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ATM ISO Cardtronics shows significant improvement in year-over-year net losses
November 6, 2008
HOUSTON — Cardtronics Inc. reported a 15-percent revenue increase for the third quarter of 2008, hitting $127.3 million, up from the $110.6 million reported in 3Q 2007. And while net income continues at a loss, the loss felt during this most recent quarter, which ended Sept. 30, showed a positive improvement of 61 percent. Net loss for the '08 quarter came in at $4 million, a loss of 11 cents per share — a significant improvement from the $10.7 million loss, negative 77 cents per share, reported in 3Q '07.
"Cardtronics generated solid results for the most recent quarter despite a number of challenges, including disruptions associated with Hurricane Ike and higher interest rates resulting from the global credit crisis," said Jack Antonini, Cardtronics' chief executive. "Despite these headwinds, our most recent results demonstrate our ability to leverage our past capital investments to generate consistent and recurring revenues and cash flows."
For the first nine months of the year, Cardtronics reported net-income losses of $12 million, down from the $20 million net loss reported for the first nine months of '07. Revenue for the first three quarters totaled $375 million, up from the $262 million reported last year.
The company attributes its growth and improved margins to its acquisition of the 7-Eleven ATM portfolio and organic growth driven by additional ATM deployments in the United Kingdom and Mexico. New branding and surcharge-free-network agreements signed by the company in late 2007 and 2008 also have had a positive impact.
Additionally, net losses for the nine months include a $1.2 million pre-tax charge to the U.K. operations associated with delays in obtaining Europay MasterCard Visa certification with one of the major networks.
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