Strong Growth At Cardtronics Fuels Rise In Earnings
HOUSTON – ATM operator Cardtronics on Thursday said strong growth in its core ATM business during the fourth quarter pushed revenues up 8% for the quarter, creating $8 million in net income, up from $1.5 million for the fourth quarter in 2009.
Fourth quarter revenues were $134.7 million, up from $124.8 million for the fourth quarter of 2009.
The fourth quarter highlights included expansion of the company’s branding deal with PNC Bank to include 135 ATM in Indiana; a deal to place 270 ATMs in EZCORP finance offices; and, a contract for 80 ATMs in a Northeast supermarket chain. The fourth quarter also included the addition of 2,500 ATMs in Mexico to the company’s Allpoint subsidiary and a deal with BB&T Bank for Allpoint ATMs.
“We finished 2010 with another strong quarter, capping off what was a great year for Cardtronics,” said Steven Rathgaber, Cardtronics’ CEO. “With our leading network of ATMs placed in prime retail locations, increased focus on driving organic transaction and revenue growth and continued operational execution, we believe that we are well positioned to continue to create significant shareholder value.”
For the full year Cardtronics reported an 8% increase in revenues to $532.1 million, and an increase in net income to $41 million, from $5.2 million for 2009.