WEX (WEX) 8-K Wright Express Reports Third-Quarter 2008 Financial Results

Exhibit 99.1

News media contact:	Investor contact:
Jessica Roy	Steve Elder
Wright Express	Wright Express
207.523.6763	207.523.7769
Jessica_Roy@wrightexpress.com	Steve_Elder@wrightexpress.com

Wright Express Reports Third-Quarter 2008 Financial Results

Quarterly Results Meet Low End of Guidance

SOUTH PORTLAND, Maine, October 29, 2008— Wright Express Corporation (NYSE: WXS), a leading provider of payment processing and information management services to the U.S. commercial and government fleet industry, today reported financial results for the three months ended September 30, 2008.

Total revenue for the third quarter of 2008 increased 24% to $108.5 million from $87.7 million for the third quarter of 2007. Net income to common shareholders on a GAAP basis was $72.3 million, or $1.82 per diluted share, compared with $22.3 million, or $0.55 per diluted share, for the comparable quarter last year. On a non-GAAP basis, the Company’s adjusted net income for the third quarter of 2008 was $21.8 million, or $0.55 per diluted share, compared with $22.3 million, or $0.55 per diluted share, for the year-earlier period.

Wright Express uses fuel-price derivative instruments to mitigate financial risks associated with the variability in fuel prices. For the third quarter of 2008, the Company’s GAAP financial results include an unrealized $82.4 million pre-tax, non-cash, mark-to-market gain on these instruments. For the third quarter of 2007, the Company reported an unrealized pre-tax, non-cash, mark-to-market gain of $300,000.

Exhibit 1 reconciles adjusted net income for the third quarters of 2008 and 2007, which has not been determined in accordance with GAAP, to net income as determined in accordance with GAAP.

Management uses the non-GAAP measures presented within this news release to evaluate the Company’s performance on a comparable basis, to eliminate the volatility associated with its derivative instruments and to measure the amount of cash that is available for making payments on the Company’s financing debt and for discretionary purposes. Management believes that investors may find these measures useful for the same purposes, but cautions that they should not be considered a substitute for disclosure in accordance with GAAP.

Third-Quarter 2008 Performance Metrics

• Average number of vehicles serviced was approximately 4.5 million, compared with approximately 4.4 million in the third quarter of 2007.

• Total fuel transactions processed increased 14% from the third quarter of 2007 to 72.5 million. Payment processing transactions increased 4% to 55.5 million, and transaction processing transactions increased 73% to 16.9 million.

• Average expenditure per payment processing transaction increased 37% to $80.84 from $59.19 for the same period last year.

• Average retail fuel price rose 40% to $4.02 per gallon from $2.88 per gallon for the third quarter a year ago.

• Total MasterCard purchase volume grew 31% to $670.1 million, from $510.6 million for the comparable period in 2007.

To provide investors with additional insight into its operational performance, Wright Express has included in this news release a table of selected non-financial metrics for the five quarters ended September 30, 2008. This table is presented as Exhibit 2.

Management Comments on the Third Quarter

“We met the low end of our guidance for revenue and adjusted net income this quarter, but the challenges were greater than we expected,” said Michael Dubyak, Chairman, CEO and President. “The ongoing slowdown in fleet fueling activity accelerated as economic conditions deteriorated in August and September. Although we continued to see good success in acquiring new fleet accounts, which enabled us to partially offset the underlying volume decline in our installed base of customers, the overall 1% growth in payment processing fueling volume we posted was below our internal forecast.”

“Our financial results this quarter were bolstered by several positive factors,” said Dubyak. “Despite the economic downturn, credit loss was consistent with our internal plan. Lower compensation expenses, including non-recurring items, strengthened our bottom line, and revenue benefited from the increase in fuel prices. In addition, we concluded the third quarter with strong cash flow and ample access to the capital we need to fund our operations.”

“We are preparing for continued weakness in fleet activity by taking actions in the near term to reduce costs and credit risk, drive revenue growth and realize the potential of our recently acquired businesses,” Dubyak said. “Wright Express continues to perform well operationally and our liquidity position remains strong. We are confident in our ability to manage through the current market turbulence and in our prospects for growth and success in the long term.”

Financial Guidance

Wright Express Corporation is issuing financial guidance for the fourth quarter and revising guidance for the full year 2008. The Company’s guidance excludes the impact of non-cash, mark-to-market adjustments on the Company’s fuel-price-related derivative instruments as well as approximately $1.4 million in amortization of purchased intangibles for the fourth quarter and $4.7 million for the full year. The fuel prices referenced below are based on the applicable NYMEX futures price:

• For the fourth quarter of 2008, revenue in the range of $81 million to $87 million. This is based on an assumed average retail fuel price of $2.90 per gallon.

