PONTE VEDRA, Fla. -- Global Axcess Corp. (OTC Bulletin Board: GLXS), owner of ISO Nationwide Money Services and transaction processor EFT Integration, reported net income of $197,350 in 2003's second quarter, up from $48,012 in 2002's second quarter.
Revenues declined to $2.6 million in 2003's second quarter, down from $3 million a year earlier, due primarily to the reduction of unprofitable ATM sites.
For the first half of 2003, net income was $119,617, compared to a loss of $9,923 in 2002. Revenues were $5 million, a decrease from $5.7 million due to the reduction in number of ATMs.
Michael Dodak, the company's chief executive, said in a news release that the Branded Cash program, which offers surcharge-free ATM access to customers of financial institutions for a fee paid by the client institutions, helped mitigate many of the operating costs associated with managing ATMs.
The company added 50 branded sites to the program in the second quarter, for a total of 350 sites.
"Furthermore, we expect to realize additional cost savings through our newly introduced Branded Vault Cash Program, which is being enthusiastically received by the financial marketplace," Dodak said.
The company recently raised $600,000 in operating capital through a private placement, Dodak said in the release. "This cash, coupled with other debt and equity restructurings, has notably strengthened our balance sheet and better positions Global Axcess to pursue aggressive revenue growth through execution of our acquisition strategy."
According to the release, Nationwide Money Services owns and operates more than 1,600 ATM's in 39 states and provides proprietary ATM branding and processing for 31 financial
institutions with 350 branded sites nationwide.
