On word of its financial results for the second quarter of 2007, shares of Global Axcess Corp. (OTCBB: GAXC) are up 2 cents, nearly 7 percent, to 32 cents in Tuesday morning trading.
The automated teller machine (ATM) owner and operator reported revenue of $5.6 million from continuing operations for the period ended June 30, 2007, up 2.1 percent from revenue of $5.5 million the same quarter last year.
“Our company posted solid performance in the second quarter of 2007. In the quarter, we leveraged our cost improvements and good per ATM transaction growth into excellent profit improvement. We are very pleased to have produced three quarters of profitability in a row. Additionally, during the quarter we settled a legacy lawsuit to our advantage and, within the last week, we settled another legacy lawsuit in an earnings neutral way. We are also pleased to have cleaned up these two matters,” said George McQuain, Global Axcess president and CEO, in a statement.
It’s a $15 billion industry, and within that market, Global Axcess operates about 77 financial institutions under approximately 77 branded sites in the eastern and southwestern U.S. for convenience stores, gas stations, retailers, hotels, malls, airports, colleges, amusement parks, bowling alleys and more.
According to its Web site, Global Axcess is ranked No. 6 in non-bank ATM independent sales organizations. Global Axcess has established a business strategy revolving around three business units: the ownership, sale, distribution and maintenance of ATMs and ATM transaction processing.
“We remain committed to delivering a profitable 2007. Our success over recent months is rooted in our turnaround strategy, values and culture. Our staff remains focused and dedicated to making Global Axcess Corp. the best company in the U.S. ATM services industry,” said McQuain. “With a proven business model, strong management team and the best employees in the industry, we look forward to continuing improvement.”
Please share your thoughts: MN1 Message Board