News
Cardtronics says net losses relate to ATM portfolio growth
February 28, 2008
HOUSTON — Cardtronics Inc. reported fourth-quarter 2007 revenue of $116 million, up from the $74.8 million it reported during the same period in 2006. Net loss for the quarter came in at $7.4 million, a loss that's $9.6 million greater than what the independent ATM sales organization reported in 4Q '06.
Cardtronics attributes the losses to additional expenses related to its growing ATM and advanced-functionality portfolio, which now includes 7-Eleven's financial services business, as well as in-house processing conversion and Triple DES upgrades.
"Two-thousand and seven was a year of major accomplishments for Cardtronics," said Jack Antonini, company president and chief executive. "In July, we completed our largest acquisition to date, acquiring the ATM and advanced-functionality business of 7-Eleven, and in December, we completed the initial public offering of our common stock. In addition, we continued to make substantial progress on a number of our key strategic initiatives, including the significant expansion of our presence in both the United Kingdom and Mexico, the signing of bank-branding agreements covering 1,900 of our domestic ATMs, and the conversion of over 13,000 of our ATMs to our in-house transaction-processing switch."
During Q4 '07, Cardtronics says it also realized a number of improvements from the same period in 2006, including a 25 percent increase in its average number of transacting ATMs and a 33 percent increase in per ATM monthly cash withdrawal transactions. The company also says its IPO of 12 million shares of its common stock netted $110.1 million.
International expansion also ended the year on a positive note, Cardtronics says, with the addition of 240 machines in the U.K. and 315 machines in Mexico.
Cardtronics closed the year with revenue totaling $378.3 million, up 28 percent from the $293.6 million it generated in 2006. Net-income loss for the year is $27 million, a loss that's four times greater than the $531,000 loss the company reported at the end of 2006.
North AmericaDistributors / ISO / IADOtherBanking Executive SummaryLatin AmericaPublic CompaniesBank / Credit Union
Related Media
Subscribe
Get the latest news and resources from ATM Marketplace.
Recent Posts
Nymeo Federal Credit Union wins recognition as 1 of the best workplaces in Maryland
ParaScript intros verification solution for checks
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
