Global Axcess expects greater net loss for '05

Global Axcess expects greater net loss for '05
Tags: Bank / Credit Union, Public Companies, Regulatory Issues
April 19, 2006

PONTE VEDRA, Fla. - Global Axcess Corp. is again changing its financial guidance for 2005. Earlier this month, Global Axcess announced corrections to reported revenue for the third and second quarters of the year. (Read, Global Axcess releases financial update.)

According to a news release, the company still expects annual revenue of approximately $19.5 million for the last fiscal year, a 40 percent increase from 2004. But a greater net loss for the year is now anticipated, down from original net-income projections of between $100,000 and a net loss of $100,000.

Earlier this month, after adjusting revenue for 2Q and 3Q, Global Axcess said net income dropped $500,000, or 2 cents per share, for those two quarters.