Global Axcess Corp Reports Third Quarter 2011 Results - Q3 2011 Revenues Up 39.4% from Q3 2010; YTD Revenues up 45.8% -

- Third Consecutive Quarter of Record ATM Revenues -

JACKSONVILLE, Fla., Nov. 14, 2011 /PRNewswire/ -- Global Axcess Corp (OTC Bulletin Board: GAXC; the "Company"), an independent provider of self-service kiosk solutions, today announced financial results for the quarter ended September 30, 2011. The Company also provided an outlook for the fourth quarter of 2011.

"We again generated strong consolidated revenue growth for the third quarter of 2011 led by the third consecutive quarter of record ATM revenues," commented Lock Ireland, Vice Chairman of the Board of Directors and Co-Chief Executive Officer. "We have made great progress in our effort to stabilize our operations and successfully focus our ATM and DVD resources on initiatives that will continually improve our metrics. We are committed to growth, organically and through targeted M&A activity, and this quarter demonstrates that we are delivering on that promise."

Key financial and operational statistics in the third quarter of 2011 include:

ATM Business Line

  • Third quarter 2011 surcharge transactions equaled surcharge transactions for the second quarter of 2011 and increased by 4.9% over surcharge transactions for the third quarter of 2010.
  • Third quarter 2011 ATM services revenue increased by 1.2% over ATM services revenue for the second quarter of 2011 and by 17.5 % over ATM services revenue for the third quarter of 2010.
  • Third quarter 2011 ATM services gross profit was $2.7 million compared to $2.7 million in the second quarter of 2011 and compared to $2.4 million for the third quarter of 2010.
  • Third quarter 2011 ATM services adjusted EBITDA was $1.7 million, compared to $1.7 million for the second quarter of 2011 and $1.4 million for the third quarter of 2010.

DVD Business Line

  • Third quarter 2011 consolidated DVD services revenue was $1.7 million, compared to $2.0 million for the second quarter of 2011 and compared to $359,000 for the third quarter of 2010.
  • Third quarter 2011 consolidated DVD services gross profit was $357,000 compared to $342,000 in the second quarter of 2011 and compared to ($68,000) for the third quarter of 2010.
  • Third quarter 2011 DVD services adjusted EBITDA was ($9,000) compared to ($113,000) for the second quarter of 2011 and compared to ($354,000) for the third quarter of 2010.
  • Third quarter results include a $1.1 million non-cash charge for impairment of assets related to writing down obsolete DVDs and a $421,000 restructuring charge related to removing kiosks from grocery chain locations as well as related severance due to headcount reductions.

SG&A

  • Third quarter 2011 consolidated SG&A was $2.0 million or 24.3% of revenue, compared to $1.9 million or 22.4% of revenue for the second quarter of 2011 and $1.6 million or 28.0% of revenue for the third quarter of 2010.

Mr. Ireland continued, "As part of our DVD kiosk strategy, we have moved approximately 142 DVD kiosks from our grocery chain customer to higher volume locations in The Exchange, which encompasses Army and Air Force bases. To date, we have replaced all of the older machines at existing The Exchange locations with our faster, higher-capacity kiosks without issues and continue to experience significant volume increases. This has kept our capital expenditures lower but left us with an unamortized DVD library. As a result, our third quarter financial results include a $1.1 million non-cash charge for impairment of assets related to writing down obsolete DVDs. In addition, our main DVD customer in the northeast cancelled our contract through their bankruptcy proceedings, and as such we will be removing the remaining 95 kiosks from the grocery chain locations by early December.  This, combined with the deinstallation costs on other DVD kiosks removed during the quarter and severance due to headcount reductions, resulted in a restructuring charge of $421,000 in the quarter."

Third Quarter 2011 Financial Results

The Company reported consolidated revenues of $8.1 million for the third quarter ended September 30, 2011, down 2.9% from $8.3 million in the second quarter of 2011 and up 39.4% compared to $5.8 million for the third quarter of 2010. The year-over-year increase was due to strong ATM growth and DVD growth of The Exchange.  DVD rental revenue for the third quarter of 2011 was $1.7 million as compared to $2.0 million in the second quarter of 2011 and $359,000 in the year-ago period.

Gross profit was $3.1 million, or 38.5% gross margin, for the third quarter compared to $2.3 million, or 39.9% gross margin, for the third quarter of 2010 and compared sequentially to gross profit of $3.1 million, or 36.9% gross margin, in the second quarter of 2011.

