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Global Cash Access Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: GCA

Global Cash Access Holdings, Inc. (the "Company") (NYSE:GCA) announced today financial results for the fourth quarter and year ended December 31, 2012.

2012 Highlights

  • The fourth quarter and full year 2012 results were consistent with prior guidance
  • Operating income increased 46% year-over-year to $56.0 million
  • Adjusted EBITDA increased 29% year-over-year to $79.3 million
  • Cash EPS increased 62% year-over-year to $0.84

“We are pleased with our full year 2012 results, and in 2013, we will continue to focus on our people, enhancing our existing products and services, and developing additional cash access products to provide our customers with fully integrated, end-to-end solutions for their operational needs,” said David Lopez, President and CEO of GCA.

Fourth Quarter 2012 Results

Revenues were $136.1 million for the fourth quarter 2012, a decrease of 1%, as compared to $137.7 million for the same period in 2011. Operating income was $9.7 million for the fourth quarter 2012, a decrease of 32%, as compared to $14.2 million for the same period in 2011. Adjusted earnings before interest, taxes, depreciation and amortization and non-cash compensation expense (“Adjusted EBITDA”) (see Non-GAAP Financial Information below) were $16.4 million for the fourth quarter 2012, a decrease of 18%, as compared to $20.0 million for the same period in 2011. These decreases were primarily due to higher kiosk sales in the fourth quarter 2011, as compared to the fourth quarter 2012, associated with certain large casino openings and higher payroll and related expenses.

Income from operations before income tax provision was $6.3 million for the fourth quarter 2012, a decrease of 36%, as compared to $9.8 million for the same period in 2011. Diluted earnings per share from continuing operations were $0.06 for the fourth quarter 2012 (on 68.0 million diluted shares), as compared to $0.07 for the same period in 2011 (on 65.2 million diluted shares). Cash EPS (see Non-GAAP Financial Information below) was $0.17 for the fourth quarter 2012, a decrease of 19%, from the $0.21 for the same period in 2011.

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