JACKSONVILLE, Fla. — Global Axcess Corp. says it closed out the year on a high note, reporting net income of $62,200 for the fourth quarter of 2007, a 77 percent increase from the same period in 2006, when net income was $14,100.
The fourth quarter of 2007 represented the company's fifth consecutive profitable quarter. GAXC restructured in 3Q 2006.
"We are very pleased to have produced five quarters of profitability in a row and a profitable 2007," said George McQuain, GAXC's chief executive. "Additionally, we successfully completed the network mandated Triple-DES project and the U.S. Patriot Act mandated background check project. With the completion of these two projects, we can now free up our sales and account management staffs to drive revenue growth."
For the year, GAXC reported net income of $430,500 (2 cents per share, up from a net loss of $4.7 million (a 23-cent loss per share) last year.
Revenue for the quarter and the year was $5.4 million and $21.8 million, respectively.
"During 2007 we continued to adjust our cost structure associated with the restructuring efforts, which began in the third quarter of 2006," said Michael J. Loiacono, GAXC's chief financial officer. "The fourth quarter of 2007 and fiscal 2007 both exemplified these efforts."
Loiacono went on to say that the "improvement reflects our commitment to profitability and our commitment to aggressively and continually review our cost structure and to adjust wherever possible."