Operating loss was $1.2 million for the third quarter of 2011, including a $1.1 million non-cash impairment of assets related to writing down obsolete DVDs and restructuring charges of approximately $421,000. This compared to operating income of $42,000 for the third quarter of 2010 and operating income of $298,000 for the second quarter of 2011. Excluding the impairment and restructuring charges, operating income would have been $305,000 for the third quarter 2011.

During the third quarter of 2011, the Company recorded net interest expense of $194,000, compared to net interest expense of $138,000 for the same period of 2010. The increase was mainly due to an increase in debt.

EBITDA (earnings before net interest, taxes, depreciation and amortization) for the third quarter of 2011 was ($388,000), compared to $632,000 for the third quarter of 2010. Adjusted EBITDA (EBITDA before stock compensation expenses, restructuring charges, gain on sale of assets and impairment of assets) was $1.1 million for the third quarter of 2011 compared to $686,000 for the third quarter of 2010. EBITDA and adjusted EBITDA represent non-GAAP (Generally Accepted Accounting Principles) financial measures. A table reconciling these measures to the appropriate GAAP measures is included in this release.

Net loss for the third quarter was $1.4 million, or $0.06 loss per basic and diluted share, compared to a net loss of $96,000, or $0.00 per basic and diluted share, for the same period of 2010. The net loss in the current quarter included the $1.1 million non-cash impairment of assets and restructuring charges of $421,000. Excluding the impairment and restructuring charges, net income for the three months ended September 30, 2011, would have been $115,000. On a sequential basis, this compares to a net income of $183,000, or $0.01 per basic and diluted share in the second quarter of 2011.

Year-to-Date 2011 Financial Results

For the nine months ended September 30, 2011, total revenue was $24.3 million, an increase of 45.8%, compared to $16.7 million for the same period of 2010. Gross profit for the nine months ended September 30, 2011 was $9.2 million, or 38.0% gross margin, compared to $7.3 million, reflecting a gross margin of 44.0% for the comparable 2010 period.

Operating loss from operations for the first nine months of 2011 was $1.2 million, including a $1.1 million non-cash impairment of assets and restructuring charges of approximately or $933,000. This compared to operating income of $814,000 for the same period of 2010. Excluding the impairment and restructuring charges, operating income would have been $856,000 for the first nine months of 2011.

Net loss for the nine months was $1.8 million, or $0.08 loss per basic and diluted share compared to net income of $343,000, or $0.02 per basic share and $0.01 per diluted share for the same period in 2010.  The year-to-date net loss included the $1.1 million non-cash impairment of assets and restructuring charges of approximately of $933,000. Excluding the impairment and restructuring charge, net income would have been approximately $267,000.

Year-to-date EBITDA was $1.3 million comparable to $2.3 million for the same period in 2010. Adjusted EBITDA increased to $3.5 million from $2.6 million for the nine months ended September 30, 2010.

Balance Sheet and Cash Flows

The Company ended third quarter 2011 with $1.5 million in cash, compared to approximately $1.7 million as of December 31, 2010.

Net cash provided by operating activities during the nine-months ended September 30, 2011 was $126,000, compared to net cash provided by operating activities of approximately $2.2 million during the nine-months ended September 30, 2010.

Fourth Quarter 2011 Outlook

Consolidated Revenue

$ 7.3 million

Consolidated Adjusted EBITDA

$ 1.0 million

EPS

$0.01 per share



Disclosure of Non-GAAP Financial Information

EBITDA and Adjusted EBITDA 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.  However, non-GAAP net income should not be construed as an alternative to GAAP as an indicator of our operating performance because the items excluded from the non-GAAP measures often have a material impact on results of operations. Therefore, management uses - and investors should use - non-GAAP measures in conjunction with our reported GAAP results.

EBITDA excludes interest expense, tax benefit, depreciation expenses and amortization expenses.   Adjusted EBITDA excludes impairment of assets, restructuring charges, stock compensation expense,  gain on sale of assets, other non-operating expense and loss on early extinguishment of debt.  Since Adjusted EBITDA exclude certain non-recurring or non-cash items, these measures may not be comparable to similarly-titled measures employed by other companies. 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 statement data prepared in accordance with GAAP.

Conference Call Information

The Company has scheduled a conference call on Monday, November 14, 2011 at 10 a.m. ET to discuss financial results for the quarter ended September 30, 2011. Anyone interested in participating should call 1-877-941-2068 (domestic) or 1-480-629-9712 (international), approximately 5 to 10 minutes prior to the start of the call.  Investors will also have the opportunity to download a presentation, and to listen to the conference call and the replay on the "Events and Presentations" section of the Global Axcess website at: http://www.globalaxcess.biz/investors/events.php or at https://viavid.webcasts.com/starthere.jsp?ei=1002638. There will be a playback available until November 21, 2011.  To listen to the playback, please call 1-877-870-5176 if calling within the United States or 1-858-384-5517 if calling internationally.  Please use pass code 4484038 for the replay.  A transcript of the conference call will be available on the Company's website on November 16, 2011 or by calling Brett Maas of Hayden IR at 646-536-7331.

