UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 28, 2011
Cardtronics Inc.
(Exact name of registrant as specified in its charter)
Delaware |
001-33864 |
76-0681190 |
||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
3250 Briarpark Drive, Suite 400, Houston, Texas |
77042 |
|||
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (832) 308-4000
________________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On April 28, 2011, Cardtronics, Inc. issued a press release regarding its financial results for the quarter ended March 31, 2011. A copy of the press release has been attached hereto as Exhibit 99.1 and is incorporated herein by reference. This information is not deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 and pursuant to Item 2.02 of Form 8-K, will not be incorporated by reference into any filing under the Securities Act of 1933 unless specifically identified therein as being incorporated therein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release dated April 28, 2011
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Cardtronics Inc.
(Registrant) |
||
April 28, 2011
(Date) |
/s/ J. CHRIS BREWSTER
J. Chris Brewster Chief Financial Officer |
EXHIBIT 99.1
HOUSTON, April 28, 2011 (GLOBE NEWSWIRE) -- Cardtronics, Inc. (Nasdaq:CATM) (the "Company"), the world's largest non-bank owner of ATMs, today announced its financial and operational results for the quarter ended March 31, 2011.
Key financial and operational statistics in the first quarter of 2011 compared to the first quarter of 2010 include:
- Total transactions increased by approximately 14%;
- Total cash withdrawal transactions increased by approximately 11%; and
- Total cash withdrawal transactions per ATM increased by approximately 8%
Please refer to the "Disclosure of Non-GAAP Financial Information" contained later in this release for definitions of Adjusted EBITDA and Adjusted Net Income. For additional financial information, including reconciliations to comparable GAAP measures, please refer to the supplemental schedules of selected financial information at the end of this release.
"We kicked off 2011 with a continuation of the positive revenue and earnings trends seen over the past few years," commented Steven Rathgaber, the Company's Chief Executive Officer. Mr. Rathgaber continued, "We won several new contracts in the quarter and continued to grow with our existing premier merchant account base. We are pleased with our continued growth and are excited about what we expect to be another strong year for Cardtronics."
RECENT HIGHLIGHTS
FIRST QUARTER RESULTS
For the first quarter of 2011, consolidated revenues totaled $138.0 million, representing an 8% increase (7.3% on a constant currency basis) from the $127.8 million in consolidated revenues generated during the first quarter of 2010. The year-over-year increase is attributable to a combination of increases in transactions per machine, increased revenues from managed services agreements, higher equipment sales, unit growth expansion, and growth in Allpoint, the Company's leading surcharge-free network.
Adjusted EBITDA for the first quarter of 2011 totaled $33.5 million, compared to $29.3 million during the first quarter of 2010, and Adjusted Net Income totaled $11.6 million ($0.27 per diluted share) compared to $7.9 million ($0.19 per diluted share) during the first quarter of 2010. Approximately half of the year-over-year improvement in Adjusted Net Income per share is attributable to our revenue growth and strong gross margin expansion from 31.1% to 32.5%, demonstrating the Company's continued ability to leverage its fixed-cost infrastructure to generate strong margins from higher revenues. The Company's cash interest expense was also $2.5 million lower than a year ago, driving about $0.04 in Adjusted Net Income per share improvement. The interest expense savings were enabled by strong free cash flows over last year and the refinancing of the Company's debt executed in the third quarter of 2010. Specific costs excluded from Adjusted EBITDA and Adjusted Net Income are detailed in a reconciliation included at the end of this press release.
GAAP Net Income for the first quarter of 2011 totaled $6.5 million, compared to $4.0 million during the same quarter in 2010. The year-over-year increase was attributable to the factors identified in the discussion of Adjusted EBITDA and Adjusted Net Income above.
