HOUSTON - Cardtronics Inc. reported preliminary revenue of $69.1 million for the first quarter of 2006, ended March 31. Revenue for the quarter increased 18.5 percent from $58.3 million during the same period last year. Gross profit for the quarter came in at $16 million up 25 percent from $12.1 million in first-quarter 2005.
According to a news release, acquisitions made in 2005 - including the BAS Communications Inc. portfolio in March 2005, the Neo Concepts Inc. portfolio in April 2005, and United Kingdom-based Bank Machine Ltd. in May 2005 - contributed to the year-over-year revenue increase.
Adjusted EBITDA for the quarter was $11.5 million, up 23.7 percent from $9.3 million in 1Q 2005. The company's increased revenue, however, was partially offset by cost increases in certain areas, including vault cash rental and administrative costs associated with the company's growth.
Average transacting ATMs for the quarter totaled 26,207, up 6.3 percent from 24,661 average transacting ATMs in 1Q '05. Cash withdrawals increased 14.5 percent from 26.2 million last year to 30.0 million. Average withdrawal transactions per ATM per month increased 7.3 percent, from 355 to 381. The company attributed that increase to its acquisition of Bank Machine, which has higher average-transaction volumes than the company's domestic operations.
Average revenue per ATM per month jumped 11.3 percent, from $758 to $844 - a result of Bank Machine and growth in bank and network branding revenue in the United States.
"We are very pleased with our results for this past quarter and are currently on pace to achieve the key goals that we have set for the Company for the remainder of the year," Jack Antonini, Cardtronics' chief executive, said. "In particular, the signing of several new bank and network branding agreements during the quarter is indicative of the momentum that we are starting to see with respect to that initiative. Additionally, we are excited about the opportunities that we are seeing on the international front. Our U.K. operations continued to show solid growth during the past quarter through the roll out of new ATMs under existing contracts with multi-unit retailers. In Mexico, we believe that we are well positioned, through our majority ownership position in that country's largest independent ATM operator, to capitalize on the anticipated growth in off-premise ATMs as a result of Mexico's recent decision to allow surcharging."
