News

Global Axcess reports 24% increase 3Q '04

November 17, 2004

PONTE VEDRA, Fla. - Global Axcess Corp. (OTC Bulletin Board: GLXS), an independent electronic financial transaction processing company with a network of 3,500 ATMs nationwide, reported a 24 percent revenue increase in the third quarter of 2004 over the same period last year, according to a news release. For the nine-month period ended Sept. 30, the company's revenue increased 14.4 percent when compared to the same period last year, from $7.9 million in '03 to $9 million in '04.

"To this point, 2004 has been a watershed year in the development of Global Axcess," said Michael Dodak, chairman and chief executive officer of Global Axcess, in the release. "As we enter the final quarter of the year, we have added new customers to our leading-edge financial services programs, we have completed three significant acquisitions that add to our capacity and enhance our ability to drive top-line and bottom-line growth.

A hightlight for the quarter, according to the release, includes a 4 percent increase in net income, from $146,600 to $152,300.

Dodak stated in the release that the revenue increases are a reflection of the company's growth.

"We are particularly pleased with the progress made in our 'Branded Cash' program," he said. "We currently have 59 partners in the program, up from 54 at the conclusion of the previous quarter, with approximately 711 branded ATMs sites, up from 473 last quarter. Our goal for ATM branded sites for full year 2004 is 800."