Business
International Money Express, Inc. Announces Strong Results for the Third Quarter 2019
Third Quarter 2019 - Financial Highlights Revenues grew 17.7% versus the prior year period based on strong performance across our business in the LATAM
About this update from International Money Express, Inc.
[{"type":"text","content":"Third Quarter 2019 - Financial Highlights\n Revenues grew 17.7% versus the prior year period based on strong performance across our business in the LATAM corridorNet Income totaled $4.0 million, compared to a Net Loss of ($13.4) million in the third quarter of 2018Basic and Diluted Earnings per Share of $0.11 compared to ($0.43) per Share loss in the third quarter of 2018Adjusted Net Income totaled $9.5 million or $0.25 per Basic and Diluted Earnings per Share Adjusted EBITDA increased by 22.4% over the prior year to $16.5 million based on strong revenue growth Adjusted EBITDA margin expanded 75bps compared to the prior year period to 19.3% for Third Quarter 2019 MIAMI, Nov. 11, 2019 (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 Third Quarter 2019 and will host a conference call to discuss results at 5:00pm ET. Revenue, Net Income, Earnings per Share, and Adjusted EBITDA Intermex generated revenue of $85.3 million in the third quarter, an increase of 17.7% over the prior year period. Revenue growth was primarily driven by volume growth in the LATAM corridor. The Company reported net income in the third quarter of $4.0 million compared to a ($13.4) million loss in the prior year period primarily driven by revenue growth and lower interest expense offset by a one-time charge related to a legal contingency. Adjusted net income totaled $9.5 million compared to $1.3 million in the prior year period. Basic and diluted earnings per share in the third quarter of 2019 were $0.11 compared to a loss of ($0.43) per share in the prior year period. Adjusted earnings per diluted share totaled $0.25 for the third quarter 2019. Adjusted EBITDA in the third quarter of 2019 grew 22.4% over the comparable period in the prior year to $16.5 million, driven primarily by revenue growth. These results represent an Adjusted EBITDA margin of 19.3%, which is an expansion of 75bps compared to the prior year period margin of 18.5%. Intermex President, Chairman and Chief Executive Officer Robert Lisy commented, “We are pleased with another strong quarter of results. Intermex continues to gain market share in our core U.S. to Latin America money transfer markets. Our thi...