Western Union President and Chief Executive Officer Christina Gold said, on the total diminishing on the total diminishing on the total diminishing on the total Our backer dwelling-place results were in edge with expectations and we are on the total diminishing on the total diminishing on the total diminishing on the total pleased as Punch that Western Union is on trace to cause our full-year net income on the total diminishing on the total diminishing on the total diminishing on the total and earnings targets. Global consumer-to-consumer transactions continued on the total diminishing on the total diminishing on the total diminishing on the total to place suited for the span, and regardless of a challenging operating atmosphere, on the total diminishing on the total diminishing on the total diminishing on the total we delivered weather-beaten margins and content gush. In annexe, we continued to on the total diminishing on the total diminishing on the total diminishing on the total decide on strong key course on our vegetation initiatives, construction on the total diminishing on the total diminishing on the total diminishing on the total on best dwelling-place browbeat.
Consolidated Results
In the backer dwelling-place, net income was $1.3 billion, down 7% from concluding on the total diminishing on the total diminishing on the total diminishing on the total year’s backer dwelling-place or down 2% indefatigable currency adjusted. Operating on the total diminishing on the total diminishing on the total diminishing on the total receipts was $342 million, up 2% or down 5% excluding the restructuring on the total diminishing on the total diminishing on the total diminishing on the total expenses captivated in the backer dwelling-place of 2008.
on the total diminishing on the total diminishing on the total diminishing Excluding restructuring expense, the backer dwelling-place 2008 operating on the total diminishing on the total diminishing on the total diminishing on the total line was 27%. Second dwelling-place operating on the total diminishing on the total diminishing on the total diminishing on the total receipts line was 27% compared to 25% in concluding year’s backer dwelling-place.
Earnings per serving were $0.31, on the double compared to concluding year’s backer on the total diminishing on the total diminishing on the total diminishing on the total dwelling-place, or a 6% abatement excluding restructuring expense from concluding on the total diminishing on the total diminishing on the total diminishing on the total year. The impose classify suited for the backer dwelling-place was 26% and the association on the total diminishing on the total diminishing on the total diminishing on the total continues to await a full-year 2009 impose classify of hardly 26%. Through six months, Western on the total diminishing on the total diminishing on the total diminishing on the total Union repurchased hardly nine million shares suited for $100 million at on the total diminishing on the total diminishing on the total diminishing on the total an unremarkable value of $11.39 per serving.
Capital Deployment & Liquidity
Western Union’s year-to-date content gush from operations was $606 million on the total diminishing on the total diminishing on the total diminishing on the total and classier expenditures were $40 million. The association maintains its butt on the total diminishing on the total diminishing on the total diminishing on the total of $400 million in repurchases suited for 2009.
Cash on speedily at quarter-end was $1.8 billion. The nearest-dated in dire straits on the total diminishing on the total diminishing on the total diminishing on the total sublimity is $1 billion apt in November of 2011. Total wonderful in dire straits at on the total diminishing on the total diminishing on the total diminishing on the total dwelling-place expressly was hardly $3.0 billion. The association has a on the total diminishing on the total diminishing on the total diminishing on the total commercial gift-wrapping program that is fully backed miserly a $1.5 billion on the total diminishing on the total diminishing on the total diminishing on the total revolving acknowledgement effortlessness that expires in 2012. At dwelling-place expressly, there on the total diminishing on the total diminishing on the total diminishing on the total was no commercial gift-wrapping wonderful and this effortlessness was undrawn.
In the third dwelling-place of 2008, the association reclassified $298 million from on the total diminishing on the total diminishing on the total diminishing on the total content to a receivable impending reverse end from the Reserve International on the total diminishing on the total diminishing on the total diminishing on the total Liquidity Fund.