LAS VEGAS - Global Cash Access Inc., a supplier of cash access systems and related marketing services to the gaming industry, experienced a 12.6 percent revenue increase during the first quarter of 2005 from the first quarter of 2004.
According to a news release, revenue jumped from $97.4 million to $109.7 million, the company's highest-ever quarterly revenue.
ATM revenues increased 14.2 percent from 1Q '04, from $38.3 million to $43.8 million, and the number of transactions increased 10.7 percent. Cash disbursed at GCA's ATMs increased 16.6 percent from quarter to quarter. Average revenue per transaction also increased, from $2.96 to $3.05.
"We continued our momentum in the first quarter of 2005," said Kirk Sanford, GCA's president and chief executive. "In addition to delivering solid financial results, we signed several important contracts and saw a high level of interest in the QuickJack Plus redemption kiosk."
"Most significantly, we indicated our intention of making an initial public offering by our parent, Global Cash Access Holdings Inc.," he added.
During the quarter GCA renewed its contract with Trump Hotels and Casino Resorts through March 2008, and also announced a new contract for cash access services with Wynn Resorts Ltd.
"As of March 31, 2005, we have repaid $48.3 million of the $495 million of debt that the company incurred to complete the buyout from First Data Corporation in March of 2004," said Harry Hagerty, GCA's chief financial officer.
