ACCESS TO MONEY, INC. REPORTS YEAR-END AND FOURTH QUARTER 2010 FINANCIAL RESULTS
CHERRY HILL, NJ, March 29, 2011 – Access to Money, Inc. (OTC BB: AEMI), one of the largest providers and non-bank operators of ATMs in the United States, reports its financial results for the fourth quarter and full year ended December 31, 2010.
Richard Stern, President and CEO of Access to Money said, "2010 was both a year of disappointment and a year of optimism for Access to Money. While we finished the year with less than acceptable financial results, the reasons associated with this can be off set by opportunities that should bear fruit in 2011. The most significant contributors to our financial results were our inability to quickly replace the lost revenue from the non-renewal of a large customer contract and the front loaded costs associated with renewing our contract with The Pantry. As a result of the extremely competitive nature of the renewal process, we were compelled to accelerate the commencement date of the new contract prior to installing new, functionally enhanced ATMs at each location. The profitability of the new contract is, in large part, dependent on the ability to increase transaction counts at each location by introducing our 'surcharge free' program.
"We have already started to deploy these new ATMs which are equipped with the ability to offer customers surcharge free transactions while providing us with a reimbursement for these transactions. Moreover, each ATM has a full motion video topper allowing us to offer ancillary revenue opportunities. Once these units are installed, we should enjoy the benefit of increased transaction counts, which will translate into increased revenue to offset the financial impact associated with the renewal. In addition, our relationship with Dunkin Donuts has been significantly expanded such that we now have a much greater opportunity to offer ATM services to Dunkin Donut franchisees. We expect to place many more machines in Dunkin Donut locations in 2011 as compared to what was installed in 2010. Our pipeline has never been as robust and our monthly sales results are very encouraging."
Mr. Stern continued, "Finally, we are gaining significant traction in our program to provide off premise ATM locations for small financial institutions. As previously announced, we have hired two high level sales professionals to actively pursue this growing opportunity and we have already seen some early results from their efforts. Again, we believe this is a very promising area and our pipeline is supporting our decision to devote resources to this market."
Mr. Stern concluded, "The ATM marketplace continues to be very competitive and challenging and our 2010 results are evidence of these market conditions. Towards that end, we worked very hard in 2010 to establish a foundation for Access to Money to return to the profitability we enjoyed in prior years."
The following information was filed by Access To Money, Inc. (AEMI) on Tuesday, March 29, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: AEMI CIK: 749254 Form Type:10-Q Quarterly Report Accession Number: 0001144204-11-030018 Submitted to the SEC: Mon May 16 2011 4:15:56 PM EST Accepted by the SEC: Mon May 16 2011 Period: Thursday, March 31, 2011 Industry: Personal Services