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Cardtronics Announces Second Quarter 2013 Results - Raises Full Year 2013 Adjusted Net Income Per Share Guidance

Stocks in this article: CATM

HOUSTON, July 31, 2013 (GLOBE NEWSWIRE) -- Cardtronics, Inc. (Nasdaq:CATM) (the "Company"), the world's largest retail ATM owner, today announced its financial and operational results for the quarter ended June 30, 2013.

Key financial statistics in the second quarter of 2013 as compared to the second quarter of 2012 include:

  • Total revenues of $208.0 million, up 8% from $192.0 million.
  • ATM operating revenues of $203.6 million, up 12% from $181.6 million (9% on an organic growth basis).
  • Adjusted Net Income per diluted share of $0.49, up 29% from $0.38.
  • Adjusted EBITDA of $53.9 million, up 19% from $45.4 million.
  • Free cash flow of $25.1 million, up from $3.7 million.
  • Gross margin of 33.8%, up 310 basis points from 30.7%.
  • GAAP net income of $15.3 million or $0.33 per diluted share, compared to $9.7 million or $0.21 per diluted share.

"Our second quarter was highlighted by strong adjusted earnings per share growth of 29%, which was fueled by organic revenue growth and margin expansion," commented Steve Rathgaber, chief executive officer. "Our margin expansion is the result of continued cost synergy realization from recent acquisitions, leveraging our organic revenue growth and significant profitability improvement in our United Kingdom operations."


  • Acquisition on May 1, 2013 of the assets of Aptus Group, LLC, a Portland, Oregon-based ATM operator of approximately 3,300 primarily merchant-owned ATMs.
  • Acquisition on June 3, 2013 of the assets of Merrimak ATM Group, LLC, a Rohnert Park, California-based ATM operator of approximately 4,800 primarily merchant-owned ATMs.
  • Expansion of the relationship with Technology Credit Union, an Allpoint Network and LocatorSearch customer, with the addition of the FeeAlert service to its customers.
  • Number of bank-branded locations now totals 19,000, up from 16,500 at the end of the second quarter of 2012
  • Addition of Discover Financial Services to the Allpoint Network, providing surcharge-free access to millions of Discover cardholders through its expanding direct-banking business.
  • Extension of a long-term contract with Travelex to provide exclusive management of all U.S.-based Travelex ATMs, totaling over 430 machines.
  • Announcement of an expansion of our bank-branding product mix to include a new Preferred Branding option, with accompanying business relationship expansions with Frost Bank and Texas Dow Employees Credit Union.
  • Execution of a new relationship with Ukash for cardless cash access for their customers through approximately 2,500 Bank Machine ATMs in the United Kingdom.

Effects of foreign currency exchange rate movements had an insignificant impact on reported consolidated revenues, Adjusted EBITDA and Adjusted Net Income per diluted share during the quarter.

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