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Global Axcess Corp Reports Fourth Quarter 2011 Results
- Q4 2011 Revenues Up 25.7% from Q4 2010; Full Year Record Revenues Up 40.4% -
- Q4 2011 Gross Profit Up 39.9% from Q4 2010; Full Year Gross Profit Up 29.0% -
- Q4 2011 Adjusted EBITDA of $1.2 million, Up from Q4 2010; Full Year Adjusted EBITDA Up 71.2% -
- Fourth Consecutive Quarter of Record ATM Revenues -
JACKSONVILLE, Fla., March 29, 2012 /PRNewswire-FirstCall/ -- Global Axcess Corp (OTC Bulletin Board:GAXC - News; the "Company"), an independent provider of self-service kiosk solutions, today announced financial results for the quarter ended December 31, 2011. The Company also provided an outlook for the first quarter of 2012 and full year 2012.
“The year 2011 was pivotal for Global Axcess and we accomplished many of the goals we set at this time last year,” commented Lock Ireland, Vice Chairman of the Board of Directors and Interim Chief Executive Officer. “We have stabilized our ATM and DVD product portfolios and developed a multi-tiered strategy for profitable growth. In addition, we made significant ATM acquisitions, revisited all of our contracts and recently renewed our largest two agreements with three and five year terms. During 2011, we reduced annualized expenses by an estimated $1.0 million, of which approximately $640,000 was realized in fiscal 2011. Additionally we changed the composition of, and strengthened, our board of directors.”
Key financial and operational statistics in the fourth quarter of 2011 include:
ATM Business Line
|·||Fourth quarter 2011 surcharge transactions decreased 2.2% compared to surcharge transactions for the third quarter of 2011 and increased by 7.2% compared to surcharge transactions for the fourth quarter of 2010.|
|·||Fourth quarter 2011 ATM services revenue increased by 1.2% over ATM services revenue for the third quarter of 2011 and increased by 21.9% over ATM services revenue for the fourth quarter of 2010.|
|·||Fourth quarter 2011 ATM services gross profit was $2.6 million compared to $2.7 million in the third quarter of 2011 and compared to $2.2 million for the fourth quarter of 2010.|
|·||Fourth quarter 2011 ATM services adjusted EBITDA was $1.6 million, compared to $1.7 million for the third quarter of 2011 and $1.1 million for the fourth quarter of 2010.|
DVD Business Line
|·||Fourth quarter 2011 consolidated DVD services revenue was $1.2 million, compared to $1.7 million for the third quarter of 2011 and compared to $790,000 for the fourth quarter of 2010.|
|·||Fourth quarter 2011 consolidated DVD services gross profit was $254,000 compared to $357,000 in the third quarter of 2011 and compared to ($191,000) for the fourth quarter of 2010.|
|·||Fourth quarter 2011 DVD services adjusted EBITDA was $23,500 compared to ($9,000) for the third quarter of 2011 and compared to ($507,000) for the fourth quarter of 2010.|
7800 Belfort Parkway, Suite 165, Jacksonville, FL 32256
The following information was filed by Global Axcess Corp (GAXCQ) on Thursday, March 29, 2012 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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