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Global Cash Access Reports Second Quarter 2013 Results

LAS VEGAS, Aug. 6, 2013 (GLOBE NEWSWIRE) -- Global Cash Access Holdings, Inc. (the "Company") (NYSE:GCA) announced today financial results for the second quarter ended June 30, 2013.

Key Highlights

  • Other Revenue increased 75% due to Kiosk Sales and Service Revenues, which increased 111% year-over-year
  • Cash Advance Revenue increased 1% primarily due to stronger international revenues year-over-year
  • GCA to provide Scientific Games a Digital Wallet for iLottery

"The second quarter was exciting on many fronts as we continued to execute on our plans to become the leading kiosk provider, to deliver excellent customer service and to become the most complete provider of cash management and payment solutions available to land-based and online gaming operators. Results were in line with expectations and we are pleased to remain on target to meet our full year 2013 guidance expectations. We are especially proud of our recently announced agreement with Scientific Games to provide cash access and wallet services for their iLottery customers," said David Lopez, President and CEO of GCA.

Fiscal Second Quarter 2013 Results

Revenues were $149.1 million for the second quarter 2013, as compared to $147.5 million for the same period in 2012. Operating income was $13.6 million for the second quarter 2013, as compared to $16.0 million for the same period in 2012. Adjusted earnings before interest, taxes, depreciation and amortization and non-cash compensation expense ("Adjusted EBITDA") (see Non-GAAP Financial Information below) were $19.1 million for the second quarter 2013, as compared to $21.4 million for the same period in 2012. The decreases in operating income and Adjusted EBITDA were primarily due to lower operating income in our ATM segment and higher payroll and related expenses and occupancy related expenses, partially offset by higher kiosk sales in the second quarter 2013, as compared to the same period in 2012.

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