PONTE VEDRA BEACH, Fla. -- Global Axcess Corporation (OTC Bulletin Board: GLXS) reported a net loss of $41,000 and revenues of $2.7 million for the quarter ended March 31, 2002, compared to a net loss of $2 million and revenues of $2.7 million for the year-earlier quarter.
According to a news release, the improvement resulted primarily from the cancellation and payoff of various ATM leases in the first quarter. As a result, during March the company's earnings exceeded its expenses. Based on the anticipated pay-off of additional ATM leases and projected revenue from ATM operations, the company expects to report positive earnings for the second quarter of 2002, according to the release.
Also in the release, Michael Dodak, chief executive officer of Global Axcess, said the company is continuing to pursue acquisition opportunities.
Through its wholly owned subsidiary, Nationwide Money Services, Global Axcess provides turnkey ATM management programs that include cash, project and account management services. Another wholly owned subsidiary, EFT Integration, provides transaction processing and terminal driving to its customers.
