Independent ATM deployer Global Axcess Corp., d.b.a. Nationwide Money Services, says it closed out 2009 with record net income of 2.8 million, 12 cents per share. Revenue for the year came in at $21.5 million.
"This was a year of tremendous progress, as we position the company for continued revenue and net income growth in 2010," said GAXC CEO George McQuain. "During 2009, we increased our gross margin and operating income, and reported a new record net income for the year, demonstrating our ability to expand the company's profitability. We believe our focus on higher volume locations and managing our expenses, particularly our interest expense, has positioned us for additional acceleration of net income in 2010."
For the fourth quarter, revenue came in at $5.4 million, up 4 percent from the $5.1 million reported for the same period last year. Net income came in at $1.7 million, 7 cents per share. GAXC says the attributed the increased revenue to a "focus on higher-volume locations."
"Assuming similar transaction levels in 2010 compared to 2009, and based on what we believe to be is a stable base of predictable revenue, we are targeting 5 percent to 10 percent organic growth from our ATM business," McQuain said. "Our DVD kiosk business will provide upside to this guidance, and we expect this new and emerging segment to add 5 percent to 10 percent in incremental revenue for calendar 2010. As we continue to carefully manage our expenses and focus on higher volume locations and higher margin opportunities, we anticipate accelerating our profitability in 2010 compared to 2009."
