Cardtronics announces first quarter 2010 results

Cardtronics, Inc. announced its financial and operational results for the quarter ended March 31, 2010.

According to a Cardtronics press release, consolidated revenues equaled $127.8 million, up 11 percent from the first quarter of 2009 ($115.3 million). There was a revenue growth of approximately 11 percent on a constant currency basis for the company's core business operations, which include the company's large-account ATM placement and branding business and the company's international operations.

Gross margins were reported at 31 percent, up from 27 percent in the first quarter of 2009. Gross margins of 31 percent, up from 27 percent in the first quarter of 2009. The adjusted net income per share was $0.19, up from $0.09. The GAAP net income was $4.0 million compared to a $5.1 million GAAP net loss from the first quarter of 2009.

Total cash withdrawal transactions increased by 6 percent, cash withdrawal transactions per ATM increased by 4 percent, total transactions per ATM increased by 7 percent.

"The strong operating trends that Cardtronics experienced during 2009, especially in the United States, continued during the first quarter of 2010," said Steve Rathgaber, Cardtronics' CEO. "Since joining Cardtronics in February, I am even more confident in the unique value proposition that Cardtronics has to offer and in the company's ability to leverage its existing asset base to drive future transaction and revenue growth."

For the full 2010 year, Cardtronics expects revenues of $520 to $530 million and overall gross margins of approximately 31 percent to 31.5 percent. Adjusted net income is predicted to be $0.75 to $0.85 per diluted share, based on approximately 41.5 million weighted average diluted shares outstanding. Capital expenditures are expected to be approximately $45 million, net of non-controlling interests.