CALGARY, Canada - Independent ATM deployer DirectCash Income Fund reported strong financials for the first quarter of 2007. During the quarter, which ended March 31, DirectCash added 163 ATMs, increased its number of processed ATM transactions 12 percent from 1Q 2006, opened a new service and sales center and rolled out a new prepaid MasterCard product.
The company also reported increases on the card side of its business. Debit transactions processed increased 49 percent, prepaid cash-card activations were up 31 percent and the number of prepaid card transactions jumped 46 percent from 1Q '06.
"We will continue to emphasize the diversification of our prepaid-products line of business, both in terms of product offerings, such as prepaid MasterCard and in terms of the number of customers we serve," said Jeffrey Smith, DirectCash's president and chief executive. "We will continue to organically grow the debit terminal business via cross selling to existing customers and through the pursuit of new merchant relationships."
The company's revenue was up 28 percent, from $15.4 million (U.S. $14 million) to 19.7 million (U.S. $17.9 million). Net earnings were down 34 percent, from $343,000 (U.S. $312,300) last year to $226,000 (U.S. $205,800). DirectCash attributed the drop to an increase in investments and acquisitions completed during the quarter.