2011 GUIDANCE
The Company is updating the financial guidance it previously issued regarding its anticipated full-year 2011 results, and now expects the following:
This Adjusted EBITDA and Adjusted Net Income guidance excludes the impact of $8.8 million of anticipated stock-based compensation expense and $15.0 million of expected intangible asset amortization expense, both on a pre-tax basis. Additionally, this guidance is based on average foreign currency exchange rates of $1.60 U.S. to £1.00 U.K. and $12.00 Mexican pesos to $1.00 U.S.
For reconciliations of Adjusted EBITDA and Adjusted Net Income to comparable GAAP measures, please refer to the supplemental schedules at the end of this release.
LIQUIDITY
The Company continues to maintain a very strong liquidity position, with $123.6 million in available borrowing capacity under the Company's $175.0 million revolving credit facility as of March 31, 2011. The Company's outstanding indebtedness as of March 31, 2011 consisted of $200.0 million in senior subordinated notes due 2018, $47.1 million in borrowings under its revolving credit facility due 2015, and $8.3 million in equipment financing notes associated with its majority-owned Mexico subsidiary. Additionally, as noted in the previous earnings release, during January 2011 the Company significantly expanded and extended the terms of the interest rate hedging program it utilizes to stabilize its vault cash rental costs in the United States.
DISCLOSURE OF NON-GAAP FINANCIAL INFORMATION
EBITDA, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, and amounts provided on a constant currency basis are non-GAAP financial measures provided as a complement to results prepared in accordance with accounting principles generally accepted within the United States of America ("GAAP") and may not be comparable to similarly-titled measures reported by other companies. Management believes that the presentation of these measures and the identification of unusual, non-recurring, or non-cash items enhance an investor's understanding of the underlying trends in the Company's business and provide for better comparability between periods in different years.
Adjusted EBITDA excludes depreciation, accretion, and amortization expense as these amounts can vary substantially from company to company within the Company's industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. EBITDA, Adjusted EBITDA and Adjusted Net Income also do not reflect our obligations for the payment of income taxes, interest expense or other obligations such as capital expenditures. Free Cash Flow is defined as cash provided by operating activities less payments for capital expenditures, including those financed through direct debt. The measure of Free Cash Flow does not take into consideration certain other non-discretionary cash requirements such as, for example, mandatory principal payments on portions of the Company's long-term debt. Amounts provided on a constant currency basis are calculated by applying the foreign exchange rate in effect for the applicable prior period to the current year amounts denominated in the respective local currencies. The non-GAAP financial measures presented herein should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing, or financing activities, or other income or cash flow measures prepared in accordance with GAAP.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in tabular form at the end of this press release.
CONFERENCE CALL INFORMATION
The Company will host a conference call today, Thursday, April 28, 2011, at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss its financial results for the quarter ended March 31, 2011. To access the call, please call the conference call operator at:
Dial in: | (877) 303-9205 |
Alternate dial-in: | (760) 536-5226 |
Please call in fifteen minutes prior to the scheduled start time and request to be connected to the "Cardtronics First Quarter Earnings Conference Call." Additionally, a live audio webcast of the conference call will be available online through the investor relations section of the Company's website at http://www.cardtronics.com.
A digital replay of the conference call will be available through Thursday, May 12, 2011, and can be accessed by calling (800) 642-1687 or (706) 645-9291 and entering 57829549 for the conference ID. A replay of the conference call will also be available online through the Company's website subsequent to the call through May 28, 2011.
ABOUT CARDTRONICS
Cardtronics (Nasdaq:CATM) is the world's largest non-bank owner of ATMs. The Company operates over 33,200 ATMs in the United States, the United Kingdom, Mexico, and the Caribbean, primarily with well-known retailers such as 7-Eleven®, Chevron®, Costco®, CVS®/pharmacy, ExxonMobil®, Hess®, Rite Aid®, Safeway®, Target®, and Walgreens®. Cardtronics also assists in the operation of approximately 4,000 ATMs under managed services contracts with customers such as Kroger®, Travelex®, and Circle K®. In addition to its retail ATM operations, the Company provides services to large and small banks, credit unions, and prepaid card issuers, allowing them to place their brands on over 12,000 Cardtronics' ATMs and providing surcharge-free access through Cardtronics' Allpoint Network. For more information, visit http://www.cardtronics.com.
