JACKSONVILLE, Fla. — Global Axcess Corp. reported revenue from continuing operations of more than $5.6 million for the third quarter of the year, which ended Sept. 30, a 2 percent increase from the $5.5 million reported during the third quarter last year.
The company attributes the revenue increase to increases in surcharge/convenience fees applied to select ATMs during the first quarter of the year. Net income for the quarter came in at $276,800, 1 cent per share, more than double the net income of $96,200 reported a year ago. For the first nine months of the year, income from continuing operations jumped from $193,300 in 2007 to $839,300 in 2008. Excluding $100,000 in bad debt recovery income in 2007, net income for the nine months would have increased $746,000 year over year. "We are pleased that third quarter results resulted in net income of over $276,000," said George McQuain, GAXC's chief executive. "We remain highly focused on continuing to deliver an unbroken sequence of profitable quarters."
