Global Cash Access Holdings Inc., a provider of cash access products and services to casinos, has announced financial results for the company's first quarter ended March 31, 2012.
Revenues were $151.1 million for the quarter, as compared to $134.4 million in the first quarter of 2011. First quarter 2012 revenues were affected by the company's purchase of substantially all assets of MCA Processing LLC in November of 2011.
Highlights of Q1 2012 include:
- Revenues of $151.1 million, an increase of 12 percent over Q1 of 2011.
- Operating income of $15.7 million, an increase of 69 percent over Q1, 2011.
- EBITDA of $19.8 million, an increase of 51 percent over Q1, 2011.
- Net income per share of 11 cents, a diluted increase of 267 percent over Q1, 2011.
- Cash EPS of 21 cents, an increase of 133 percent over Q1, 2011.
"We are very pleased to announce today the strong start to the year with positive quarter-over-quarter results in our base business," said Scott Betts, president and CEO of Global Cash Access. "With the stabilization of our base business and the portfolio of contracts we acquired through the MCA acquisition, GCA is well positioned for 2012."
Global Cash Access reaffirmed its cash EPS and EBITDA estimates for the year of 76 cents and 82 cents, respectively. Adjusted EBITDA is expected to total $73 million to $77 million, the company said. These estimations reflect assumptions of:
- A modest improvement in the gaming industry in 2012.
- Cash outlays for capital expenditures of approximately $6 million to $8 million.
- Fully diluted shares outstanding for the full year of approximately 66 million; and
- Interest expense based on an increase in the three-month LIBOR curve from 0.55 percent in 2011 to 0.70 percent in 2012.
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