8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 15, 2010

Wright Express Corporation
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	001-32426	01-526993
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
97 Darling Avenue, South Portland, Maine		04106
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: (207) 773-8171

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement.

On April 15, 2010, Wright Express Corporation (the "Company") purchased put option contracts and sold call option contracts, designed to be a costless collar, on the wholesale price of gasoline with Merrill Lynch Commodities, Inc. and the retail price of diesel fuel with Wells Fargo Bank, N.A. (collectively, the "Contracts"). The Contracts have an aggregate notional amount of approximately 8,450,455 million gallons of gasoline and diesel fuel and will expire on a monthly basis during the last three quarters of 2011. The settlement of the Contracts is based upon the New York Mercantile Exchange’s New York Harbor Reformulated Gasoline Blendstock for Oxygen Blending and the U.S. Department of Energy's weekly retail on-highway diesel fuel price for the month. The Contracts lock in a weighted average retail floor price of approximately $3.03 per gallon and a weighted average retail ceiling price of approximately $3.09 per gallon.

On April 20, 2010, the Company issued a press release announcing thi s transaction.

Item 8.01 Other Events.

On April 20, 2010, the Company issued a press release entitled "Wright Express Extends Its Existing Fuel-Price Risk Management Program." A copy of the press release is furnished as exhibit 99.1 and is incorporated by reference in its entirety.

Item 9.01 Financial Statements and Exhibits.

99.1 Press release of Wright Express Corporation dated April 20, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Wright Express Corporation
April 20, 2010	By:	/s/ Steven A. Elder
		Name: Steven A. Elder
		Title: Vice President, Corporate Finance and Treasurer

Exhibit Index

Exhibit No.	Description
99.1	Press release of Wright Express Corporation dated April 20, 2010

EX-99.1

Wright Express Extends Its Existing Fuel-Price Risk Management Program

SOUTH PORTLAND, Maine—(BUSINESS WIRE)—April 20, 2010—Wright Express Corporation (NYSE: WXS) announced today that it has extended its existing fuel-price risk management program through the fourth quarter of 2011.

On April 15, 2010, the Company purchased instruments to cover its anticipated fuel-price-related earnings exposure for the second, third and fourth quarters of 2011. At this time, Wright Express has hedged 80% of its exposure through the second quarter of 2011, 53% of its third-quarter 2011 exposure and 27% of its fourth-quarter 2011 exposure. Going forward, the Company intends to hedge approximately 80% of its fuel-price-related earnings exposure in every quarter on a rolling basis.

The instruments are designed to enhance the visibility and predictability of the Company’s future earnings. The program uses instruments that create a “costless collar” based upon both the U.S. Department of Energy’s weekly diesel fuel price index and NYMEX unleaded gasoline contracts. The April 15 purchase locked in a fuel price range of approximately $3.03 to $3.09 per gallon. The following table states the approximate range of the collar and percentage of fuel-price-related earnings exposure:

	Q2			Q3			Q4			Q1			Q2			Q3			Q4
	2010			2010			2010			2011			2011			2011			2011
Average low end of range		3.17			3.03			2.69			2.77			2.87			2.94			3.03
Average top end of range		3.23			3.09			2.75			2.83			2.93			3.00			3.09
Approximate % locked in		80	%		80	%		80	%		80	%		80	%		53	%		27	%

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,TelaPoint, a provider of supply chain software solutions for petroleum distributors and retailers, Pacific Pride, an independent fuel distributor franchisee network, and international subsidiaries. For more information about Wright Express, please visit www.wrightexpress.com.

This press release contains forward-looking statements, including statements regarding Wright Express Corporation’s: belief that it has purchased instruments to cover varying percentages of its anticipated fuel-price-related earnings exposure through the fourth quarter of 2011; intention to hedge approximately 80% of its fuel-price-related earnings exposure in every quarter, on a rolling basis; and belief that the instruments will enhance the visibility and predictability of the Company’s future earnings. These forward-looking statements include a number of risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: fuel price volatility; the Company’s failure to maintain or renew key agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; the actions of regulatory bodies, including bank regulators, or possible changes in banking regulations impacting the Company’s industrial loan bank and the Company as the corporate parent; the uncertainties of litigation; the effects of general economics on fueling patterns and the commercial activity of fleets, as well as other risks and uncertainties identified in Item 1A of our Annual Report for the year ended December 31, 2009, filed on Form 10-K with the Securities and Exchange Commission on February 26, 2010 and the Company’s other periodic and current reports. The Company’s forward-looking statements and these factors do not reflect the potential future impact of any alliance, merger, acquisition or disposition. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

CONTACT: Wright Express
News media contact:
Jessica Roy, 207-523-6763
Jessica—Roy@wrightexpress.com

or

Investor contact:
Steve Elder, 207-523-7769
Steve—Elder@wrightexpress.com

SOURCE: Wright Express Corporation