Global Cash Access Holdings Inc.’s revenue and net income continued to decline in the third quarter as a result of losing its largest customer, Harrah’s Entertainment, late in 2010, the company announced Nov. 9.
For the three months ended Sept. 30, revenues totaled $136.9 million, down 10%, from $152.1 million during the same period last year. Net income attributable to the company and its subsidiaries was down 63.3%, to $1.8 million from $4.9 million.
ATM revenues during the quarter totaled $71 million, down 10.9% from $79.7 million. Check services increased 0.47%, to $6.47 million from $6.44 million. Cash-advance revenues totaled $50.9 million, down 15.9% from $60.5 million.
ATM transactions totaled 17 million, down 14.1% from 19.8 million. Check-warranty transactions dropped 8.3%, to 1.1 million from 1.2 million. Cash-advance transactions totaled 2.1 million, down 16% from 2.5 million.
In terms of aggregate dollar amounts processed, ATM volume totaled $3 billion, down 11.8% from $3.4 billion. Check warranties stayed even at $300 million. Cash advances totaled $1.1 billion, down 8.3% from $1.2 billion.