The Cardtronics logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=991
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give the Company's current expectations or forecasts of future events, future financial performance, strategies, expectations, competitive environment, regulation, and availability of resources. The forward-looking statements contained in this release include, among other things, statements concerning projections, predictions, expectations, estimates or forecasts as to the Company's business, financial and operational results and future economic performance, and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the following:
Other factors that could cause the Company's actual performance or results to differ from its projected results are described in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. You should not read forward-looking statements as a guarantee of future performance or results. They will not necessarily be accurate indications of the times at or by which such performance or results will be achieved. Forward-looking statements speak only as of the date the statements are made and are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.
Consolidated Statements of Operations | ||
For the Three Months Ended March 31, 2011 and 2010 | ||
(Unaudited) | ||
Three Months Ended March 31, | ||
2011 | 2010 | |
(In thousands, except share and per share information) |
||
Revenues: | ||
ATM operating revenues | $ 133,099 | $ 125,687 |
ATM product sales and other revenues | 4,942 | 2,089 |
Total revenues | 138,041 | 127,776 |
Cost of revenues: | ||
Cost of ATM operating revenues (exclusive of depreciation, accretion, and amortization shown separately below) | 88,786 | 85,879 |
Cost of ATM product sales and other revenues | 4,347 | 2,193 |
Total cost of revenues | 93,133 | 88,072 |
Gross profit | 44,908 | 39,704 |
Operating expenses: | ||
Selling, general, and administrative expenses | 13,004 | 11,143 |
Depreciation and accretion expense | 11,370 | 10,222 |
Amortization expense | 3,627 | 3,979 |
Loss on disposal of assets | 77 | 377 |
Total operating expenses | 28,078 | 25,721 |
Income from operations | 16,830 | 13,983 |
Other expense: | ||
Interest expense, net | 4,813 | 7,318 |
Amortization of deferred financing costs and bond discounts | 211 | 630 |
Other (income) expense | (199) | 366 |
Total other expense | 4,825 | 8,314 |
Income before income taxes | 12,005 | 5,669 |
Income tax expense | 5,447 | 1,439 |
Net income | 6,558 | 4,230 |
Net income attributable to noncontrolling interests | 78 | 265 |
Net income attributable to controlling interests and available to common shareholders | $ 6,480 | $ 3,965 |
Net income per common share - basic | $ 0.15 | $ 0.10 |
Net income per common share - diluted | $ 0.15 | $ 0.09 |
Weighted average shares outstanding - basic | 41,512,171 | 39,850,122 |
Weighted average shares outstanding - diluted | 42,269,940 | 40,721,310 |
Condensed Consolidated Balance Sheets | ||
As of March 31, 2011 and December 31, 2010 | ||
March 31, 2011 | December 31, 2010 | |
(Unaudited) | ||
(In thousands) | ||
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 3,684 | $ 3,189 |
Accounts and notes receivable, net | 23,784 | 20,270 |
Inventory | 1,659 | 1,795 |
Restricted cash, short-term | 3,220 | 4,466 |
Current portion of deferred tax asset, net | 13,011 | 15,017 |
Prepaid expenses, deferred costs, and other current assets | 11,394 | 10,222 |
Total current assets | 56,752 | 54,959 |
