News
Cardtronics reports net loss, slight revenue increase for 2008
March 2, 2009
HOUSTON — Cardtronics Inc. reported a $57.9 million net loss for the fourth quarter of 2008 and a $70 million net loss for the year. Those losses have steepened since last year, when the company reported a $43.5 million loss for 4Q 2007 and a $63.4 million loss for the year.
Revenue did show a slight improvement year-over-year, quarter-over-quarter. Cardtronics brought in $493 million in 2008 and $118.2 million during 4Q. In 2007, the company's annual revenue was $378.3 million and its 4Q revenue was $11 million.
"Our fourth-quarter operating results were essentially in line with our expectations, despite the continued deterioration in the economy during the period," said Jack Antonini, Cardtronics' chief executive. "While we are by no means entirely immune to the current global economic challenges facing other companies, the relatively recurring nature of our business has allowed us to achieve consistent operating results in what continues to be a very challenging operating environment. Despite this, we currently believe that operating conditions are not likely to improve in the near term, and thus have taken what we hope is a relatively conservative view of our expected performance in 2009."
During 4Q 2008, the company's average number of transacting ATMs increased by 4 percent, when compared to Q4 2007, and its transaction volume increased 10 percent. Total cash withdrawals increased 8 percent and monthly cash-withdrawal transactions per machine were up 5 percent.
Cardtronics closed the year with approximately 26,700 ATMs.
In December, the company expanded its relationship with Circle K and signed a deal with SunTrust Banks to brand 225 ATMs in CVS drugstores in North Carolina and Florida. Cardtronics also points to its July 2007 acquisition of the 7-Eleven ATM Transaction business as a highlight for the year, and one that compares favorably with 2007's end-of-year results. The year-over-year revenue increase was primarily attributable, the company says, to the inclusion of the 7-Eleven ATM and advanced-functionality kiosk operations.
Related Media
Subscribe
Get the latest news and resources from ATM Marketplace.
Recent Posts
ParaScript intros verification solution for checks
Nymeo Federal Credit Union wins recognition as 1 of the best workplaces in Maryland
SEC accuses former ATM businessman Daryl Heller of funneling $185M from investors
Fifth Third named as top veteran friendly employer
DC AG sues Bitcoin ATM operator Athena Bitcoin for allegedly exploiting scam victims
