Global Cash Access Holdings, Inc. (the “Company”) (NYSE: GCA) announced today certain preliminary estimated results for its fiscal year ended December 31, 2012 and a preliminary estimated outlook for its fiscal year ending December 31, 2013. The Company will provide updated results for the year ended December 31, 2012 and an updated outlook for the year ending December 31, 2013 on its investor conference call that it intends to host in March 2013.
Certain Preliminary Unaudited Results for the year ended December 31, 2012
Although the Company is still in the process of closing its books and preparing its financial statements for the year ended December 31, 2012, the Company preliminarily estimates that cash earnings per share will be at the high end of the range of the Company’s prior outlook of $0.81 to $0.84 and Adjusted EBITDA will be at the high end of the range of the Company’s prior outlook of $77.0 million to $80.0 million, respectively, for the year ended December 31, 2012 (as previously disclosed by the Company in its Current Report filed on Form 8-K on November 7, 2012).
Preliminary 2013 Estimated Outlook
For the fiscal year ending December 31, 2013, the Company estimates that cash earnings per share will be between approximately $0.76 and $0.83 (on diluted shares of approximately 66 million) and Adjusted EBITDA will be between $70 million and $74 million. This preliminary estimated outlook is based primarily upon the combination of the following factors: (a) the anticipated impact of less favorable pricing terms associated with several customer contract renewals in 2012 and 2013; (b) the Company’s receipt of notification from the Mohegan Tribal Gaming Authority that it intends not to renew its contracts with the Company in the first calendar quarter of 2013 (which contracts represented less than three percent of the Company’s 2012 revenue); and (c) continued investment with respect to the Company’s technology infrastructure and personnel.