HOUSTON - Cardtronics Inc announced in a Sept. 7 news release that earnings for the second quarter of 2005, ended June 30, jumped 99 percent from the same period last year.
For 2Q '05, revenue totaled $69.2 million while net income for the quarter totaled approximately $0.2 million, a $0.6 million drop from 2Q '04.
The quarterly increase in revenue is related to Cardtronics' acquisition of E*trade's ATM portfolio in June 2004, as well as its 2005 purchase of ATM portfolios previously operated by BAS Communications Inc., Neo Concepts Inc. and United Kingdom-based Bank Machine Ltd.
Those acquisitions contributed to the company's net income during the first half of '05.
Year-over revenue and net income have increased 88.3 percent and 90 percent, respectively.
"Cardtronics has achieved a tremendous amount of progress with respect to its growth initiatives during the first six months of 2005," said Jack Antonini, chief executive of Cardtronics. "With the Bank Machine acquisition, our first outside of the United States, we have demonstrated our commitment to expanding our domestic ATM operating expertise to selected international markets.
"Additionally," he added, "we have continued to make great strides domestically with our bank-branding program, as evidenced by the recent agreement with J.P. Morgan Chase & Co. to brand our ATMs located in Duane Reade drugstores throughout the New York metropolitan area. Combined, we have laid a solid foundation for our future domestic and international growth initiatives."
