Delaware
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0-19657
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93-0809419
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1101 Kings Highway N, Suite G100
Cherry Hill, New Jersey 08034
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(Address of Principal Executive Offices) (Zip Code)
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(856) 414-9100
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(Address of Principal Executive Offices) (Zip Code)
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(Address of Principal Executive Offices) (Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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No.
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Description
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99.1 | Press Release dated March 29, 2011, announcing financial results for the quarter and year ended December 31, 2010. |
ACCESS TO MONEY, INC.
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By:
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/s/ Michael J. Dolan | |
Name: | Michael J. Dolan | ||
Date: March 29, 2011 | Title: | Chief Financial Officer | |
·
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Net sales were decreased $1.9 million, or 6.6%
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·
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Cost of sales (excluding cost of machine sales) decreased $494,000 or 3.9%
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Gross profit decreased $2.9 million, or 19.9%
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Selling, general and administrative expense (excluding non-cash impairment and restructure charges) decreased by $620,000 or 5.7%
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Operating income decreased $2.9 million, or 73.3%
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Net loss was $1.3 million or $5.3 million lower than in 2009
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Net loss per basic and diluted share was ($0.05) versus ($0.30) in 2009
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Adjusted EBITDA was $3.9 million or 36.7% lower
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Transaction-based sales were $6.2 million or 7.4% lower
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Average net transaction-based sale per withdrawal was $0.66 in 2010 compared to $0.70 in 2009
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Average withdrawal per unit per month decreased by 9 to 247
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Average number of transacting machines during the year was 10,794 compared to 11,265
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Net sales were lower by $1.0 million, or 14.8%
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Gross profit was lower by $1.8 million, or 48.8%
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Operating income was reduced by $2.4 million, or 200.5%
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·
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Net loss was $1.9 million compared to $165,000 in 2009
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Net loss per basic and diluted share was ($0.06) down from ($0.01) in 2009
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Transaction-based sales were $17.2 million compared to $19.8 million in 2009
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Average net transaction-based sale per withdrawal was $0.58 compared to $0.74 in 2009
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Average withdrawal per unit per month decreased by 14 to 229
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Average number of transacting machines during the quarter was 10,432 compared to 11,071 in 2009
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December 31,
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2010
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2009
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Assets
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Current assets:
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Cash
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$ | 2,421 | $ | 5,770 | ||||
Restricted cash
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601 | 800 | ||||||
Accounts receivable, net
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2,552 | 2,494 | ||||||
Leases receivable, net
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163 | 109 | ||||||
Inventories
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917 | 767 | ||||||
Prepaid expenses and other
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440 | 289 | ||||||
Deferred financing costs
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44 | 259 | ||||||
Total current assets
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7,138 | 10,488 | ||||||
Property and equipment, net
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2,445 | 3,220 | ||||||
Intangible assets, net
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1,368 | 1,711 | ||||||
Goodwill
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10,559 | 10,559 | ||||||
Deferred financing costs, long term
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166 | 78 | ||||||
Other assets
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473 | 319 | ||||||
Total assets
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$ | 22,149 | $ | 26,375 | ||||
Liabilities and Shareholders’ Deficit
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Current liabilities:
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Accounts payable
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$ | 5,667 | $ | 5,639 | ||||
Accrued expenses
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6,940 | 5,691 | ||||||
Term loans
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1,131 | 1,092 | ||||||
Total current liabilities
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13,738 | 12,422 | ||||||
Long term liabilities:
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Term loans and other debt
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17,590 | 18,406 | ||||||
Warrants
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587 | 6,747 | ||||||
Total liabilities
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31,915 | 37,575 | ||||||
Shareholders’ deficit:
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Common stock, $0.001 par value -
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70,000,000 shares authorized; 33,205,318 and 22,085,624 shares issued as of December 31, 2010 and December 31, 2009, respectively, and 33,146,333 and 22,073,225 shares outstanding at December 31, 2010 and December 31, 2009, respectively
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33 | 22 | ||||||
Preferred stock -
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5,000 shares authorized, none issued and outstanding
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- | - | ||||||
Additional paid-in capital
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138,681 | 135,935 | ||||||
Treasury stock
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(21 | ) | (3 | ) | ||||
Accumulated deficit
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(148,459 | ) | (147,154 | ) | ||||
Total shareholders’ deficit
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(9,766 | ) | (11,200 | ) | ||||
Total liabilities and shareholders’ deficit
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$ | 22,149 | $ | 26,375 |
For the Fiscal Years ended December 31,
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2010
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2009
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Revenues:
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Gross transaction-based sales
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$ | 78,054 | $ | 84,252 | ||||
Commissions
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56,693 | 59,926 | ||||||
Net transaction-based sales
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21,361 | 24,326 | ||||||
ATM equipment and other sales
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6,132 | 5,096 | ||||||
Net sales
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27,493 | 29,422 | ||||||
Cost of sales:
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Cost of ATM operating sales
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11,666 | 12,415 | ||||||
Cost of ATM equipment and other sales
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3,964 | 2,198 | ||||||
Total cost of sales
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15,630 | 14,613 | ||||||
Gross profit
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11,863 | 14,809 | ||||||
Selling, general and administrative expense
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10,793 | 10,803 | ||||||
Operating income
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1,070 | 4,006 | ||||||
Interest expense
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2,715 | 3,133 | ||||||
Amortization of debt issuance costs
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1,505 | 2,233 | ||||||
Loss on early extinguishment of debt
