Business
International Money Express, Inc. Announces Results for the First Quarter 2020; Delivers 80% Year Over Year Net Income Growth
First Quarter 2020 - Financial Highlights Revenues grew 13.0% versus the prior year period Net Income totaled $5.7 million, compared to $3.2 million in the
About this update from International Money Express, Inc.
[{"type":"text","content":"First Quarter 2020 - Financial Highlights\n Revenues grew 13.0% versus the prior year period Net Income totaled $5.7 million, compared to $3.2 million in the first quarter of 2019, growth of 80.2% Basic and Diluted Earnings per Share of $0.15 compared to $0.09 in the first quarter of 2019 Adjusted Net Income totaled $7.6 million or $0.20 per Adjusted Basic and Diluted Earnings per Share Adjusted EBITDA increased by 22.8% over the prior year first quarter to $13.2 million Net Income Margin increased by 280bps over the prior year period to 7.4% and Adjusted EBITDA margin expanded 136bps over the prior year period to 17.1% MIAMI, April 30, 2020 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading money remittance services company focused primarily on the Latin America and Caribbean corridor, today announced results for the first quarter ended March 31, 2020 and will host a conference call to discuss results at 5:00 pm ET today. First Quarter Financial Results Intermex generated Revenues of $77.3 million in the first quarter of 2020, an increase of 13.0% over the prior year quarter. Revenue growth was primarily driven by volume growth in the LATAM and Caribbean corridor. The Company reported Net Income in the first quarter of 2020 of $5.7 million compared to $3.2 million in the prior year quarter, which represents growth of 80.2%. Adjusted Net Income for the first quarter of 2020 totaled $7.6 million compared to $5.8 million in the prior year quarter. Net Income margin for the 2020 period was 7.4%, a 280bps expansion over the prior year period. Basic and diluted earnings per share in the first quarter of 2020 were $0.15 compared to $0.09 per share in the prior year quarter. Adjusted basic and diluted earnings per share totaled $0.20 for the first quarter of 2020 compared to $0.16 for the first quarter of 2019. Adjusted EBITDA in the first quarter of 2020 grew 22.8% over the comparable period in the prior year to $13.2 million, driven primarily by higher revenues as a result of volume growth during the current quarter. These results represent an Adjusted EBITDA margin of approximately 17.1%, representing an increase of 136bps over the prior year quarterly period margin of 15.8%. Capital & Liquidity The Company remains highly capitalized with a strong liquidity position. During ...