"We are pleased with our first quarter 2013 results as they were right on target to meet our full year 2013 guidance expectations," Lopez sad. "We are also excited about the momentum of our kiosk business, where its performance and sales pipeline continue to improve."
Following are fiscal results for Q1 2013 as compared with results from the same period in 2012:
- revenues for Q1 2013 were $146.8 million, compared with $151.1 million;
- operating income was $12.9 million, compared with $15.7 million;
- adjusted EBITDA was $17.9 million, compared with $20.6 million;
- income from operations before income tax provision was $9.7 million, compared with $11.2 million;
- diluted earnings per share from continuing operations were 9 cents on 67.9 million diluted shares, compared with 11 cents on 66.2 million diluted shares;
- cash EPS was 19 cents, compared with 21 cents in the same period of 2012.
Decreases were due primarily to lower revenues and operating income in the ATM segment and higher payroll and related expenses, including non-cash stock compensation expense, the company said. These were partially offset by higher kiosk sales in the first quarter 2013, as compared with the same period in 2012.
Global Cash Access Holdings reaffirmed its estimates for the fiscal year ending Dec. 31, 2013, including adjusted EBITDA of between $70 million and $74 million and cash EPS between 74 cents and 83 cents on diluted shares of approximately 67.2 million.
This company said its estimated outlook is influenced by the following factors:
- the anticipated impact of less favorable pricing terms associated with several customer contract renewals in 2013;
- the anticipated impact of certain large customers not renewing their contracts;
- flat to low growth in the domestic gaming industry;
- no significant casino openings in 2013;
- a projected increase in kiosk sales and services business; and
- continued investment with respect to technology infrastructure and personnel.
"Our team continues to stay focused on product development with a goal of providing our customers the most complete cash access delivery system available in the marketplace," Lopez said.
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