MoneyGram International reported a narrower loss in the third-quarter of 2009, due to higher revenues and lower expenses. Net revenue for the quarter rose to $175.72m from $163.63m in the comparable period, due to an increase in the number of money transfers and fees collected.

Total revenue was $304.5m, roughly unchanged from $305m in the same period last year. Year-to-date total revenue in 2009 was $875.5m, up from $608.1m in the first three quarters of 2008. Year-to-date total revenue in 2008 included net securities losses of $350.8m and investment revenue that was $101.3m favorable compared with 2009.

For the first three quarters, net loss narrowed to $9.78m from $384.24m in the prior-year. Net loss for the quarter was $18.3m and EBITDA (earnings before interest, taxes, depreciation and amortization, including agent signing bonus amortization)was $29.3m. Both were impacted by $37.4m of significant items in the quarter. Adjusted EBITDA in the quarter was $66.6m versus $75.7m in the prior year, primarily driven by a $15.8m decrease in net investment income in the third quarter of 2009.

Money transfer transaction volume excluding bill payment increased 6%, and money transfer fee and other revenue increased 3% versus prior year. On a constant currency basis, money transfer fee and other revenue excluding bill payment increased 5% versus prior year. Global agent locations reached 186,000, an increase of 15% over prior year. Total revenue for the global funds transfer segment rose to $285m in the third quarter of 2009 from $279.5m in the same period last year.

Pamela Patsley, chairman and CEO of MoneyGram, said: “In the third quarter we made great progress on our expansion initiatives and on our efforts to actively manage our debt. While our third quarter results were affected by several items, we do not believe that these are reflective of the underlying strength of the business. During the quarter, we saw improved growth in our money transfer business, signed and renewed several key agents around the globe and implemented initiatives focused on reducing costs, streamlining processes and improving efficiencies. I am confident that as a company we are re-energized and collectively taking the right steps to position MoneyGram for long-term profitable growth.”