• Fourth-quarter 2008 adjusted net income excluding unrealized gain or loss on derivative instruments as well as the amortization of purchased intangibles in the range of $13 million to $15 million, or $0.32 to $0.37 per diluted share, based on approximately 40 million shares outstanding.

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• For the full year 2008, the Company now expects revenue in the range of $394 million to $400 million. This is based on an assumed average retail fuel price of $3.54 per gallon.

• For the full year 2008, the Company now expects adjusted net income excluding unrealized gain or loss on derivative instruments as well as the amortization of purchased intangibles in the range of $74 million to $76 million, or $1.86 to $1.91 per diluted share, based on approximately 40 million shares outstanding.

Conference Call Details

In conjunction with this announcement, Wright Express will host a conference call today, October 29, 2008, at 10:00 a.m. (ET). The conference call will be webcast live on the Internet, and can be accessed at the Investor Relations section of the Wright Express website, www.wrightexpress.com. The live conference call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. A replay of the webcast will be available on the Company’s website for approximately three months.

About Wright Express

Wright Express is a leading global provider of payment processing and information management services. Wright Express captures and combines transaction information from its proprietary network with specialized analytical tools and purchasing control capabilities in a suite of solutions that enable fleets to manage their vehicles more effectively. The Company’s charge cards are used by commercial and government fleets to purchase fuel and maintenance services for approximately 4.6 million vehicles. Wright Express markets its services directly to fleets and as an outsourcing partner for its strategic relationships and franchisees. The Company’s business portfolio includes a MasterCard-branded corporate card as well as TelaPoint, a provider of supply chain software solutions for petroleum distributors and retailers, and Pacific Pride, an independent fuel distributor franchisee network, as well as international subsidiaries. For more information about Wright Express, please visit www.wrightexpress.com.

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This press release contains forward-looking statements, including statements regarding: the use of fuel price derivative instruments to mitigate financial risks associated with the variability in fuel prices; preparations for continued weakness in fleet activity; confidence in the Company’s ability to manage through the current market turbulence and prospects for growth and success in the long term; expectations for future financial performance; and expectations and guidance for fourth-quarter and full-year 2008 results. These forward-looking statements include a number of risks and uncertainties that could cause actual results to differ materially, including: volatility in fuel prices; fourth-quarter and full-year 2008 fueling patterns; risks related to customer and counterparty bankruptcies and credit failures; changes in interest rates; the effect of the Company’s fuel-price-related derivative instruments; effects of competition; the potential loss of key strategic relationships; decreased demand for fuel and other vehicle products and services and the effects of general economic conditions on the commercial activity of fleets; the Company’s ability to rapidly implement new technology and systems; potential corporate transactions including alliances, mergers, acquisitions and divestitures; achievement of the expected benefits of the Company’s acquisitions; and the other risks and uncertainties included from time to time in the Company’s filings with the Securities and Exchange Commission, including the annual report on Form 10-K filed on February 28, 2008, and the Company’s other periodic and current reports. Wright Express Corporation undertakes no obligation to update these forward-looking statements at any future date or dates.

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WRIGHT EXPRESS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)

	Three months ended						Nine months ended
	September 30,						September 30,
	2008			2007			2008			2007
Revenues
Payment processing revenue	$	83,685		$	66,987		$	241,205		$	188,154
Transaction processing revenue		5,326			3,684			14,561			10,811
Account servicing revenue		7,645			6,915			22,656			19,423
Finance fees		8,109			7,230			23,179			19,362
Other		3,766			2,836			11,114			7,697
Total revenues		108,531			87,652			312,715			245,447
Expenses
Salary and other personnel		14,604			16,222			50,038			48,050
Service fees		4,923			3,677			15,629			10,788
Provision for credit losses		9,325			3,300			30,544			12,606
Technology leasing and support		2,100			2,015			6,478			6,617
Occupancy and equipment		1,933			1,483			5,783			4,579
Depreciation and amortization		5,216			3,922			14,642			10,562
Operating interest expense		9,581			9,158			27,667			25,025
Other		6,447			4,873			19,516			14,668
Total operating expenses		54,129			44,650			170,297			132,895
Operating income		54,402			43,002			142,418			112,552
Financing interest expense		(3,006	)		(3,179	)		(9,123	)		(9,310	)
Loss on extinguishment of debt		—			—			—			(1,572	)
Net realized and unrealized gain (loss) on fuel price derivatives		66,034			(4,701	)		(31,876	)		(25,030	)
(Increase) decrease in amount due to Avis under tax receivable agreement		(9,159	)		—			(9,159	)		78,904
Income before income taxes		108,271			35,122			92,260			155,544
Income taxes		35,927			12,859			29,771			108,590
Net income		72,344			22,263			62,489			46,954
Changes in available-for-sale securities, net of tax effect of $10 and $(24) in 2008 and $34 and $(14) in 2007		19			62			(42	)		(25	)
Changes in interest rate swaps, net of tax effect of $277 and $210 in 2008 and $(431) and $(593) in 2007		495			(622	)		367			(856	)
Foreign currency translation		(15	)		13			(23	)		13
Comprehensive income	$	72,843		$	21,716		$	62,791		$	46,086
Earnings per share:
Basic	$	1.86		$	0.56		$	1.60		$	1.17
Diluted	$	1.82		$	0.55		$	1.57		$	1.15
Weighted average common shares outstanding:
Basic		38,831			39,990			38,999			40,121
Diluted		39,730			41,060			39,920			41,232

