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Global Axcess Corp. reports record 2Q net income
August 6, 2008
JACKSONVILLE, Fla. — Global Axcess Corp., an independent ATM sales organization, reportedrecord net income for the second quarter of the year of approximately $450,300, up 163 percent from the $170,900 of net income reported for the second quarter of last year.
The company attributes the increase to increases in surcharge revenue and continued overhead and operating-cost reductions, including lower cash costs because of reduced interest rates.
Revenue from continuing operations totaled $5.8 million, up from $5.6 million during 2Q '07. The increase in revenue is attributed to higher surcharge/convenience fees on selected ATMs, which was put into place during the first quarter of 2008.
"Our second quarter results have reinforced our ability to perform well in an unstable economy," said George McQuain, chief executive of the company. "Our record-setting performance is a tribute to our recent turn-around strategies and the way we have positioned the new company to succeed."
Read also, ATM ISO GAXC ends year on positive financial note and Global Axcess looks to '07 for new ATM image.
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