Company also Announces $0.125 Quarterly
Dividend
The Western Union Company (NYSE: WU) held its Annual
Meeting today and reiterated its strategy while emphasizing its
vision to be a recognized leader in providing innovative solutions,
high service levels, and omni-channel integration for cross-border,
cross-currency money transfer.
“Our goal at Western Union is to meet the needs of our customers
by providing new, innovative solutions,” said Western Union
President and CEO Hikmet Ersek. “We will continue to be proactive –
anticipating, adapting to and addressing the ever-changing needs of
our customers.”
The company also announced that its board of directors declared
a quarterly cash dividend of $0.125 per common share, payable June
30, 2014 to stockholders of record at the close of business on June
16, 2014.
Approximately 88 percent of the shares entitled to vote were
represented at the stockholders’ meeting in person or by proxy. All
voting results are preliminary.
Stockholders voted to re-elect Dinyar S. Devitre, Hikmet Ersek,
Jack M. Greenberg, Betsy D. Holden, Linda Fayne Levinson, and
Solomon D. Trujillo, and to elect Frances Fragos Townsend as
members of the board of directors. The elected directors will serve
new one-year terms.
Stockholders also voted to approve: (1) on an advisory basis,
the compensation of the Company’s named executive officers, as set
forth in the company’s proxy statement for the 2014 Annual Meeting;
and (2) the appointment of Ernst & Young LLP as the company’s
independent registered public accounting firm for 2013.
Stockholders did not approve stockholder proposals regarding (1)
stockholder action by written consent; (2) political contributions;
and (3) the creation of an additional committee of the board of
directors.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
March 31, 2014, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of over 500,000
agent locations in 200 countries and territories and over 100,000
ATMs. In 2013, The Western Union Company completed 242 million
consumer-to-consumer transactions worldwide, moving $82 billion of
principal between consumers, and 459 million business payments. For
more information, visit www.westernunion.com.
Safe Harbor Compliance Statement for Forward-Looking
Statements
This press release contains certain statements that are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are not guarantees
of future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Actual outcomes and
results may differ materially from those expressed in, or implied
by, our forward-looking statements. Words such as “expects,”
“intends,” “anticipates,” “believes,” “estimates,” “guides,”
“provides guidance,” “provides outlook” and other similar
expressions or future or conditional verbs such as “may,” “will,”
“should,” “would,” “could,” and “might” are intended to identify
such forward-looking statements. Readers of this press release by
The Western Union Company (the “Company,” “Western Union,” “we,”
“our” or “us”) should not rely solely on the forward-looking
statements and should consider all uncertainties and risks
discussed in the “Risk Factors” section and throughout the Annual
Report on Form 10-K for the year ended December 31, 2013. The
statements are only as of the date they are made, and the Company
undertakes no obligation to update any forward-looking
statement.
