HOUSTON – Cardtronics, operator of the nation’s biggest fleet of ATMs and a key partner of credit unions, yesterday reported third quarter net income of $6.4 million, up from a loss of $4.4 million for the same period last year, as its cost of revenues was down significantly from last year.
Cost of revenues declined almost 10% for the quarter, even as revenue growth slowed to just 1%.
Cardtronics provides access to credit union members to its 28,000 ATMs through connections with CO-OP Financial Services, Credit Union 24 and Financial Services Cooperative Center.
Third quarter highlights included the company’s entry into the Puerto Rico market; the continued transition to an in-house EFT processing system and the continued transition of the company’s U.K. operations to an in-house armored courier.
For the first three quarters of the year Cardtronics reported a 2% decline in revenues, to $374.8 million, and a $4.1 million net, compared to a loss of $13.4 million for the same period last year.
