HOUSTON – Cardtronics Inc., which has become the key ATM link for credit unions, reported yesterday its fourth quarter loss surged to $57.9 million, from a $7.4 million loss for the same period in 2007.
The largest component of this year’s fourth quarter loss was a $50 million write-down related to the company’s ATM subsidiary in England.
As a result, Cardtronics posted a $70 million loss for 2008, more than double the $27.1 million loss for 2007.
The company, which links its 30,000 U.S. ATMs to the credit union-owned CO-OP Financial Services, Credit Union 24 and Financial Service Centers Cooperative, networks, reported a 2% rise in fourth quarter revenues to $118.2 million, and a 30% rise in annual revenues to $493 million, due to last year’s acquisition of 5,300 ATMs in 7-Eleven convenience stores.
Cardtronics is also the parent of the surcharge-free ATM network, Allpoint.
Cardtronics shares, which slid below a dollar in recent weeks, closed up a penny yesterday at $1.55.
