Access to Money Inc., a leading non-bank ATM operator, today posted a significant increase in adjusted EBITDA, select financial results, and other operational updates for the fourth quarter and full year ended Dec. 31, 2009.
For the fourth quarter ended Dec. 31, 2009, net sales were $6.8 million compared with $6.8 million in the same quarter last year. The company reported transaction-based sales for the quarter at $19.8 million compared to $20.4 million in the 2008 fourth quarter.
Operating income for the fourth quarter 2009 was $1.2 million, up from an operating loss of $19.5 million reported in the fourth quarter of 2008.
Net loss for the fourth quarter 2009 was $165,000, or $(0.01) per basic and diluted share, compared with a net loss of $20.9 million, or $(0.97) per basic and diluted share in 2008.
The acquisition of LJR Consulting Corp. occurred after the first quarter of 2008; therefore, the Company’s operating results for full year ended Dec. 31, 2009 are not directly comparable to the results for 2008.
For 2009, Access to Money net sales were $29.4 million compared to $31.9 million in 2008. Transaction-based sales were $84.3 million compared to $81.2 million in 2008. The company attributes the increase to increased transaction volume associated with the acquisition of LJR Consulting.
Operating income for 2009 was $4.0 million compared with an operating loss of $20.6 million in 2008.
Net loss for the year was $6.6 million, or $(0.30) per share, compared with a net loss of $26.1 million, or $(1.29) per share in 2008.
According to Access to Money president and CEO Richard Stern, the company’s EBITDA improvement is fueled by restructuring and rebranding implemented in mid-2008. Stern said Access to Money is taking steps to continue improvements in the upcoming year.
“Some of the significant events during the year that we believe will provide lasting benefits include our exclusive distribution agreement with the Select-A-Branch ATM Network. Through this program, we can provide a surcharge-free experience for customers of many different financial institutions while still deriving a revenue stream from the ATM. We began deploying these machines with some of our largest customers during the third quarter of 2009 and we have already seen positive results in the way of significant increases in transactions. We look forward to expanding this roll out and expect to reap further benefits as we bring this program to additional customers,” Stern stated in the press release.
Stern also noted the company’s contract with Dunkin’ Donuts and contracts for ATMs on the campus of The University of Berkeley. Stern also said the company is anticipating positive results for its student loan business.
“Over the past 18 months we have implemented a number of programs and initiatives that have contributed to our reporting improved results. We are committed to continuing this effort as we look to increase the depth and breadth of our customer base by opening new sales channels and providing enhanced financial services to our clients. These programs and initiatives, we believe, will position us for a solid future,” Stern concluded.
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