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WRIGHT EXPRESS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)

	September 30,
	2008			December 31,
	(unaudited)				2007
Assets
Cash and cash equivalents	$	58,409		$	43,019
Accounts receivable (less reserve for credit losses of $16,413 in 2008 and $9,466 in 2007)		1,372,668			1,070,273
Income taxes receivable		912			3,320
Available-for-sale securities		12,760			9,494
Property, equipment and capitalized software (net of accumulated depreciation of $54,098 in 2008 and $43,384 in 2007)		46,643			45,537
Deferred income taxes, net		277,312			283,092
Goodwill		315,154			294,365
Other intangible assets, net		41,421			20,932
Other assets		19,831			15,044
Total assets	$	2,145,110		$	1,785,076
Liabilities and Stockholders’ Equity
Accounts payable	$	599,123		$	363,189
Accrued expenses		33,309			35,310
Deposits		665,739			599,089
Borrowed federal funds		31,480			8,175
Revolving line-of-credit facility		212,200			199,400
Fuel price derivatives, at fair value		36,946			41,598
Other liabilities		3,202			4,544
Amounts due to Avis under tax receivable agreement		315,010			319,512
Preferred stock; 10,000 shares authorized:
Series A non-voting convertible, redeemable preferred stock; 0.1 shares issued and outstanding		10,000			10,000
Total liabilities		1,907,009			1,580,817
Commitments and contingencies
Stockholders’ Equity
Common stock $0.01 par value; 175,000 shares authorized, 40,948 in 2008 and 40,798 in 2007 shares issued; 38,741 in 2008 and 39,625 in 2007 shares outstanding		409			408
Additional paid-in capital		100,615			98,174
Retained earnings		207,328			144,839
Other comprehensive (loss) income, net of tax:
Net unrealized loss on available-for-sale securities		(91	)		(49	)
Net unrealized loss on interest rate swaps		(1,050	)		(1,417	)
Net foreign currency translation adjustment		(8	)		15
Accumulated other comprehensive loss		(1,149	)		(1,451	)
Less treasury stock at cost, 2,207 shares in 2008 and 1,173 shares in 2007		(69,102	)		(37,711	)
Total stockholders’ equity		238,101			204,259
Total liabilities and stockholders’ equity	$	2,145,110		$	1,785,076

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WRIGHT EXPRESS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

	Nine months ended
	September 30,
	2008			2007
Cash flows from operating activities
Net income	$	62,489		$	46,954
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Net unrealized (gain) loss on fuel price derivatives		(4,652	)		14,251
Stock-based compensation		3,914			3,150
Depreciation and amortization		14,950			11,204
Loss on extinguishment of debt		—			1,572
Deferred taxes		5,594			97,213
Provision for credit losses		30,544			12,606
Loss on disposal of property and equipment		66			—
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable		(293,517	)		(274,779	)
Other assets		(3,192	)		(3,299	)
Accounts payable		193,593			121,852
Accrued expenses		(1,621	)		5,214
Income taxes		2,057			(1,226	)
Other liabilities		(1,356	)		348
Amounts due to Avis under tax receivable agreement		(4,502	)		(94,397	)
Net cash provided by (used for) operating activities		4,367			(59,337	)
Cash flows from investing activities
Purchases of property and equipment		(12,339	)		(12,477	)
Purchases of available-for-sale securities		(4,259	)		(1,031	)
Maturities of available-for-sale securities		927			830
Purchase of trade name		(44	)		—
Acquisitions, net of cash acquired		(41,526	)		(40,428	)
Net cash used for investing activities		(57,241	)		(53,106	)
Cash flows from financing activities
Excess tax benefits from equity instrument share-based payment arrangements		140			1,713
Payments in lieu of issuing shares of common stock		(2,076	)		(1,180	)
Proceeds from stock option exercises		415			3,065
Net increase in deposits		66,650			161,265
Net increase (decrease) in borrowed federal funds		23,305			(65,396	)
Net borrowings on revolving line-of-credit facility		12,800			206,700
Loan origination fees paid for revolving line-of-credit facility		(1,556	)		(998	)
Net repayments on 2005 revolving line-of-credit facility		—			(20,000	)
Repayments on term loan		—			(131,000	)
Repayments of acquired debt		—			(374	)
Purchase of shares of treasury stock		(31,391	)		(30,424	)
Net cash provided by financing activities		68,287			123,371
Effect of exchange rates on cash and cash equivalents		(23	)		13
Net change in cash and cash equivalents		15,390			10,941
Cash and cash equivalents, beginning of period		43,019			35,060
Cash and cash equivalents, end of period	$	58,409		$	46,001
Supplemental cash flow information
Interest paid	$	22,303		$	31,226
Income taxes paid	$	22,222		$	10,646
Significant non-cash transactions:
Capitalized software licensing agreement	$	—		$	2,872