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995 | - | ||||||
Other expense (income)
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238 | 10 | ||||||
Change in fair value of warrants
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(3,078 | ) | 5,253 | |||||
Provision (benefit) for income taxes
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- | - | ||||||
Net loss
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$ | (1,305 | ) | $ | (6,623 | ) | ||
Net loss per common share – basic and diluted
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$ | (0.05 | ) | $ | (0.30 | ) | ||
Weighted average common shares outstanding – basic and diluted
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25,720 | 21,731 |
Twelve Months Ended December 31,
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2010
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2009
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% Change
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Gross transaction-based sales
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$ | 78,054 | $ | 84,252 | (7.4 | ) | ||||||
Commissions
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56,693 | 59,926 | (5.4 | ) | ||||||||
Net transaction-based sales
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21,361 | 24,326 | (12.2 | ) | ||||||||
Service and other sales
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2,570 | 2,868 | (10.4 | ) | ||||||||
ATM equipment sales
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3,360 | 1,936 | 73.6 | |||||||||
Branch build out
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202 | 292 | (30.9 | ) | ||||||||
Net sales
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$ | 27,493 | $ | 29,422 | (6.6 | ) |
Twelve Months Ended December 31,
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2010
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2009
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% Change
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Processing costs
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$ | 2,373 | $ | 2,539 | (6.5 | ) | |||||||
Armored car service
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2,257 | 2,457 | (8.1 | ) | |||||||||
Cost of cash
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1,946 | 1,931 | 0.7 | ||||||||||
Service costs
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3,104 | 3,534 | (12.2 | ) | |||||||||
Machine depreciation
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989 | 862 | 14.7 | ||||||||||
Communication costs
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809 | 901 | (10.2 | ) | |||||||||
Other costs
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835 | 583 | 43.2 | ||||||||||
Total cost of sales (less machine cost)
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$ | 12,313 | $ | 12,807 | (3.9 | ) | |||||||
Cost of machine sales
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3,317 | 1,806 | 83.7 | ||||||||||
Total cost of sales (including machine cost)
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$ | 15,630 | $ | 14,613 | 7.0 |
Twelve Months Ended
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December 31,
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2010
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2009
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Sovereign Bank
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$ | 5,264 | $ | - | |||||
Lampe Loan Facility
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3,150 | 9,900 | |||||||
Cadence Special Holdings II, LLC
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350 | 1,100 | |||||||
Note payable to former owner of LJR Consulting
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9,755 | 9,755 | |||||||
Notemachine
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- | 324 | |||||||
Other debt
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202 | 991 | |||||||
Debt discount
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- | (2,572 | ) | ||||||
Total
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$ | 18,721 | $ | 19,498 | |||||
Less: current portion
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1,131 | 1,092 | |||||||
Total long-term debt, excluding current portion
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$ | 17,590 | $ | 18,406 |
Twelve Months Ended
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December 31,
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2010
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2009
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Cash provided by operating activities
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$ | 1,697 | $ | 4,444 | ||||
Cash used in investing activities
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(1,472 | ) | (1,615 | ) | ||||
Cash used in financing activities
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(3,574 | ) | (1,594 | ) | ||||
Net increase (decrease) in cash and cash equivalents
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(3,349 | ) | 1,235 | |||||
Cash and cash equivalents at beginning of period
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5,770 | 4,535 | ||||||
Cash and cash equivalents at end of period
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$ | 2,421 | $ | 5,770 |
Twelve Months Ended
December 31,
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2010
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2009
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Total transactions
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39,843,094 | 43,330,209 | ||||||
Withdrawal transactions
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31,953,828 | 34,632,128 | ||||||
Average number of transacting ATMs
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10,794 | 11,265 | ||||||
Average withdrawals per ATM per month
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247 | 256 | ||||||
Average gross transaction-based sales per withdrawal
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$ | 2.44 | $ | 2.43 | ||||
Average commission per withdrawal
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$ | 1.78 | $ | 1.73 | ||||
Average net transaction-based sales per withdrawal
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$ | .66 | $ | .70 |
Twelve months ended
December 31,
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2010
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2009
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Net loss
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$ | (1,305 | ) | $ | (6,623 | ) | ||
Add:
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Interest expense
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2,715 | 3,133 | ||||||
Amortization of debt issuance costs
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1,505 | 2,333 | ||||||
Depreciation
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1,350 | 1,201 | ||||||
Amortization
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719 | 584 | ||||||
Loss on debt extinguishment
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995 | - | ||||||
Non-cash stock compensation expense
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98 | 138 | ||||||
Loss on asset disposal
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46 | 122 | ||||||
Change in warrant value
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(3,078 | ) | 5,253 | |||||
Impairment charges
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440 | - | ||||||
Non-recurring charges
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401 | - | ||||||
Adjusted EBITDA
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$ | 3,886 | $ | 6,141 |
Twelve months ended
December 31,
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Net Loss
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2010
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2009
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GAAP net loss
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$ | (1,305 | ) | $ | (6,623 | ) | ||
Impact of change in warrant valuation
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(3,078 | ) | 5,253 | |||||
Impairment charges
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440 | - | ||||||
Loss on debt extinguishment
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995 | - | ||||||
Non-GAAP net loss
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$ | (2,948 | ) | $ | (1,370 | ) | ||
Twelve months ended
December 31,
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Loss Per Basic and Diluted Share
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2010 | 2009 | ||||||
GAAP loss per basic and diluted share
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$ | (0.05 | ) | $ | (0.30 | ) | ||
Impact of change in warrant valuation
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(0.12 | ) | 0.24 | |||||
Impairment charges
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0.01 | - | ||||||
Loss on debt extinguishment
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0.04 | - | ||||||
Non-GAAP loss per basic and diluted share
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$ | (0.12 | ) | $ | (0.06 | ) |