News

Access to Money reports smaller first-quarter loss on lower revenues

May 17, 2011

Access to Money Inc., one of the nation's largest independent ATM deployers (IAD), yesterday reported a smaller net loss on lower revenues for the first quarter ended March 31.

The Cherry Hill, N.J.-based IAD recorded a net loss of $222,000 in the first quarter compared with a much larger net loss of $716,000 for same three-month period last year. Net revenues also fell to $19.6 million compared with $22.2 million in 2010's first quarter.

Access to Money operated 10,339 transacting ATMs during the first quarter compared with 10,983 for the same period last year. Average withdrawals per ATM per month were 237 compared with 249 a year earlier. There were approximately 7.4 million transactions in the first quarter compared with 8.2 million in 2010's first quarter.

Richard Stern, the company's president and CEO, said the results were not satisfying. Stern added, however, that the IAD is starting to see improvements from initiatives it started in 2010. He cited a series of successful ATM deployments in off-premises locations that could mean better times for the company.

"While we continue to be disappointed with our recent financial results, we are extremely optimistic about the future," he said. "Our first-quarter results actually exceeded budget, and I am confident that the foundation for success that we have built will begin to produce more positive results in the coming periods."