Global Axcess Releases Financial Results
JACKSONVILLE, Fla., Global Axcess Corp. announced the financial results for the fourth quarter and fiscal year ended December 31, 2009.
Financial highlights for the fourth quarter ended December 31, 2009 included:
* Revenue $5.4 million
* EBITDA from continuing operations $1.1 million
* Adjusted EBITDA** from continuing operations $1.1 million
* Income from continuing operations $404,500
* Net income $1.7 million
* Diluted earnings per share $0.07
Financial highlights for the fiscal year ended December 31, 2009 included:
* Revenue $21.5 million
* EBITDA from continuing operations $4.1 million
* Adjusted EBITDA** from continuing operations $4.7 million
* Income from continuing operations* $1.5 million
* Net income $2.8 million
* Diluted earnings per share 0.12
Mr. George McQuain, Chief Executive Officer of the Company, stated, "This was a year of tremendous progress, as we position the Company for continued revenue and net income growth in 2010. During 2009, we increased our gross margin and operating income, and reported a new record net income for the year, demonstrating our ability to expand the Company''s profitability. We believe our focus on higher volume locations and managing our expenses, particularly our interest expense, has positioned us for additional acceleration of net income in 2010."
Fourth Quarter 2009 Financial Results
The Company reported revenues from continuing operations of $5.4 million for the fourth quarter ended December 31, 2009, compared to $5.1 million for the fourth quarter ended December 31, 2008. This 4.9% increase was mainly due to increased focus on higher volume locations. Gross profit from continuing operations was $2.5 million, or 47.0% gross margin, for the fourth quarter ended December 31, 2009, compared to $2.4 million, or 46.2% gross margin, for the same period of 2008.
Fiscal Year 2009 Financial Results
For the fiscal year ended December 31, 2009, total revenue was $21.5 million, a decrease of 3.0%, compared to $22.2 million for the same period of 2008. Gross profit for the fiscal year ended December 31, 2009 was $10.2 million, reflecting a gross margin of 47.4%, compared to gross profit of $9.8 million, or a gross margin of 44.3%, for the comparable 2008 period. Operating income from continuing operations for the year, excluding interest, loss on early extinguishment of debt and the recognition of the deferred tax asset, was $2.7 million, compared to $2.2 million for the same period of 2008. Net income for the fiscal year ended December 31, 2009 was $2.8 million, or $0.13 and $0.12 per basic and diluted share (based on 21.7 and 22.8 million basic and diluted weighted average shares outstanding, respectively), compared to net income for the same period of 2008 of $1.2 million, or $0.06 per share (based on 21.0 million basic and diluted weighted average shares outstanding). Excluding a $1.3 million income tax benefit, net income would have been $1.5 million for the fiscal year. EBITDA decreased to $4.1 million for the fiscal year ended December 31, 2009 from $4.4 million for the fiscal year ended December 31, 2008. Adjusted EBITDA increased to $4.7 million for the fiscal year ended December 31, 2009 from $4.6 million for the fiscal year ended December 31, 2008.
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