SAN DIEGO - Citing start-up costs and expenses linked to a recent merger, the ATM products and services company Global Axcess Corp. (OTCBB:GLXS) reported a net loss of $978,100 for the quarter ending June 30, 2001 on revenues of $432,300.
In a press release, Global Axcess officials said the company absorbed roughly $750,000 in expenses related to its merger with IFT Financial Group, which was finalized in June. In addition, the company only took in two days revenue from its acquisition of Nationwide Money Services before the end of the accounting period.
"As an essentially new public company in the start-up and developmental stages of its growth, our results during the quarter were in line with expectations," said James H. Collins, Global Axcess chief executive officer.
Based in San Diego, Global Axcess was founded in December, 2000, and provides services for non-bank ATMs. The company recently won a $4.8-million to contract to install and service about 200 ATMs for Canton, Mass.-based Cumberland Farms.
