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Global Cash Access Reports Third Quarter 2013 Results

Stocks in this article: GCA

LAS VEGAS, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Global Cash Access Holdings, Inc. (the "Company") (NYSE:GCA) announced today financial results for the third quarter ended September 30, 2013.

Key Highlights

  • Other Revenue increased 16% year-over-year as Kiosk Sales and Service Revenues increased 23% year-over-year
  • Cash Advance Revenue increased 1% year-over-year primarily due to stronger international revenues
  • GCA to provide cash access services and kiosks to MGM Resorts International's ARIA Resort & Casino
  • GCA to provide kiosks to Alberta Liquor and Gaming Commission

"We are pleased that our strategy of providing integrated kiosk and cash access solutions continues to gain momentum in the marketplace, which is evidenced by the ARIA and Alberta contracts. Our redemption kiosk contract with Alberta Liquor and Gaming Commission, subject to regulatory approval, will be the largest international kiosk sale in the Company's history. Additionally, we were awarded the cash access and kiosk contract at the ARIA Las Vegas, an MGM Resorts property. These contracts represent the achievement of two important goals we set at the start of 2013 when we originally saw the potential to expand our relationships with these significant customers. Although results for the third quarter were affected by the timing of Kiosk sales, we are pleased to confirm that we remain on target to meet our full year 2013 Adjusted EBITDA guidance of $70 million to $74 million, and at this time are narrowing our Cash EPS guidance from a range between $0.74 and $0.83 to $0.77 and $0.83," explained David Lopez, President and CEO of GCA.

Fiscal Third Quarter 2013 Results

Revenues were $146.1 million for the third quarter 2013, as compared to $149.8 million for the same period last year. Operating income was $11.4 million for the third quarter 2013, as compared to $14.6 million for the same period last year. Adjusted earnings before interest, taxes, depreciation and amortization and non-cash compensation expense ("Adjusted EBITDA") (see Non-GAAP Financial Information below) were $17.0 million for the third quarter 2013, as compared to $20.8 million for the same period last year. The decreases in operating income and Adjusted EBITDA were primarily due to lower operating income in our ATM and Check Services segments as a result of lost business and a decrease in the number of transactions processed.

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