Cardtronics Reports Higher First Quarter Earnings
HOUSTON – ATM operator Cardtronics reported first quarter net income yesterday of $6.5 million, up from $4 million for the same period last year, as revenues rose a healthy 8%.
First quarter revenues were $138 million, created by a 14% increase in total transactions and an 11% rise in cash withdrawals.
"We kicked off 2011 with a continuation of the positive revenue and earnings trends seen over the past few years," said Steven Rathgaber, Cardtronics’ CEO. "We won several new contracts in the quarter and continued to grow with our existing premier merchant account base. We are pleased with our continued growth and are excited about what we expect to be another strong year for Cardtronics."
First quarter highlights included agreements to place approximately 600 new ATMs with new retailers including Ralph's, Tom Thumb, Wegmans Food Markets, and EZCORP; new bank branding contracts on approximately 240 ATMs; and an agreement between Grupo Financiero Banorte, Mexico's third largest financial institution by deposits and loans, and Cardtronics Mexico, to brand up to 2,000 Cardtronics Mexico-owned machines located in Latin America's largest convenience store chain, OXXO.
Cardtronics has become the major electronic funds transfer switch for credit unions, with connections to CO-OP Financial Services. the Credit Union 24 and Financial Service Centers Cooperative shared branching networks.