Global Cash reports 4Q earnings increase |
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Thu, 08 Feb 2007 18:06
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LAS VEGAS (AFX) - Global Cash Access Holdings Inc., which provides ATM and cash advance services to casinos, said Thursday its fourth-quarter profit jumped 35 percent on strong sales and wider use of its cash access machines.Net Income for the quarter ended Dec. 31 totaled $5.6 million, or 7 cents per share, up from $4.1 million, or 5 cents per share, in the year-earlier period.Excluding non-cash compensation and amortization charges, Global Cash reported earnings of 17 cents per share, beating expectations of 14 cents per share, according to a poll of analysts by Thomson Financial.Revenue for the quarter increased 23 percent to $141.9 million from $115.4 million a year ago, ahead of analysts' estimates of $138.8 million.The company said revenue from cash advances rose almost 25 percent, while ATM revenue increased 21 percent Global Cash Access said during the year, use of its 3-in-1 redemption kiosks doubled. The kiosks enable customers to obtain cash through ATM withdrawals, debit card charges or credit card cash advances.For the full-year, net income rose 18 percent to $26.6 million, or 32 cents per share, from $22.6 million, or 30 cents per share. Revenue increased 21 percent to $548.1 million from $454 million in 2005.Shares of Global Cash Access rose 13 cents to $16.53 in midday trading on the Nasdaq. The company has traded between $13.59 and $19.75 in the past year.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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