News

Cardtronics announced Q4 and full-year 2009 financials

February 11, 2010

Thursday's report also revealed an Adjusted Net Income per Share of 17 cents, up from 2 cents in last year's fourth quarter of 2008; a GAAP Net Income of $1.5 million, compared to a $58.5 million GAAP Net Loss in the same period last year; free cash flow of almost $18 million, consisting of $27 million in cash provided by operating activities, less $9 million of capital expenditures, enabling the repayment of all amounts previously outstanding under the Company's revolving credit facility; and continued improvements in several key operating metrics when compared to Q4 2008:

• Total cash withdrawal transactions and cash withdrawal transactions perATM per month increased by 8 percent
• Total transactions per ATM per month increased by 10 percent, and
• ATM operating gross profit per ATM per month increased by 43 percent.

"2009 was truly an outstanding year for Cardtronics," said Fred Lummis, Cardtronics' chairman of the board. "Over this past year, we took steps to strengthen and diversify the company by leveraging past investments, controlling our costs and maintaining our high level of customer service. The results of these efforts were record revenues and cash flows, which allowed us to pay off our entire revolving loan balance in 2009 and reduce our ratio of debt to Adjusted EBITDA from 4.2x at the end of 2008 to 2.8x at the end of 2009. Additionally, we continued to see favorable transaction trends in all of our key markets, further validating the earnings generation capabilities of our existing network."

Cardtronics' revenues totaled $493.4 million for the year ended December 31, 2009, which is comparable to the $493.0 million in revenues recorded during the year ended December 31, 2008. However, on a constant currency basis, year-over-year revenues increased by 4 percent. Although total revenues remained fairly constant between the two years, approximately $18.1 million in revenues shifted from surcharge revenue and equipment sales in 2008 to interchange and surcharge-free network and bank branding revenues in 2009.

Adjusted EBITDA totaled $110.4 million for the year ending December 31, 2009, representing a 35 percent increase over the $81.9 million in Adjusted EBITDA for the same period in 2008. Adjusted Net Income totaled $26.5 million 67 cents per diluted share) for 2009, which was significantly higher than the $7.6 million (19 cents per diluted share) generated in 2008

Cardtronics recorded GAAP Net Income for 2009 of $5.3 million, compared to a GAAP Net Loss of $71.4 million during 2008.