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Cardtronics profits rise on aquisitions

US-based Cardtronics, the world's largest independent owner and operator of ATMs has posted an 18.5% increase in revenues to $69.1 million for the first quarter of 2006.

<p>The company said that the increase was due to acquisitions made during 2005 including the ATM portfolios of BAS Communications and Neo Concepts, and Bank Machine in the UK. Adjusted EBITDA totaled $11.5 million for the first quarter of 2006, representing a 23.7% increase for the same period in 2005.<br /><br />Average cash withdrawal transactions per ATM per month during the first quarter of 2006 increased 7.3% to 381. The company said that this increase was primarily due to the acquisition of Bank Machine in the UK in May 2005, which has higher average transaction volumes than the company&#0039;s domestic operations. Cardtronic is considering increasing its ATM machines in the country by between 15-20% a year, according to trade journal Cardline.<br /><br />We are very pleased with our results for this past quarter and are currently on pace to achieve the key goals that we have set for the company for the remainder of the year, said CEO Jack Antonini. In particular, the signing of several new bank and network branding agreements during the quarter is indicative of the momentum that we are starting to see with respect to that initiative.<br /><br />The company did no change its forecast for the full year, predicting revenues of $270-290 million and adjusted EBITDA of $46 million to $50 million for the year ending December 31, 2006.</p>