Global Cash Access Holdings, Inc. (the "Company") (NYSE:GCA) announced today financial results for the first quarter ended March 31, 2012.
Fiscal First Quarter 2012 Highlights
- Operating income increased 69% quarter-over-quarter to $15.7 million
- EBITDA increased 51% quarter-over-quarter to $19.8 million
- Net income per share – diluted increased 267% quarter-over-quarter to $0.11
- Cash EPS increased 133% quarter-over-quarter to $0.21
“We are very pleased to announce today the strong start to the year with positive quarter-over-quarter results in our base business. With the stabilization of our base business and the portfolio of contracts we acquired through the MCA acquisition, GCA is well positioned for 2012,” said Scott Betts, President and CEO of Global Cash Access.
Fiscal First Quarter 2012 Results
Revenues were $151.1 million for the first quarter 2012, as compared to revenues of $134.4 million for the prior year’s first quarter. First quarter 2012 revenues were impacted by the Company’s purchase of substantially all of the assets of MCA Processing LLC (“MCA”) in November 2011. Operating income was $15.7 million, an increase of 69%, as compared to $9.3 million for the prior year's first quarter. Earnings before interest, taxes, depreciation and amortization ("EBITDA") (see Non-GAAP Financial Information below) were $19.8 million, an increase of 51%, as compared to $13.1 million in the prior year's first quarter. The increase in EBITDA was primarily a result of both the October 1, 2011 enactment of the Durbin Amendment and its impact on the interchange rates paid by the Company on its debit card transactions, as well as the MCA asset purchase. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") (see Non-GAAP Financial Information below) were $20.6 million, an increase of 46%, as compared to $14.1 million in the prior year's first quarter.