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Cardtronics Announces Third Quarter 2013 Results

Stocks in this article: CATM

HOUSTON, Nov. 4, 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 September 30, 2013.

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

  • Total revenues of $228.8 million, up 15% from $199.0 million.
  • ATM operating revenues of $222.7 million, up 16% from $191.5 million.
  • Adjusted Net Income per diluted share of $0.55, up 28% from $0.43.
  • Adjusted EBITDA of $59.1 million, up 19% from $49.5 million.
  • Free Cash Flow of $26.4 million, up from $13.0 million.
  • Adjusted Gross Profit Margin of 33.6%, up 230 basis points from 31.3%.
  • GAAP net loss of $8.4 million or $0.19 per diluted share, compared to $12.9 million net income or $0.28 per diluted share. GAAP net loss was negatively impacted in the third quarter by three nonrecurring expense items described in further detail in this release.

Steve Rathgaber, the company's chief executive officer commented, "We had another strong quarter, which was highlighted by the completion of our largest acquisition to date, which significantly expanded our European operations. We were very pleased with the early returns from this investment, which was included in our results for just under two months in the third quarter. Our third quarter results also reflect our continued success in leveraging our revenue growth into strong bottom line earnings growth, which was up 28% on an adjusted per share basis."

RECENT HIGHLIGHTS

  • Expansion in the U.K. and entry into Germany through the acquisition of Cardpoint Limited ("Cardpoint"), an ATM operator of approximately 7,100 ATMs in the U.K. and approximately 800 ATMs in Germany. This acquisition was completed on August 7, 2013 and the results from this acquired business have been included in the Company's results since this date.
  • Acquisition on October 1, 2013 of the assets of CGI, Inc., a Chandler, Arizona-based ATM operator of approximately 1,000 primarily merchant-owned ATMs.
  • Extension of a long-term contract with Costco Wholesale to continue operating more than 450 ATMs located in 39 states today, with expansion rights for future Costco locations.
  • Extension of a long-term contract with Chevron to continue operating more than 280 ATMs.
  • Execution of an agreement with H-E-B, a leading grocery store chain in Texas, to operate over 300 ATMs in its existing store locations, with expansion rights for future stores.
  • Execution of a long-term agreement with Timewise Food Stores, a leading Texas convenience store chain, to install and operate more than 225 Company-owned ATMs by the end of the year, with expansion rights for future locations.
  • Execution of an agreement with a major U.K. supermarket brand to place over 100 ATMs in its stores.
  • Launch of the Enterprise Growth Group lead by David Dove, a new internal organization focused on strategic initiatives to leverage and extend the strengths of the Company for sustained profitable growth.

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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