HOUSTON – Cardtronics, Inc., a provider of electronic funds services to credit unions, yesterday reported losses continued to grow in its first quarter, to $4.6 million, up from losses of $3.5 million for the same period last year.
The acquisitive ATM operator, which last year bought 7-Eleven’s ATM business, attributed the losses to increased interest expenses, $7.6 million for the first quarter, compared to $5.8 million for the first quarter last year.
The addition of 5,700 ATMs at 7-Elevens helped increase total revenues for Cardtronics by 62%, to $120.6 million for the first quarter.
Cardtronics reported a fourth quarter loss of $43.5 million, and a loss of $63.4 million for 2007, helping depress its stock after its January initial public offering at $10 a share. The shares closed down a penny yesterday at $7.79.
The 7-Eleven machines are key contact points for credit unions, as they are connected to the CO-OP Financial Network and to Financial Service Centers Cooperative, the shared branching network for credit unions. Cardtronics also provides some of its 23,000 ATMs elsewhere for the CO-OP and Credit union 24 networks, and it is the parent of the Allpoint surcharge-free ATM network.
Almost 2,000 of the 7-Eleven ATMs are Vcom self-service kiosks, which recently were connected to the FSCC network.
Cardtronics announced several big deals during the first quarter, including a to process transactions at 653 Circle K convenience stores in the Midwest and Great Lakes regions; a contract to provide ATMs at 650 Safeway grocery stores; and an agreement to co-brand 425 ATMs for WaMu in CVS pharmacies California and Arizona.
