HOUSTON – Rapidly expanding Cardtronics, the key electronic funds switch for credit unions, reported a 126% surge in third quarter earnings yesterday, due to continued growth in revenues and one-time charges.
The nation’s biggest ATM operator reported a 21% increase in third quarter revenues to $165.1 million, and net income of $46.9 million, up from $20.8 million for the third quarter last year. This year’s third quarter earnings were significantly helped by non-recurring refinancing-related charges incurred in the third quarter of 2010 and an increase in tax benefit in the third quarter of 2011.
The company, which operates more than 45,000 U.S. ATMs connected to CO-OP Financial Services, Credit Union 24 and Financial Service Centers Cooperative, reported a 28% increase in transactions for the third quarter and a 19% rise in cash withdrawals.
"Our third quarter results were very strong, driven by impressive organic revenue growth of 12% and a nice contribution from our recently completed EDC acquisition," said Steve Rathgaber, Cardtronics’ CEO.
Third quarter highlights include the completion of the acquisition of the EDC ATM network; the acquisition of Access to Cash, the former TRM Corp, and its 10,000 ATMs; the purchase of Mr. Cash and its 600 Canadian ATMs; and separate deals to place ATMs in Harris Teeter supermarkets and to manage 89 FirstBank ATMs in King Soopers grocery stores in Colorado.
For the first three quarters of the year Cardtronics reported a 13% increase in revenues to $450.4 million, and an 87% rise in net income to $62.1 million.
