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Global Cash Access Reports Fourth Quarter And Full Year 2013 Results

LAS VEGAS, March 11, 2014 (GLOBE NEWSWIRE) -- Global Cash Access Holdings, Inc. (the "Company") (NYSE:GCA) announced today financial results for the fourth quarter and year ended December 31, 2013.

Fourth Quarter 2013 Highlights

  • Revenues increased 3% to $140.5 million
  • Operating income increased 15% to $11.2 million
  • Diluted EPS increased 33% to $0.08
  • Adjusted EBITDA increased 4% to $17.1 million
  • Cash EPS increased 12% to $0.19

Fourth Quarter 2013 Results

Revenues increased by $4.4 million, or 3%, to $140.5 million for the fourth quarter 2013, as compared to the same period last year. Operating income increased by $1.5 million, or 15%, to $11.2 million for the fourth quarter 2013, as compared to 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) increased by $0.7 million, or 4%, to $17.1 million for the fourth quarter 2013, as compared to the same period last year. These increases were primarily due to higher kiosk sales in the fourth quarter 2013, as compared to the same period last year.

Income from operations before income tax provision increased by $2.8 million, or 44%, to $9.1 million for the fourth quarter 2013, as compared to the same period last year. Diluted earnings per share from continuing operations increased by $0.02, or 33%, to $0.08 for the fourth quarter 2013 (on 67.4 million diluted shares), as compared to the same period last year. Cash earnings per share ("Cash EPS"), (see Non-GAAP Financial Information below) increased by $0.02, or 12%, to $0.19 for the fourth quarter 2013, as compared to the same period last year.

Full Year 2013 Results

Revenues decreased by $2.0 million, or less than 1%, to $582.4 million for the full year 2013, as compared to the same period last year. Operating income decreased by $6.8 million, or 12%, to $49.2 million for the full year 2013, as compared to the same period last year. Adjusted EBITDA decreased by $8.1 million, or 10%, to $71.2 million for the full year 2013, as compared to the same period last year. The decreases in operating income and Adjusted EBITDA were primarily due to lower results in our core cash access segments, partially offset by the growth in kiosk sales. 

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