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TheStreet Open House

Cardtronics' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Before we get started, I’d like to make the following cautionary statement regarding forward-looking information. During the course of this call, we will make certain forward-looking statements regarding future events, results, or performance. Any forward-looking statements made on this call are subject to risks and uncertainties, including but not limited to those outlined in our reports filed with the SEC. Actual events, results, or performance may differ materially. Any forward-looking statements are based on current information only and we assume no obligation to update those statements.

In addition, during the course of this call, we’ll reference certain non-GAAP financial performance measures. Our opinion regarding the usefulness of such measures together with a reconciliation measures is included in the press release issued this afternoon.

I’d now like to turn the call over to Steve Rathgaber, our CEO.

Steve Rathgaber – Chief Executive Officer

Thanks, Mitzie and welcome everyone to our update on the second quarter. Cardtronics completed another solid quarterly performance with financial results up significantly over the prior year and comfortably in line with our expectations. The financial headlines include revenue growth up 30%, 12 of the 30 points are organic growth with nine of the 12 points being core organic versus three points of equipment sales. We continue to love a business model that delivers this kind of core organic growth in these economic times.

Revenue growth was complemented by adjusted EBITDA growth up 20% and adjusted net income per share growth up 12% to $0.38 per share. Although organic growth number is strong, management is particularly pleased to have delivered earnings per share of $0.38 which allows us to match our impressive in the start first quarter results despite the ramping up of expenses associated with our healthy backlog of installations and a recent headwind from Visa interchange rate reductions that started to impact us in the second quarter.

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