Property and equipment, net | 161,355 | 156,465 |
Intangible assets, net | 72,657 | 74,799 |
Goodwill | 165,030 | 164,558 |
Deferred tax asset, net | 741 | 715 |
Prepaid expenses, deferred costs, and other assets | 5,197 | 3,819 |
Total assets | $ 461,732 | $ 455,315 |
Liabilities and Stockholders' Equity | ||
Current liabilities: | ||
Current portion of long-term debt and notes payable | $ 3,345 | $ 3,076 |
Current portion of other long-term liabilities | 23,497 | 24,493 |
Accounts payable and other accrued and current liabilities | 61,935 | 71,425 |
Total current liabilities | 88,777 | 98,994 |
Long-term liabilities: | ||
Long-term debt | 252,041 | 251,757 |
Deferred tax liability, net | 14,546 | 10,268 |
Asset retirement obligations | 27,687 | 26,657 |
Other long-term liabilities | 19,257 | 23,385 |
Total liabilities | 402,308 | 411,061 |
Stockholders' equity | 59,424 | 44,254 |
Total liabilities and stockholders' equity | $ 461,732 | $ 455,315 |
SELECTED INCOME STATEMENT DETAIL: | ||
Total revenues by segment: | ||
Three Months Ended March 31, | ||
2011 | 2010 | |
(In thousands) | ||
United States | $110,336 | $101,909 |
United Kingdom | 21,058 | 18,621 |
Mexico | 6,647 | 7,246 |
Total revenues | $138,041 | $127,776 |
Breakout of ATM operating revenues: | ||
Three Months Ended March 31, | ||
2011 | 2010 | |
(In thousands) | ||
Surcharge revenues | $65,830 | $66,006 |
Interchange revenues | 40,409 | 37,581 |
Bank branding and surcharge-free network revenues | 21,681 | 19,132 |
Managed services revenues | 1,948 | 469 |
Other revenues | 3,231 | 2,499 |
Total ATM operating revenues | $133,099 | $125,687 |
Total cost of revenues by segment: | ||
Three Months Ended March 31, | ||
2011 | 2010 | |
(In thousands) | ||
United States | $71,741 | $68,471 |
United Kingdom | 16,439 | 14,351 |
Mexico | 4,953 | 5,250 |
Total cost of revenues | $93,133 | $88,072 |
Breakout of cost of ATM operating revenues (exclusive of depreciation, accretion, and amortization): | ||
Three Months Ended March 31, | ||
2011 | 2010 | |
(In thousands) | ||
Merchant commissions | $41,035 | $40,600 |
Vault cash rental expense | 9,250 | 9,345 |
Other costs of cash | 12,255 | 11,726 |
Repairs and maintenance | 9,418 | 8,925 |
Communications | 3,908 | 3,782 |
Transaction processing | 954 | 1,681 |
Stock-based compensation | 265 | 199 |
Other expenses | 11,701 | 9,621 |
Total cost of ATM operating revenues | $88,786 | $85,879 |
Breakout of selling, general, and administrative expenses: | ||
Three Months Ended March 31, | ||
2011 | 2010 | |
(In thousands) | ||
Employee costs | $6,901 | $6,105 |
Stock-based compensation | 1,965 | 1,260 |
Professional fees | 1,547 | 1,784 |
Other | 2,591 | 1,994 |
Total selling, general, and administrative expenses | $13,004 | $11,143 |
Depreciation and accretion expense by segment: | ||
Three Months Ended March 31, | ||
2011 | 2010 | |
(In thousands) | ||
United States | $7,006 | $6,621 |
United Kingdom | 3,591 | 2,943 |
Mexico | 773 | 658 |
Total depreciation and accretion expense | $11,370 | $10,222 |
SELECTED BALANCE SHEET DETAIL: | ||
Long-term debt: | ||
March 31, 2011 | December 31, 2010 | |
(In thousands) | ||
8.25% senior subordinated notes | $200,000 | $200,000 |
Revolving credit facility | 47,100 | 46,200 |
Equipment financing notes | 8,286 | 8,633 |
Total long-term debt | $255,386 | $254,833 |
Share count rollforward: | ||
Total shares outstanding as of December 31, 2010 | 42,833,342 | |
Shares repurchased | (54,321) | |
