Global Axcess Corp. announced its financial results for the first quarter of 2010.
According to a press release, revenue was flat at $5.4 million for the first quarter of 2010, compared to $5.4 million for the same period in 2009. Net income for the first quarter was $318,568 ($0.02 or $0.01 per basic and diluted share, respectively), compared to $96,762 ($0.01 per basic and diluted share) for the same period of 2009. Gross profit from continuing operations was $2.5 million, compared to $2.6 million for the first quarter of 2009.
"We are pleased to report another profitable quarter, once again validating our business plan and demonstrating the financial strength of the company," said George McQuain, chief executive officer of Global Axcess Corp. "Despite the severe weather issues, our ATM transactions increased 2 percent over the first quarter of 2009 and 4 percent over the fourth quarter of 2009. We experienced lower non-transactional revenue such as ATM sales and cash management fees during the quarter which caused our first quarter revenue to be flat year over year."
