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Cardtronics reports $5 million loss for 1Q
May 3, 2009
HOUSTON — Cardtronics Inc. reported a net loss of $5 million for the first quarter of 2009, compared with a net loss of $4.6 million for the same quarter in 2008.
Revenue for the quarter came in at $115 million, down 4 percent from the $121 million reported for 1Q '08. "In what is traditionally our weakest quarter of the year, all of our operating segments generated stronger than expected results, continuing the trend that we saw at the end of 2008," said Fred Lummis, Cardtronics' chairman of the board and interim chief executive. "While we are clearly mindful of the macroeconomic challenges currently facing all companies, including ourselves, we are encouraged by the relative strength that we continue to see in our business."
On a positive note, the company's average number of transacting ATMs increased 2 percent, and total ATM transactions increased 7 percent. Cash withdrawals per ATM per month were up 5 percent.
Cardtronics also extended its ATM-placement deal with Costco Wholesale Corp. Cardtronics ATMs are now available in 97 percent of the 400 Costco locations in the United States.
Cardtonics also inked a deal with Welcome Break, a rest stop company in the United Kingdom, for the deployment of 120 ATMs. And the company is in the process of converting its ATMs located in Mexico over to the Cardtronics processing platform and expects to complete this initiative by the end of the second quarter. At the end of 1Q, Cardtronics was processing transactions for more than 28,750 ATMs.
The company also is in the process of continuing its transition in the U.K. of ATMs over to its in-house armored courier operation. To date, the in-house armored service is servicing approximately 500 Cardtronics ATMs in the U.K.
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