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Cardtronics Announces First Quarter 2013 Results

Stocks in this article: CATM

Please refer to the "Disclosure of Non-GAAP Financial Information" contained later in this press release for definitions of Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share and Free Cash Flow. For additional financial information, including reconciliations to comparable GAAP measures, please refer to the supplemental schedules of selected financial information at the end of this press release.

FIRST QUARTER RESULTS

ATM operating revenues were up 9% from the first quarter of 2012. The increase in ATM operating revenues was primarily the result of an increased unit count as a result of organic growth with new and existing merchants. Additionally, our bank branding and network branding revenues increased significantly from the prior year quarter, driven mostly by new branded locations. These increases were partly offset by lower interchange rates per transaction as a result of rate reductions by a major network that became effective during the second quarter of 2012 and transaction volume shifts to networks that pay lower interchange rates. Approximately 1.5% of revenue growth in the quarter was driven by businesses acquired during 2012 and in the first quarter of 2013. Consolidated revenues totaled $197.7 million for the first quarter of 2013, representing a 3.5% increase from the $191.0 million in consolidated revenues generated during the first quarter of 2012. The year-over-year consolidated revenue growth is attributable to the same factors discussed above but reduced by a significant decline in our year-over-year ATM product sales, which were down approximately $8.8 million from the first quarter of 2012. The year-over-year decline in ATM product sales is attributable to decreased equipment sales associated with updated requirements under the Americans with Disabilities Act (ADA) which became effective in the first quarter of 2012, which caused increased demand for new ATM equipment leading up to the first quarter 2012 deadline. As the ATM product sales are generally much lower margin revenues than our ATM operating revenues, the $8.8 million revenue decline from the first quarter of 2012 did not have a significant impact in our profitability in the current quarter's results.

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