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Cardtronics' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CATM

Now let me share some of the operating numbers behind the financial numbers. These are the metrics that drive our current business model forward. Let’s start with sales activity. You will recall that in the first quarter Cardtronics delivered record sales activity on behalf of our shareholders. We closed three major deals in three countries adding more than 2,000 ATMs to the Cardtronics fleet of owned ATMs.

One of the attractive aspects of the Cardtronics business model is that the sale and installation is just the beginning of our profit-generating journey after the placement of the ATM kind of the branding opportunity and the second quarter is a record quarter for signing branding deals for Cardtronics. We signed branding deals for over 1700 ATMs in the US and Canada across a mix of new clients and current branding clients. Five major financial institutions are part of the mix. Let me break those down.

Two of those are expanded relationships with existing domestic clients. One of the deals is a significant expansion with the key international financial institution and perhaps most importantly two are brand new relationships with top 50 financial institutions in the US. When you couple these five more significant branding deals and extended relationships with a few smaller FI deals and some organic growth with existing clients we will grow our branded ATM base by nearly 2,000 locations by the end of the third quarter.

Now, not all of these deals have had press releases issued about them yet, so let me just recap several of the largest successes. We have expanded our relationship with PNC to brand almost 200 Harris Teeter locations across eight Mid-Atlantic and Southeast states with the majority to be in place by the end of the third quarter. We are building on the relationship we successfully rolled out last year with USAA and will expand the USAA brand to more than 210 additional locations across seven states by the end of the third quarter. Scotiabank which we have worked with in Puerto Rico and the Caribbean has signed with us to brand the entire 7-Eleven portfolio in Canada more than 470 ATMs.

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