HOUSTON - Cardtronics Inc. reported this week second quarter revenue of $73.3 million, up 5.9 percent from $69.2 million in the second quarter of 2005. The company attributes the increase its May 2005 acquisition of United Kingdom-based Bank Machine Ltd. (Read also, Bank Machine acquisition proves profitable for Cardtronics.)
A 13.2 percent year-over-year increase in adjusted earnings before interest, taxes, depreciation and amortization is a reflection of benefits associated with the U.K. operations, Cardtronics said, as well as growth in its bank- and network-branding deals.
But the company's net income took a hit, dropping 43 percent from 2Q '05. For 2Q '06, net income was to $800,000, down from $1.4 million during the same period last year.
"We continue to be pleased with the progress that we have made this year with respect to our key goals,' said Jack Antonini, Cardtronics' chief executive. "Our bank- and network-branding initiatives continue to show strong progress, and are expected to provide a solid platform for the future growth of our domestic operations. Internationally, we continue to be very excited about the opportunities for growth that we see in both our United Kingdom and Mexico operations."
Cardtronics reported an average 25,755 transacting ATMs for the quarter, a 1.8 percent decrease from 26,232 2Q '05. That decline relates to a drop in merchant-owned ATMs transacting within the United States, the company said, which has been offset to some degree by ATM growth in the U.K. and Mexico.
Cash withdrawals increased 3.6 percent, from 30.4 million to 31.5 million, during the quarter. And the average monthly cash withdrawal per machine increased 5.7 percent to 408. Cardtronics thanked its U.K. operations and higher-than-average domestic transaction volumes for the withdrawal growth.
Average monthly revenue per ATM jumped 8.3 percent during the quarter to $909, up from $839 last year.
For the year, revenue is up 11.7 percent, net income is down 17 percent. Cardtronics reported a net loss of $2.4 million for the first six months, ended June 30, down 220 percent from net income of $2 million during the first half of 2005. Cardtronics blamed the year-over-year decrease to the additional interest, depreciation and amortization expense amounts associated with the acquisitions, as well as business costs.
