ACCESS TO MONEY, INC. REPORTS FIRST QUARTER 2011 FINANCIAL RESULTS
CHERRY HILL, NJ, May 16, 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 first quarter ended March 31, 2011.
Richard Stern, President and CEO of Access to Money said, "While our first quarter results are not satisfying, I can report that we are starting to see the improvements that we expected from the initiatives that we started in 2010. For example, we placed 41 transacting Dunkin Donut locations during the quarter and received signed commitments for over 100 new locations which we expect to activate during 2011. We continue to significantly expand this relationship and look forward to continued growth in this area. As I stated at the end of the fourth quarter of 2010, the sales pipeline for this opportunity is extremely promising and I am confident that we will continue to show increasingly positive results from this customer as the year progresses.
"We have placed over 300 new, higher functioning ATMs in the Pantry portfolio and should have over 1,000 ATMs installed by early third quarter 2011. Towards that end, each of these new ATMs is exhibiting increased transactional levels resulting in increased revenue for the Company. While we did not experience significant revenue growth from these placements in the first quarter, we should see the benefits from this initiative in future periods."
Mr. Stern continued, "We also installed 10 new ATMs in our off premise Financial Institution program. While the number of ATMs placed in this program may appear to be relatively small, it is important to note that these are typically very high transacting ATMs that produce significant net revenue. Often, the volume generated by these ATMs is 3 – 5 greater than ATMs that we place in a standard retail location. As a result, the financial benefit from these placements has a meaningful positive impact on our financial performance."
Mr. Stern concluded, "While we continue to be disappointed with our recent financial results, we are extremely optimistic about the future. Our first quarter results actually exceeded budget and I am confident that the foundation for success that we have built will begin to produce more positive results in the coming periods."
Key Financial and Operational Statistics for the First Quarter of 2011 Compared to the First Quarter of 2010:
Transaction related revenue decreased approximately $1.6 million, or 7.6%
Cost of ATM operating revenues decreased $411,000, or 2.4%
Gross profit decreased approximately $1.0 million, or 31.3%
The following information was filed by Access To Money, Inc. (AEMI) on Tuesday, May 17, 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: 0001144204-11-047446 Submitted to the SEC: Mon Aug 15 2011 5:16:13 PM EST Accepted by the SEC: Mon Aug 15 2011 Period: Thursday, June 30, 2011 Industry: Personal Services