International Money Express, Inc. Delivers Record Sales Over Mother’s Day Weekend

Rhea-AI Summary

International Money Express, Inc. (NASDAQ: IMXI) announced record one-day sales on May 9, surpassing the previous high by 16%. This day also marked the highest remittance sales from the U.S. to Mexico, the largest money transfer corridor globally. Notably, online sales surged 183% in April compared to the previous year. Despite a 7% year-over-year decline in remittance volume during April due to the COVID-19 pandemic, sales volumes have been recovering significantly in May. Intermex is committed to providing reliable services while navigating the ongoing challenges of the pandemic.

Positive

• Achieved a record one-day sales on May 9, exceeding the previous record by 16%.
• Online sales in April increased by 183% year-over-year.
• Only a 7% year-over-year decline in remittance volume during April, lower than industry averages.

Negative

• None.

MIAMI, May 13, 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, announced today that it set an all-time high for one-day sales on May 9, eclipsing the previous high in May of 2019 by 16%. May 9 also marked the single highest sales day for Intermex remittances from the US to Mexico, the single largest money transfer corridor in the world. Additionally, online sales in April grew 183%, building on the strong growth delivered in Q1.

“We are enormously proud of the dedication and performance of the Intermex Team, who have demonstrated resilience and ingenuity to help our customers deliver money from the U.S. and Canada to their families in 23 countries across Latin America, Africa and Asia despite the COVID-19 pandemic,” commented CEO and Chairman Bob Lisy.

“Our ability to deliver exceptional Intermex reliability and service quality while protecting our team members during this crisis is a testament to the talent and resolve of our team,” stated Chief Operating Officer Joseph Aguilar.

During the COVID-19 pandemic, Intermex observed April year over year declines in remittance volume of only 7%, far lower than the declines projected by others in the industry. Through the first half of May, sales volumes have continued to recover materially.

Mr. Lisy added, “This great performance is also a testament to the resiliency of our expansive but targeted retail network providing our essential service. Finally, it’s an opportunity to thank our loyal customers, whose tireless and brave efforts in the essential services of agriculture, construction and other vital areas of the economy are helping the country through this crisis. The fact that consumers are drawn to the Intermex brand in greater numbers versus competitors in difficult times is not uncommon. It is a strong statement of the reliability and the value of our service. As states and localities have begun to reopen, we have opened over half of our 33 company-owned stores and will continue to do so in accordance with government guidance.”

Safe Harbor Compliance Statement for Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to certain events that could have an effect on our future performance, including but without limitation, statements regarding our plans, objectives, financial performance, business strategies, expectations for our business and the business of the Company. These statements relate to expectations concerning matters that are not historical fact and may include the words or phrases such as "would,” “will,” “should,” “expects,” “believes,” “anticipates,” “continues,” “could,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “forecasts,” “intends,” “assumes,” “estimates,” “approximately,” “shall,” “our planning assumptions,” “future outlook” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Except for historical information, matters discussed in such statements are forward-looking statements. All of these forward-looking statements are based largely on information currently available to our management and on our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, as well as macroeconomic conditions, and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those currently anticipated. While we believe these expectations, assumptions, estimates, judgments and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond our control. These and other important factors may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements, or could affect our share price. Accordingly, there is no assurance that our expectations will, in fact, occur or that our estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements. Some of the factors that could cause actual results to differ from those expressed or implied by the forward-looking statements and could materially adversely affect our business, financial condition, results of operations, cash flows and liquidity include, among other things, the COVID-19 pandemic, responses thereto and the economic and market effects thereof, including unemployment levels and increased capital market volatility; competition in the markets in which we operate; volatility in foreign exchange rates that could affect the volume of consumer remittance activity and/or affect our foreign exchange related gains and losses; our ability to maintain agent relationships on terms consistent with those currently in place; our ability to maintain banking relationships necessary for us to conduct our business; credit risks from our agents and the financial institutions with which we do business; bank failures, sustained financial market illiquidity, or illiquidity at our clearing, cash management or custodial financial institutions; new technology or competitors that disrupt the current ecosystem including by introducing digital platforms; cyber-attacks or disruptions to our information technology, computer network systems and data centers; our ability to satisfy our debt obligations and remain in compliance with our credit facility requirements; interest rate risk from elimination of LIBOR as a benchmark interest rate our success in developing and introducing new products, services and infrastructure; customer confidence in our brand and in consumer money transfers generally; our ability to maintain compliance with the regulatory requirements of the jurisdictions in which we operate or plan to operate; international political factors or implementation of tariffs, border taxes or restrictions on remittances or transfers of money out of the United States or Canada; changes in tax laws and unfavorable outcomes of tax positions we take; political instability, currency restrictions and volatility in countries in which we operate or plan to operate; consumer fraud and other risks relating to customers’ authentication; weakness in U.S. or international economic conditions; change or disruption in international migration patterns; our ability to protect our brand and intellectual property rights; our ability to retain key personnel; and other economic, business and/or competitive factors, risks and uncertainties, including those described in the “Risk Factors” section in periodic reports we file with the Securities and Exchange Commission. All statements other than statements of historical fact included in this press release are forward-looking statements including, but not limited to, statements regarding the uncertainty presented by the COVID-19 pandemic for the Company’s 2020 guidance and expectations regarding the Company achieving performance in excess of the industry despite the COVID-19 pandemic, and all forward-looking statements that are made or attributable to us are expressly qualified in their entirety by this cautionary notice. Any forward-looking statement that we make in this press release speaks only as of the date of this press release. We undertake no obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise.

About International Money Express, Inc.

At International Money Express, Inc. (NASDAQ: IMXI), the customer is at the center of everything we do. We use proprietary technology that enables consumers to send money primarily from the United States to 17 countries in Latin America and the Caribbean, including Mexico and Guatemala, four countries in Africa and one country in Asia. We offer electronic movement of money and data to our customers through our network of sending and paying agents located in all U.S. 50 states, the District of Columbia, Puerto Rico and Canada, and throughout Latin America, the Caribbean and other territories. Our services are also available digitally through intermexonline.com. We were founded in 1994 and are headquartered in Miami, Florida with offices in Puebla, Mexico, and Guatemala City, Guatemala.

Investor Relations:
Sloan Bohlen, Solebury Trout
tel: 305-671-8056
investors@intermexonline.com

 

FAQ

What was the record sales figure for International Money Express on May 9?

International Money Express set an all-time high for one-day sales on May 9, surpassing the previous record from May 2019 by 16%.

How much did online sales grow for IMXI in April 2020?

Online sales for International Money Express grew by 183% in April 2020 compared to the previous year.

What impact did COVID-19 have on IMXI's remittance volume in April 2020?

During April 2020, IMXI experienced a year-over-year decline in remittance volume of only 7%, significantly lower than the broader industry expectations.