HOUSTON - Cardtronics Inc.'s third-quarter revenues for the period ended Sept. 30 totaled $71.7 million, a 13 percent increase from the same period last year. According to a news release, the company attributes year-over-year growth to the acquisition of substantial ATM portfolios, including the purchase of the BAS Communications Inc. portfolio in March, the Neo Concepts Inc. portfolio in April, and United Kingdom-based Bank Machine Ltd. in May.
Those acquisitions, however, contributed to a net loss during the quarter of $200,000, down from a net income of $2 million during the third quarter of 2004.
The rollout of more than 1,000 ATMs in Walgreen Co. and CVS locations throughout the United States during the second and third quarters of 2005 also negatively impacted Cardtronics' results as those machines are still ramping to profitable transaction levels.
Year-to-date company revenue is $199.2 million, up 52.2 percent from $130.9 million a year ago. Net income for the year totaled $1.8 million, down 44 percent from the same period in '04.
"While our financial results for the quarter were lower than what we originally anticipated, we were pleased with the progress that was made with respect to our key initiatives during the quarter, especially on the domestic front," remarked Jack Antonini, Cardtronics' chief executive. "The September announcement of the creation of a nationwide surcharge-free ATM network between MasterCard and Cardtronics further validates the company's network and bank-branding strategy. By placing ATMs in well-known, high consumer-traffic retail locations throughout the United States, such as Walgreens and CVS stores, Cardtronics has created a unique and valuable network for financial institutions and debit card issuers to reach and better serve their dispersed customer base."
Transacting ATMs totaled 26,393 during 3Q '05, up 5.4 percent from 25,043 transacting machines in 3Q '04 2004. Total transactions during the quarter increased 15.9 percent, to 42.2 million, from 36.4 million a year ago. Bank Machine's portfolio is credited with pulling that increase.
Year-to-date, the average transacting ATMs total 26,099 machines, up 51.6 percent from 17,216 machines for the same period in 2004.