Shares issued – restricted stock grants and stock options exercised | 296,601 | |
Shares forfeited – restricted stock | (12,500) | |
Total shares outstanding as of March 31, 2011 | 43,063,122 |
SELECTED CASH FLOW DETAIL: | ||
Selected cash flow statement amounts: | ||
Three Months Ended March 31, | ||
2011 | 2010 | |
(In thousands) | ||
Cash provided by operating activities | $14,955 | $9,186 |
Cash used in investing activities | (15,049) | (8,605) |
Cash provided by (used in) financing activities | 849 | (797) |
Effect of exchange rate changes on cash | (260) | 461 |
Net increase in cash and cash equivalents | $495 | $245 |
Cash and cash equivalents at beginning of period | 3,189 | 10,449 |
Cash and cash equivalents at end of period | $3,684 | $10,694 |
Key Operating Metrics | ||
For the Three Months Ended March 31, 2011 and 2010 | ||
(Unaudited) | ||
Three Months Ended March 31, |
||
2011 | 2010 | |
Average number of transacting ATMs: | ||
United States: Company-owned | 18,870 | 18,128 |
United Kingdom | 3,025 | 2,712 |
Mexico | 2,917 | 2,745 |
Subtotal | 24,812 | 23,585 |
United States: Merchant-owned | 8,306 | 8,814 |
Average number of transacting ATMs: ATM operations | 33,118 | 32,399 |
United States: Managed services (1) | 3,905 | 2,796 |
United Kingdom: Managed services | 11 | -- |
Average number of transacting ATMs: Managed services | 3,916 | 2,796 |
Total average number of transacting ATMs | 37,034 | 35,195 |
Total transactions (in thousands): | ||
ATM operations | 108,938 | 95,603 |
Managed services | 5,449 | 3,469 |
Total transactions | 114,387 | 99,072 |
Total cash withdrawal transactions (in thousands): | ||
ATM operations | 66,624 | 60,131 |
Managed services | 3,731 | 2,761 |
Total cash withdrawal transactions | 70,355 | 62,892 |
Per ATM per month amounts (excludes managed services): | ||
Cash withdrawal transactions | 671 | 619 |
ATM operating revenues | $ 1,320 | $ 1,288 |
Cost of ATM operating revenues (2) | 878 | 883 |
ATM operating gross profit (2) (3) | $ 442 | $ 405 |
ATM operating gross margin (2) (3) | 33.5% | 31.4% |
Capital expenditures (in thousands) | $ 15,049 | $ 8,605 |
Capital expenditures, net of noncontrolling interests (in thousands) | $ 15,048 | $ 8,432 |
_________________ | ||
(1) Includes 2,505 and 2,506 ATMs for the three months ended March 31, 2011 and 2010, respectively, for which the Company only provided EFT transaction processing services. |
||
(2) Amounts presented exclude the effect of depreciation, accretion, and amortization expense, which is presented separately in the Company's consolidated statements of operations. |
||
(3) ATM operating gross profit and ATM operating gross margin are measures of profitability that are calculated based on only the revenues and expenses that relate to operating ATMs in the Company's portfolio. Revenues and expenses relating to managed services and ATM equipment sales and other ATM-related services are not included. |
Reconciliation of Net Income Attributable to Controlling Interests to EBITDA, Adjusted EBITDA, and | ||
Adjusted Net Income | ||
For the Three Months Ended March 31, 2011 and 2010 | ||
(Unaudited) | ||
Three Months Ended March 31, |
||
2011 | 2010 | |
(In thousands, except share and per share amounts) | ||
Net income attributable to controlling interests | $ 6,480 | $ 3,965 |
Adjustments: | ||
Interest expense, net | 4,813 | 7,318 |
Amortization of deferred financing costs and bond discounts | 211 | 630 |
Income tax expense | 5,447 | 1,439 |
