Cardtronics Post 11% Q2 Revenue Gain As Profit Jumps 5%

Cardtronics Inc. on Aug. 4 reported second-quarter revenues of $147.3 million, up 10.8% from $132.9 million during the same period ended June 30 last year. Net income rose 4.8%, to $8.7 million from 8.3 million.

ATM operating revenues totaled $141.4 million, up 8.3% from $130.6 million, while ATM product sales and other revenues rose 142%%, to $5.9 million from $2.4 million, according to the ATM independent sales organization.

“We had a busy second quarter, which was highlighted by strong top-line revenue growth that resulted in very strong adjusted earnings growth of over 30%,” Steve Rathgaber, Cardtronics chief executive officer, noted in a news release. “Our results continue to reflect the strength of our business model and the successful execution of multiple elements of our strategy.”

Rathgaber cited the completed acquisition of its purchase of EDC ATM Subsidiary LLC and Efmark Deployment I Inc. as one of the quarter’s top highlights (see story).  “The EDC acquisition is a natural extension of our strategy, and with the addition of this business, we’ve added some premier retail accounts and outstanding employees,” he said.

Cardtronics this week also acquired LocatorSearch LLC, a provider of location search technology financial institutions may offer to help customers find the nearest branch office, ATM, surcharge-free ATM network or any specific service (see story).