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Cardtronics reports $5.6 million loss for 2Q

August 13, 2007

HOUSTON - Cardtronics Inc. reported a net-income loss of $5.6 million for the second quarter of 2007 - a loss the company attributed to increased selling, administrative and vault-cash costs, as well as higher depreciation expense amounts associated with additional ATM deployments in the United Kingdom and Mexico. Cardtronics said development costs associated with its in-house processing conversion also impacted the net loss.
 
The net loss for 2Q '07 is down $6.4 million from 2Q 2006, when net income came in at $800,000. For the first six months of the year, the net-income loss is $9 million, compared to a net loss of $2.4 million during the first six months of last year.
 
Revenue for the quarter is up 5.3 percent, hitting $77.2 million in 2Q '07 compared to $73.3 million in 2Q '06. The company attributes the increase to a focus on growth in the United Kingdom, which generated incremental ATM operating revenue resulting from additional ATM deployments and higher per ATM withdrawals.
 
But increases in the U.K. were partially offset by lower revenue from domestic operations, which experienced a decline in the average number of transacting ATMs operating within the United States. Cardtronics said the decrease was primarily on the merchant-owned side of its business.
 
The company's average number of transacting ATMs for the quarter totaled 25,484, down 1.1 percent from the 25,756 transacting ATMs it operated in 2Q '06.

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