HOUSTON – Cardtronics Inc., which has emerged as the leading provider of ATM services for credit unions, reported a $3.4 million loss for the second quarter, or nine cents a share, even as revenues continued to surge.
Revenues soared by 64% for the second quarter to $127 million, fueled by last year’s acquisition of 5,700 ATMs inside 7-Eleven convenience stores.
Over the past year Cardtronics has emerged as the leading provider of electronic funds transfer services for credit unions, as it is connected to the credit union-owned CO-OP Financial and Credit Union 24 networks, as well as Financial Service Centers Cooperative’s shared branching network. Cardtronics is the parent of Allpoint network, which provides surcharge-free ATM access to hundreds of credit unions. The company operates more than 30,000 ATMs in the U.S. at many large retailers, such as CVS, A&P, Rite Aid, Safeway, Target and Walgreens.
The second quarter loss, down from a $5.7 million loss for the same period last year, reflects $7 million depreciation, accretion and amortization expenses related to the 7-Eleven deal, and a higher interest expense on the company’s debt.
For the first six months of the year, Cardtronics reported an $8 million loss, or 21 cents a share, compared to a $9.1 million loss, or 65 cents a share, for the first half last year.
First half revenues were up 63% to $247.5 million.
