ATM Giant Posts Third QuarterLoss
HOUSTON - (11/03/05) -- Cardtronics Inc., operator of theworld's largest fleet of ATMs, reported a net loss of $200,000 forthe third quarter, due mainly to financing costs of its rapidlyexpanding operations. That compared with a profit of $2 million forthe third quarter last year. Cardtronics, which operates almost27,000 ATMs, almost twice the size of Bank of America'ssecond-largest ATM fleet, said revenues for the third quarter wereup 13% to $71.7 million, compared to the same quarter last year.For the first three quarters of the year Cardtronics reported a 52%rise in revenues, to $199.2 million, due mainly to last year'sacquisition of 15,000 ATMs from E*TRADE. Net income for the firstthree quarters declined to $1.8 million, from $3.2 million for thefirst nine months last year. Cardtronics also forms the backbone ofthe Allpoint surcharge-free network that serves credit unions.Cardtronics recently unveiled a plan to join MasterCard in anationwide surcharge-free ATM network.