JACKSONVILLE, Fla. - Global Axcess Corp. on Nov. 7 reported earnings for its fourth-consecutive profitable quarter. The company pulled in $5.5 million during the third quarter of the year, with net income clearing the black by more than $96 a marked difference from the $3.63 million loss the company reported during the same quarter last year.
For the year, GAXC's revenue is up only slightly at $16.4 million versus $16.2 million for the first three quarters of 2006, but the company's net income is up $5.25 million, from a net loss of $4.9 million to net income of $368,328.
According to a news release, some of the losses reported in 2006 related to one-time charges associated with the company's impairment and restructuring, which totaled about $2.6 million. Depreciation and amortization expense also decreased, by about $34,200 in 2007 from the same three-month period last year.
"Working together to serve our clients and their customers," said George McQuain, GAXC's president and chief executive. "We continue to shut down unprofitable ATM locations and we are being very selective with respect to which ATMs to Triple DES upgrade. For the remainder of this year, our management team is focused on the completion of our Triple-DES upgrade project, delivering gross-margin improvements and adding ATMs to our management portfolio."
