HOUSTON – Cardtronics Inc., which has emerged as a major EFT service provider for credit unions, reported more red ink yesterday, a third quarter loss of $4.2 million, or 11 cents a share.
That compares to a third quarter loss of $10.7 million last year.
After release of the earnings report, Cardtronics shares, which went public in January at $9.20, plunged 33% all the way to just $3.38.
However, Cardtronics, which operates about 30,000 ATMs, most of them connected to credit unions, reported that revenues continued to rise, growing 15% in the third quarter, to $127.3 million, and by 43% for the first three quarters to $374.8 million. Those figures include the addition of 5,500 ATMs in 7-Eleven convenience stores acquired by Cardtronics last year. Those machines are connected to the credit union-owned CO-OP Financial network and the Financial Service Centers Cooperative shared branch network.
Cardtronics is also the parent of the surcharge-free Allpoint network, which is popular with credit unions.
For the first three quarters of the year, Cardtronics reported a loss of $12.1 million, or 31 cents a share, compared to a loss of $19.7 million, or $1.42 a share, for the first three quarters last year.
During the third quarter Cardtronics said it continued transitioning to its own in-house processing system and now processes transactions for more than 25,000 of its ATMs.