Possible events or factors that could cause results or
performance to differ materially from those expressed in our
forward-looking statements include the following: (i) events
related to our business and industry, such as: deterioration in
consumers' and clients' confidence in our business, or in money
transfer and payment service providers generally; changes in
general economic conditions and economic conditions in the regions
and industries in which we operate, including global economic and
trade downturns or significantly slower growth or declines in the
money transfer, payment service, and other markets in which we
operate, including those related to interruptions in migration
patterns; political conditions and related actions in the United
States and abroad which may adversely affect our business and
economic conditions as a whole; failure to compete effectively in
the money transfer and payment service industry with respect to
global and niche or corridor money transfer providers, banks and
other money transfer and payment service providers, including
telecommunications providers, card associations, card-based payment
providers, electronic and Internet providers, and digital
currencies; the pricing of our services and any pricing reductions,
and their impact on consumer demand for our services and our
financial results; our ability to adopt technology in response to
changing industry and consumer needs or trends; our failure to
develop and introduce new services and enhancements, and gain
market acceptance of such services; changes in, and failure to
manage effectively, exposure to foreign exchange rates, including
the impact of the regulation of foreign exchange spreads on money
transfers and payment transactions; our ability to maintain our
agent network and business relationships under terms consistent
with or more advantageous to us than those currently in place;
interruptions of United States government relations with countries
in which we have or are implementing significant business
relationships with agents or clients; mergers, acquisitions and
integration of acquired businesses and technologies into our
Company, including Travelex Global Business Payments, and the
failure to realize anticipated financial benefits from these
acquisitions, and events requiring us to write down our goodwill;
any material breach of security, including cybersecurity, or
safeguards of or interruptions in any of our systems; decisions to
change our business mix; failure to manage credit and fraud risks
presented by our agents, clients and consumers or non-performance
by our banks, lenders, other financial services providers or
insurers; increased costs or loss of business due to difficulty for
us, our agents or their subagents in establishing or maintaining
relationships with banks needed to conduct our services; adverse
movements and volatility in capital markets and other events which
affect our liquidity, the liquidity of our agents or clients, or
the value of, or our ability to recover, our investments or amounts
payable to us; adverse rating actions by credit rating agencies;
our ability to realize the anticipated benefits from productivity
and cost-savings and other related initiatives, which may include
decisions to downsize or to transition operating activities from
one location to another, and to minimize any disruptions in our
workforce that may result from those initiatives; our ability to
attract and retain qualified key employees and to manage our
workforce successfully; our ability to protect our brands and our
other intellectual property rights; our failure to manage the
potential both for patent protection and patent liability in the
context of a rapidly developing legal framework for intellectual
property protection; changes in tax laws and unfavorable resolution
of tax contingencies; cessation of or defects in various services
provided to us by third-party vendors; material changes in the
market value or liquidity of securities that we hold; restrictions
imposed by our debt obligations; and changes in industry standards
affecting our business; (ii) events related to our regulatory and
litigation environment, such as: liabilities or loss of business
resulting from a failure by us, our agents or their subagents to
comply with laws and regulations and regulatory or judicial
interpretations thereof, including laws and regulations designed to
detect and prevent money laundering, terrorist financing, fraud and
other illicit activity, and increased costs or loss of business
associated with compliance with those laws and regulations;
increased costs or loss of business due to regulatory initiatives
and changes in laws, regulations and industry practices and
standards affecting us, our agents, or their subagents, including
related to anti-money laundering regulations, anti-fraud measures,
customer due diligence, or agent and subagent due diligence,
registration, and monitoring requirements; liabilities or loss of
business and unanticipated developments resulting from governmental
investigations and consent agreements with or enforcement actions
by regulators, including those associated with compliance with or
failure to comply with the settlement agreement with the State of
Arizona, as amended; the impact on our business from the Dodd-Frank
Wall Street Reform and Consumer Protection Act, the rules
promulgated there-under, and the actions of the Consumer Financial
Protection Bureau and similar legislation and regulations enacted
by other government authorities; changes in United States or
foreign laws, rules and regulations including the Internal Revenue
Code, governmental or judicial interpretations thereof and industry
practices and standards, including the impact of the Foreign
Account Tax Compliance provisions of the Hiring Incentives to
Restore Employment Act; liabilities resulting from litigation,
including class-action lawsuits and similar matters, including
costs, expenses, settlements and judgments; failure to comply with
regulations regarding consumer privacy and data use and security;
effects of unclaimed property laws; failure to maintain sufficient
amounts or types of regulatory capital to meet the changing
requirements of our regulators worldwide; and changes in accounting
standards, rules and interpretations; and (iii) other events, such
as: adverse tax consequences from our spin-off from First Data
Corporation; catastrophic events; and management's ability to
identify and manage these and other risks.
WU-F, WU-G
Western UnionMediaDan Diaz,
720-332-5564daniel.diaz@westernunion.comorInvestorsMike
Salop, 720-332-8276mike.salop@westernunion.com
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