News

Access to Money reports smaller third-quarter loss on less revenue

November 11, 2010

Access to Money Inc. today reported a smaller net loss on lower revenue for 2010's third quarter, which ended September 30.

The Cherry Hill, N.J.-based ATM ISO recorded a net loss of $729,000 in the third quarter compared with a net loss of $2.6 million for the same three-month period last year.

Third-quarter sales were $6.9 million, down 13.7 percent, compared with $8 million in 2009's third quarter.

Richard Stern, Access to Money president and CEO, said the period's results represent the loss of a major contract.

"The quarter's results reflected the full impact of the loss of a major account earlier this year, including some of the one-time expenses associated with removing those machines," Stern said.

Access to Money lost a contract to continue to deploy ATMs in Cumberland Farms stores. The Framingham, Mass.-based convenience store chain selected the partnership of Citizens Financial Group Inc. and EDC, a Walnut Creek, Calif.-based ATM ISO, as Access to Money's replacement.

Access to Money, however, placed approximately 90 ATMs in Dunkin' Donuts or other retailer locations, Stern said.

But the company reported a decline in transacting ATMs. At the end of the third quarter, Access to Money reported it had 10,747 transacting machines compared with 11,233 transacting machines during the same three-month period in 2009. Transaction-based sales also fell during the quarter to $19.7 million, down 9.6 percent, compared with $21.8 million in 2009's third quarter.