Cardtronics, operator of the biggest ATM fleet in the country, reported a first quarter profit of $4.2 million yesterday, compared to a loss of $5 million for the same period last year.
First quarter results were fueled by strong revenue growth of 11%, to $127.8 million for the quarter.
The operator of 25,000 U.S. ATMs reported that total cash withdrawals increased by 6%; cash withdrawal transactions per ATM increased by 4%; and, total transactions per ATM increased by 7% during the quarter.
Cardtronics has emerged as the key electronic funds transfer provider for credit unions, offering ATM services to virtually every one of the nation’s credit unions through connections with CO-OP Financial Services, Credit Union 24 and Financial Service Centers Cooperative.
First quarter highlights included a successful secondary stock offering which helped push the company’s share price from $9 to over $13; expansion of the company's managed services product offerings through the execution of multi-year ATM managed services agreements with Travelex; and a service agreement with Pacific Convenience & Fuels, LLC, the largest licensee of the Circle K brand.
