Global Axcess Falls Into TheRed
PONTE VEDRA, Fla. - (05/17/06) -- Global Axcess Corp., the independentoperator of 5,000 ATMs, reported a loss of $878,000, or four centsa share, Tuesday for its first quarter, compared to a profit of$180,000, or two cents a share, for the first quarter last year.The red ink for the parent of ATM cobrander Nationwide MoneyServices was due mainly to a 47% surge in expenses for the period,most of it related to increased financing for last year's ATMacquisitions. Operating expense increases were also due to anincrease in selling, general and administrative costs of $400,000for the period. First quarter revenues rose 11% to $5.3 million, asthe company almost doubled its ATM fleet from a year ago. Last weekthe company said it has hired an investment banker to explorepossible transactions, including a sale of some or all of itsassets.