“We are pleased to see stability in our sequential quarter results given the challenging economic environment of the past few years.” said Scott Betts, President and Chief Executive Officer of Global Cash Access.
With the current level of earnings and the anticipated benefit of lower debit interchange expenses resulting from the implementation of the Durbin Amendment beginning in the fourth quarter of 2011, the Company estimates that cash earnings per share for the fiscal year ending December 31, 2011 will be between approximately $0.38 and $0.43. EBITDA is anticipated to be between $58 million and $65 million.
The foregoing estimations reflect the following assumptions:
- 2011 estimated outlook assumes a slight improvement in the gaming industry for the remainder of 2011;
- Range for effective tax rate for the full year between approximately 45% to 50%;
- Cash outlays for capital expenditures of between approximately $7 million and $9 million;
- Fully diluted shares outstanding for the full year of between approximately 64 million and 65 million; and
- Interest expense is based upon an increase in the LIBOR curve from 0.2% to 0.4%.
- The Durbin Amendment will be implemented on October 1, 2011 in its current form; and
- Our belief that the Company’s gross margins (exclusive of depreciation and amortization) for the year ended December 31, 2011, will increase by approximately 100 basis points as a result of such anticipated decreases in interchange expense resulting from the implementation of the Durbin Amendment.
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