HOUSTON – Cardtronics yesterday reported a 50% rise in first quarter earnings to $9.8 million, based on a 38% increase in revenues.
The fast-growing ATM company reported $191 million in revenues, compared to $138 million for the first quarter last year.
The surge in revenues was partly attributed to businesses acquired during the second half of 2011, including EDC, Access to Money, Mr. Cash, and LocatorSearch. The company also attributed increases in revenue to a combination of increased transactions per ATM in the company’s U.S. and U.K. operations; unit growth expansion; increased revenues from managed services agreements; increased bank branding revenues from financial institution partners; and, growth in its Allpoint surcharge-free ATM network.
Cardtronics has emerged as a key electronic funds switch for credit unions, with connections to the CO-OP Financial Services and Credit Union 24 networks, as well as dozens of credit union members of the Allpoint network.
