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Global Cash Access Reports First Quarter 2014 Results

Stocks in this article: GCA

LAS VEGAS, May 6, 2014 (GLOBE NEWSWIRE) -- Global Cash Access Holdings, Inc. (the "Company") (NYSE:GCA) announced today financial results for the first quarter ended March 31, 2014.

First Quarter 2014 Highlights

  • Revenues increased by 3% and Cash Advance revenues increased by 6%
  • Diluted EPS increased by 22% to $0.11
  • Cash EPS increased by 16% to $0.22 and Adjusted EBITDA increased by 8% to $19.4 million
  • 2014 Outlook updated - Cash EPS $0.87 to $0.91 and Adjusted EBITDA $76 million to $79 million
  • GCA renewed its agreements to provide cash access services to The Seminole Tribe of Florida
  • GCA renewed its agreements to provide cash access services to Pinnacle Entertainment, including the Ameristar locations

"The underlying foundation of our business continues to improve and position us well for growth. The full-year outlook reflects the differentiated competitive advantage that our integrated solutions drive for our clients," said Ram V. Chary, President and CEO of GCA.

First Quarter 2014 Results

Revenues increased by $3.7 million, or 3%, to $150.6 million for the first quarter 2014, as compared to the same period last year. Operating income increased by $0.1 million, or 1%, to $13.0 million for the first quarter 2014, 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 $1.4 million, or 8%, to $19.4 million for the first quarter 2014, as compared to the same period last year.

Income from operations before income tax provision increased by $1.7 million, or 18%, to $11.5 million for the first quarter 2014, as compared to the same period last year. Diluted earnings per share from continuing operations increased by $0.02, or 22%, to $0.11 for the first quarter 2014 (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 $0.03, or 16%, to $0.22 for the first quarter 2014, as compared to the same period last year.

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