calls: 
Western Union Q3 2009 Earnings Call Transcript
Author: 123jump.com Staff
123jump.com
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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No. I think that that is a fair 30-day period, the $8 million.

Christopher Mammone - Deutsche Bank North America

Okay. And that''s all I had. Thanks.

Scott T. Scheirman

Thanks, Chris.

Operator

And our next question will come from the line of Bob Napoli with Piper Jaffray. Please proceed.

Robert Napoli - Piper Jaffray

Hi. Good morning. Question follow up on Custom House. I was hoping you would give a little more color in your growth strategies there and some of the thoughts around the investment dollars that you''re planning on putting against that business next year?

Christina A. Gold

And we''ve actually started already in the fourth quarter in terms of what we want to do with Custom House. I think there''s a couple of things we''re focused on right now, is really enhancing and expanding some of their office in key markets like the U.K., Australia, the U.S., where we see that there''s opportunities to do further penetration. And so one of the keys there is the sales force and so they''re training people to go out and sort of feet on the street to drive that traffic, which will give us more growth in 2010.

Also on the eCommerce side, we''ve invested more in terms of the technology for our internet site, connecting them to the Western Union site. We do have plans in terms of market rollouts, which from a competitive point of view, we don''t want to say where we''re going next but we have a clear path in terms of what countries and then what level of performance we want to see and then kind of a waterfall of different countries over the next 12 to 18 months.

But as we move forward, we will be investing to do that. It will require opening of offices and hiring of sales personnel. That''s the biggest expense we do have and the other thing is we want to make sure they''re well-trained and continue to perform at the highly professional level that Custom House delivers to its consumers.

Robert Napoli - Piper Jaffray

You know, as far as dollars of investment any -- you want to give any color on that?

Christina A. Gold

Scott?

Scott T. Scheirman

You know, not at this time. We clearly want to invest, we want to gain market share, just as we I''ll use the word globalize the C2C Western Union international business, we see the same opportunity to globalize the Custom House business over the next two to three, to four years. So as we get to the 2010 timeframe, Bob, in our February earnings call, we''ll give you some more color on how we''re thinking about Custom House and maybe some of the investments we''re considering there.

Robert Napoli - Piper Jaffray
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