PONTE VEDRA, Fla. - Global Axcess Corp. (OTCBB:GLXS) says its net income rose to $309,866 in 2003, from the $104,560 reported for 2002. The company reversed operating losses of $419,424 reported in 2002 to a gain of $158,125 in operating profits in 2003.
Revenues in 2003 were $10.2 million, a slight decline from revenues of $10.8 million in 2002. The company attributed the drop to the reduction of unprofitable ATM sites during 2003's second quarter.
The company says its cash position improved to $1.8 million in 2003 year, compared to $116,568 for 2002. Total liabilities were reduced nearly 35% to $1.7 million from $2.7 million in 2002.
David Surette, the company's chief financial officer, said in a news release, "We are delighted that our focused cost-cutting efforts, combined with initiatives launched early in 2003 to facilitate enhanced operational efficiencies, have resulted in Global Axcess enjoying the best year in its history."
According to Surette, Global Axcess believes it will be able to follow its recently completed acquisition of Progressive ATM with more acquisitions. (See related story Global Axcess raises $3.5M, funds to pay for acquisition)
It also hopes to boost the number of branded ATM sites currently associated with its Branded Cash Program by increasing the number of financial institution clients from the current 41 credit unions and community banks.
Global Axcess also intends to launch a stored value card business called E-Payroll in the first half of 2004, according to the release.
