HOUSTON – Cardtronics, an important electronic funds transfer switch for credit unions, yesterday reported a 29% increase in fourth quarter revenues to $174.2 million.
But most of it was spent on increasing expenses, creating flat earnings growth: $8.15 million for the quarter, compared to $8.03 million for the fourth quarter last year.
Cardtronics said 16% of fourth quarter revenue growth was related to recent acquisitions and $3.4 million of fourth quarter expenses were acquisition-related costs. The results of fourth quarter operations include the performance of Access to Money and Mr. Cash since Nov. 1 and Oct. 28, 2011, respectively, the dates each acquisition closed.
“With the addition of significant new business in the last quarter and early in 2012, we believe that we are well-positioned to continue generating solid top- and bottom-line growth in 2012 and beyond,” said Steven Rathgaber, CEO of Cardtronics.
For the full year Cardtronics reported a 17% increase in revenues to $624.6 million, and a 71% increase in net income to $70.1 million.
Cardtronics is the nation’s largest deployer of ATMs, with a fleet of more than 50,000 cash machines, which are connected to the credit union-owned CO-OP Financial Services and Credit union 24 networks, as well as the Financial Services Centers Cooperative, recently acquired by CO-OP Financial.