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Exhibit 1

Wright Express Corporation
Reconciliation of Adjusted Net Income to GAAP Net Income
Third Quarter 2008

(in thousands)
(unaudited)

	Three months ended			Three months ended
	September 30, 2008			September 30, 2007
Adjusted net income		21,786		$	22,314
Non-cash, mark-to-market adjustments on derivative instruments		82,372			331
Amortization of purchased intangibles		(1,313	)		(408	)
Tax impact of mark-to-market adjustments and amortization of purchased intangibles		(30,501	)		26
GAAP net income		72,344		$	22,263

Although adjusted net income is not calculated in accordance with generally accepted accounting principles (GAAP), this measure is integral to the Company’s reporting and planning processes. The Company considers this measure integral because it eliminates the non-cash volatility associated with the derivative instruments and excludes the amortization of purchased intangibles. Specifically, in addition to evaluating the Company’s performance on a GAAP basis, management evaluates the Company’s performance on a basis that excludes the above items because:

• Exclusion of the non-cash, mark-to-market adjustments on derivative instruments helps management identify and assess trends in the Company’s underlying business that might otherwise be obscured due to quarterly non-cash earnings fluctuations associated with fuel-price derivative contracts;

• The non-cash, mark-to-market adjustments on derivative instruments are difficult to forecast accurately, making comparisons across historical and future quarters difficult to evaluate; and

• The amortization of purchased intangibles has no impact on the operations of the business.

For the same reasons, Wright Express believes that adjusted net income may also be useful to investors as one means of evaluating the Company’s performance. However, because adjusted net income is a non-GAAP measure, it should not be considered as a substitute for, or superior to, net income, operating income or cash flows from operating activities as determined in accordance with GAAP. In addition, adjusted net income as used by Wright Express may not be comparable to similarly titled measures employed by other companies.

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Exhibit 2

Wright Express Corporation
Selected Non-Financial Metrics

	Q3 2008			Q2 2008			Q1 2008			Q4 2007			Q3 2007
Fleet Payment Processing Revenue:
Payment processing transactions (000s)		55,519			55,940			53,225			53,379			53,595
Gallons per payment processing transaction		20.1			19.9			20.1			20.5			20.6
Payment processing gallons of fuel (000s)		1,115,908			1,112,153			1,070,829			1,093,510			1,103,268
Average fuel price	$	4.02			3.96			3.26			3.06			2.88
Payment processing $ of fuel (000s)	$	4,488,293			4,403,377			3,485,857			3,346,443			3,172,482
Net payment processing rate		1.71	%		1.82	%		1.87	%		1.91	%		1.93	%
Fleet payment processing revenue (000s)	$	76,802			80,217			65,075			64,015			61,230
MasterCard Payment Processing Revenue:
MasterCard purchase volume (000s)	$	670,137			622,844			525,699			484,343			510,585
Net interchange rate		1.03	%		1.07	%		1.05	%		1.10	%		1.13	%
MasterCard payment processing revenue (000s)	$	6,883			6,692			5,536			5,323			5,757

Definitions:

Payment processing transactions represents the total number of purchases made by fleets that have a payment processing relationship with Wright Express.

Payment processing gallons of fuel represents the total number of gallons of fuel purchased by fleets that have a payment processing relationship with Wright Express.

Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with Wright Express.

Net payment processing rate represents the percentage of the dollar value of each payment processing transaction that Wright Express records as revenue from merchants less any discounts given to fleets or strategic relationships.

MasterCard purchase volume represents the total dollar value of all transactions that use a Wright Express MasterCard-branded product.

Net interchange rate represents the percentage of the dollar value of each MasterCard transaction that Wright Express records as revenue less any discounts given to customers.

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