HOUSTON – Shares in Cardtronics continued to plummet last week, all the way to just 65 cents, two weeks after the giant ATM service provider announced continuing losses for its fiscal third quarter.
The shares began a free-fall on Nov. 5 when they traded at $5.67, just as the company was announcing a loss of $4.2 million for the third quarter, and of $12.1 million for the first three quarters. The company, which operates more than 30,000 ATMs across the country, went public just last January at $9.17 a share.
Since then, Cardtronics has emerged as the biggest electronic funds service provider for credit unions, with connections to the CO-OP Financial Services ATM network, the Financial Service Centers Cooperative shared branch network, and ownership of Allpoint surcharge-free ATM network.
Officials with the company did not return phone calls from The Credit Union Journal Friday afternoon seeking comment.