Depreciation and accretion expense | 11,370 | 10,222 |
Amortization expense | 3,627 | 3,979 |
EBITDA | $ 31,948 | $ 27,553 |
Add back: | ||
Loss on disposal of assets (1) | 77 | 377 |
Other (income) expense (2) | (209) | 341 |
Noncontrolling interests (3) | (495) | (437) |
Stock-based compensation expense (4) | 2,221 | 1,449 |
Adjusted EBITDA | $ 33,542 | $ 29,283 |
Less: | ||
Interest expense, net (4) | 4,708 | 7,198 |
Depreciation and accretion expense (4) | 10,991 | 9,899 |
Income tax expense (at 35%) (5) | 6,245 | 4,265 |
Adjusted Net Income | $ 11,598 | $ 7,921 |
Adjusted Net Income per share | $ 0.28 | $ 0.20 |
Adjusted Net Income per diluted share | $ 0.27 | $ 0.19 |
Weighted average shares outstanding - basic | 41,512,171 | 39,850,122 |
Weighted average shares outstanding - diluted | 42,269,940 | 40,721,310 |
_________________ | ||
(1) Primarily comprised of losses on the disposal of fixed assets that were incurred with the deinstallation of ATMs during the periods. | ||
(2) Amounts exclude unrealized and realized (gains) losses related to derivatives not designated as hedging instruments. | ||
(3) Noncontrolling interests adjustment made such that Adjusted EBITDA includes only the Company's 51% ownership interest in the Adjusted EBITDA of its Mexico subsidiary. | ||
(4) Amounts exclude 49% of the expenses incurred by the Company's Mexico subsidiary as such amounts are allocable to the noncontrolling interest shareholders. | ||
(5) 35% represents the Company's estimated long-term, cross-jurisdictional effective tax rate. |
Reconciliation of Free Cash Flow | ||
For the Three Months Ended March 31, 2011 and 2010 | ||
(Unaudited) | ||
Three Months Ended March 31, |
||
2011 | 2010 | |
(In thousands) | ||
Cash provided by operating activities | $ 14,955 | $ 9,186 |
Payments for capital expenditures | (15,049) | (8,605) |
Free cash flow | $ (94) | $ 581 |
Reconciliation of Estimated Net Income to EBITDA, Adjusted EBITDA, and Adjusted Net Income | |||
For the Year Ending December 31, 2011 | |||
(Unaudited) | |||
|
Estimated Range Full Year 2011 |
||
(In millions) | |||
Net income | $ 29.0 | -- | $ 31.5 |
Adjustments: | |||
Interest expense, net | 18.3 | -- | 18.3 |
Amortization of deferred financing costs | 0.9 | -- | 0.9 |
Income tax expense | 21.3 | -- | 23.0 |
Depreciation and accretion expense | 45.0 | -- | 45.8 |
Amortization expense | 15.0 | -- | 15.0 |
EBITDA | $ 129.5 | -- | $ 134.5 |
Add back: | |||
Noncontrolling interests | (1.8) | -- | (1.8) |
Loss on disposal of assets | 1.0 | -- | 1.0 |
Stock-based compensation expense | 8.8 | -- | 8.8 |
Adjusted EBITDA | $ 137.5 | -- | $ 142.5 |
Less: | |||
Interest expense, net (1) | 18.0 | -- | 18.0 |
Depreciation and accretion expense (1) | 43.7 | -- | 44.5 |
Income tax expense (at 35%) (2) | 26.5 | -- | 28.0 |
Adjusted Net Income | $ 49.3 | -- | $ 52.0 |
Adjusted Net Income per diluted share | $ 1.16 | -- | $ 1.22 |
Weighted average shares outstanding - diluted | 42.4 | -- | 42.7 |
__________________ | |||
(1)Amounts exclude 49% of the expenses to be incurred by the Company's Mexico subsidiary as such amounts are allocable to the noncontrolling interest shareholders. | |||
(2) 35% represents the Company's estimated long-term, cross-jurisdictional effective tax rate. |
CONTACT: Investors: Chris Brewster, Chief Financial Officer 832-308-4128 cbrewster@cardtronics.com Media: Nick Pappathopoulos, Director - Public Relations 832-308-4396 npappathopoulos@cardtronics.com