About Global Axcess Corp  

Headquartered in Jacksonville, Florida, Global Axcess Corp was founded in 2001 with a mission to emerge as the leading independent provider of self-service kiosk services in the United States. The Company provides turnkey ATM and other self-service kiosk management solutions that include cash and inventory management, project and account management services. Global Axcess Corp currently owns, manages or operates more than 5,300 ATMs and DVD kiosks in its national network spanning 43 states.  For more information on the Company, please visit http://www.globalaxcess.biz.  For more information on Nationwide Money Services, please visit http://www.nationwidemoney.com.

Investor Relations Contacts:

   Michael Loiacono

   IR@GAXC.biz


   Hayden IR:

   Brett Maas or Jeff Stanlis: (646) 536-7331

   Brett@haydenir.com / Jeff@haydenir.com



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. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as: "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties.  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.

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.

- tables follow –

GLOBAL AXCESS CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS






(Unaudited)


(Audited)





September 30, 2011


December 31, 2010

ASSETS






Current assets






Cash and cash equivalents


$             1,532,242


$            1,743,562


Accounts receivable, net of allowance of $2,770 in 2011 and $4,354 in 2010

884,200


410,956


Inventory, net of allowance for obsolescence of $182,572 in 2011 and 2010

1,512,936


1,389,606


Deferred tax asset - current


363,926


363,926


Prepaid expenses and other current assets


178,689


139,551



Total current assets


4,471,993


4,047,601








Fixed assets, net


9,738,021


9,581,561








Other assets







Merchant contracts, net


11,384,257


10,879,029


Intangible assets, net


4,270,593


4,219,216


Deferred tax asset - non-current


1,611,285


1,611,285


Other assets


95,134


66,807








Total assets



$           31,571,283


$          30,405,499















LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities






Accounts payable and accrued liabilities


$             4,985,473


$            4,604,837


Notes payable - related parties  - current portion, net

32,226


29,740


Notes payable - current portion


23,268


21,777


Senior lenders' notes payable - current portion, net

4,302,874


2,426,915


Capital lease obligations - current portion


273,824


455,188



Total current liabilities


9,617,665


7,538,457








Long-term liabilities






Interest rate swap contract


585,743


-


Notes payable - related parties - long-term portion, net

19,692


43,694


Notes payable - long-term portion


33,924


51,476


Senior lenders' notes payable - long-term portion, net

7,446,248


6,622,539


Capital lease obligations - long-term portion


44,252


205,275

Total liabilities



17,747,524


14,461,441















Stockholders' equity






Preferred stock; $0.001 par value; 5,000,000 shares





  authorized, no shares issued and outstanding

-


-


Common stock; $0.001 par value; 45,000,000 shares authorized,





  23,115,788 and 22,292,469 shares issued and 22,675,326 and 22,139,444 shares





  outstanding at September 30, 2011 and December 31, 2010, respectively

22,725


22,188


Additional paid-in capital


23,557,119


23,202,338


Accumulated other comprehensive loss


(585,743)


-


Accumulated deficit


(8,949,831)


(7,198,502)


Treasury stock; 440,462 and 153,025 shares of common stock at cost





  at September 30, 2011 and December 31, 2010, respectively

(220,511)


(81,966)



Total stockholders' equity


13,823,759


15,944,058

Total liabilities and stockholders' equity


$           31,571,283


$          30,405,499



GLOBAL AXCESS CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)





   For the Three Months Ended




September 30, 2011


September 30, 2010







Revenues

$             8,055,922


$             5,779,313







Cost of revenues

4,952,102


3,473,994


Gross profit

3,103,820


2,305,319







Operating expenses





Depreciation expense

508,697


382,160


Amortization of intangible merchant contracts

299,872


207,665


Impairment of assets

1,085,194


-


Selling, general and administrative

1,955,074


1,619,125


Restructuring charges

421,046


-


Stock compensation expense

34,719


54,288



Total operating expenses

4,304,602


2,263,238


Operating income (loss) from operations





  before items shown below

(1,200,782)


42,081







Interest expense, net

(194,052)


(137,915)

Gain on sale of assets

4,000


-

Net loss

$           (1,390,834)


$                (95,834)







Loss per common share - basic:




Net loss per common share

$                    (0.06)


$                    (0.00)







Loss per common share - diluted:




Net loss per common share

$                    (0.06)


$                    (0.00)







Weighted average common shares outstanding:




Basic


22,620,543


21,954,030

Diluted


22,620,543


21,954,030



GLOBAL AXCESS CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)





   For the Nine Months Ended




September 30, 2011


September 30, 2010







Revenues

$           24,299,736


$           16,666,296







Cost of revenues

15,060,478


9,328,022


Gross profit

9,239,258


7,338,274







Operating expenses





Depreciation expense

1,656,211


1,013,260


Amortization of intangible merchant contracts

879,530


606,329


Impairment of assets

1,085,194


-


Selling, general and administrative

5,773,587


4,747,697


Restructuring charges

933,307


-


Stock compensation expense

74,247


156,667



Total operating expenses

10,402,076


6,523,953


Operating income (loss) from operations





  before items shown below

(1,162,818)


814,321







Interest expense, net

(543,552)


(368,808)

Gain on sale of assets

67,541


-

Other non-operating expense

(112,500)


-

Loss on early extinguishment of debt

-


(102,146)

Net income (loss)

$           (1,751,329)


$                343,367







Income (loss) per common share - basic:




Net income (loss) per common share

$                    (0.08)


$                      0.02







Income (loss) per common share - diluted:




Net income (loss) per common share

$                    (0.08)


$                      0.01







Weighted average common shares outstanding:




Basic


22,491,025


21,930,267

Diluted


22,491,025


23,481,861



GLOBAL AXCESS CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)






   For the Nine Months Ended





September 30, 2011


September 30, 2010








Cash flows from operating activities:





Income (loss) from operations

$           (1,751,329)


$                343,367


Adjustments to reconcile net income (loss) from operations





 to net cash provided by operating activities:






Stock based compensation

74,247


156,667



Stock options issued to consultants in lieu of cash compensation

4,226


-



Loss on early extinguishment of debt

-


61,508



Depreciation expense

1,656,211


1,013,260



Amortization of intangible merchant contracts

879,530


606,329



Amortization of capitalized loan fees

56,355


25,250



Impairment of assets

1,085,194


-



Allowance for doubtful accounts

(20,563)


12,824



Allowance for inventory obsolescence

-


(12,000)



Gain on sale of assets

(67,541)


-


Changes in operating assets and liabilities, net of effects of acquisition of Tejas:






Change in accounts receivable, net

(452,681)


538



Change in inventory, net

(1,543,162)


(722,804)



Change in prepaid expenses and other current assets

(39,138)


(70,866)



Change in other assets

(28,327)


(42,500)



Change in intangible assets, net

(107,732)


(157,587)



Change in accounts payable and accrued liabilities

380,636


976,747




Net cash provided by operating activities

125,926


2,190,733








Cash flows from investing activities:





Cash paid for Tejas acquisition

(1,375,000)


-


Proceeds from sale of fixed assets

122,500


-


Costs of acquiring merchant contracts

(18,074)


(131,574)


Purchase of fixed assets

(1,418,676)


(4,459,354)




Net cash used in investing activities

(2,689,250)


(4,590,928)








Cash flows from financing activities:





Proceeds from issuance of common stock

32,300


2,249


Proceeds from senior lenders'  notes payable

4,895,280


8,083,407


Proceeds from notes payable

-


710,533


Change in restricted cash

-


800,000


Principal payments on senior lenders'  notes payable

(2,195,612)


(5,578,634)


Principal payments on notes payable

(16,061)


(725,102)


Principal payments on notes payable - related parties

(21,516)


(19,203)


Principal payments on capital lease obligations

(342,387)


(595,625)




Net cash provided by financing activities

2,352,004


2,677,625

Increase (decrease) in cash and cash equivalents

(211,320)


277,430

Cash and cash equivalents, beginning of period

1,743,562


2,007,860

Cash and cash equivalents, end of the period

$             1,532,242


$             2,285,290








Cash paid for interest

$                507,853


$                345,942



The following table sets forth a reconciliation of net loss from operations to EBITDA from operations for
the three months ended September 30, 2011 and 2010:




For the Three Months Ended


September 30, 2011


September 30, 2010





Net loss from operations

$           (1,390,834)


$                (95,834)

Interest expense, net

194,052


137,915

Depreciation expense

508,697


382,160

Amortization of intangible merchant contracts

299,872


207,665

EBITDA from operations

$              (388,213)


$                631,906





The following table sets forth a reconciliation of net loss from operations to EBITDA from operations
before impairment of assets, restructuring charges, stock compensation expense, and gain on sale of
assets  ("Adjusted EBITDA") for the three months ended September 30, 2011 and 2010:







For the Three Months Ended


September 30, 2011


September 30, 2010





Net loss from operations

$           (1,390,834)


$                (95,834)

Interest expense, net

194,052


137,915

Depreciation expense

508,697


382,160

Amortization of intangible merchant contracts

299,872


207,665

Impairment of assets

1,085,194


-

Restructuring charges

421,046


-

Stock compensation expense

34,719


54,288

Gain on sale of assets

(4,000)


-

Adjusted EBITDA from operations

$             1,148,746


$                686,194





The following table sets forth a reconciliation of net income (loss) from operations to EBITDA from
operations for the nine months ended September 30, 2011 and 2010:







For the Nine Months Ended


September 30, 2011


September 30, 2010





Net income (loss) from operations

$           (1,751,329)


$                343,367

Interest expense, net

543,552


368,808

Depreciation expense

1,656,211


1,013,260

Amortization of intangible merchant contracts

879,530


606,329

EBITDA from operations

$             1,327,964


$             2,331,764





The following table sets forth a reconciliation of net income (loss) from operations to EBITDA from
operations before impairment of assets, restructuring charges, stock compensation expense,  gain on sale
of assets, other non-operating expense, and loss on early extinguishment of debt  ("Adjusted EBITDA") for
the nine months ended September 30, 2011 and 2010:







For the Nine Months Ended


September 30, 2011


September 30, 2010





Net income (loss) from operations

$           (1,751,329)


$                343,367

Interest expense, net

543,552


368,808

Depreciation expense

1,656,211


1,013,260

Amortization of intangible merchant contracts

879,530


606,329

Impairment of assets

1,085,194


-

Restructuring charges

933,307


-

Stock compensation expense

74,247


156,667

Gain on sale of assets

(67,541)


-

Other non-operating expense

112,500


-

Loss on early extinguishment of debt

-


102,146

Adjusted EBITDA from operations

$             3,465,671


$             2,590,577



The following table summarizes our revenue, gross profit, SG&A, stock compensation expense, depreciation and amortization, impairment of assets, restructuring charges, operating income (loss), net income (loss) and Adjusted EBITDA by segment for the periods indicated below.


EBITDA (a non-GAAP measure) is defined as earnings before net interest, taxes, depreciation and amortization.  Adjusted EBITDA is defined as EBITDA from operations before impairment of assets, stock compensation expense, restructuring charges, other non-operating expense, gain on sale of assets and loss on early extinguishment of debt.




For the Three Months Ended


For the Nine Months Ended


September 30, 2011


September 30, 2010


September 30, 2011


September 30, 2010









Revenue:








  ATM Services

$             6,369,239


$             5,420,208


$           18,610,525


$           16,204,376

  DVD Services - The Exchange

1,084,734


-


3,257,209


-

  DVD Services - Other

601,949


359,105


2,432,002


461,920

  Corporate Support

-


-


-


-

Consolidated revenue

$             8,055,922


$             5,779,313


$           24,299,736


$           16,666,296

















Gross profit:








  ATM Services

$             2,746,734


$             2,373,072


$             8,017,308


$             7,468,870

  DVD Services - The Exchange

324,391


-


1,329,786


-

  DVD Services - Other

32,695


(67,753)


(107,836)


(130,596)

  Corporate Support

-


-


-


-

Consolidated gross profit

$             3,103,820


$             2,305,319


$             9,239,258


$             7,338,274

















SG&A:








  ATM Services

$             1,074,551


$             1,019,945


$             3,154,763


$             3,120,323

  DVD Services - The Exchange

176,764


-


540,029


-

  DVD Services - Other

189,316


285,953


763,490


600,972

  Corporate Support

514,443


313,227


1,315,305


1,026,402

Consolidated SG&A

$             1,955,074


$             1,619,125


$             5,773,587


$             4,747,697

















Stock compensation expense:








  ATM Services

$                          -


$                          -


$                          -


$                          -

  DVD Services - The Exchange

-


-


-


-

  DVD Services - Other

-


-


-


-

  Corporate Support

34,719


54,288


74,247


156,667

Consolidated stock compensation expense

$                  34,719


$                  54,288


$                  74,247


$                156,667

















Depreciation & Amortization:








  ATM Services

$                484,325


$                420,378


$             1,445,432


$             1,250,510

  DVD Services - The Exchange

87,581


-


173,189


-

  DVD Services - Other

160,608


92,602


688,249


133,060

  Corporate Support

76,055


76,845


228,871


236,019

Consolidated depreciation & amortization

$                808,569


$                589,825


$             2,535,741


$             1,619,589

















Impairment of assets








  ATM Services

$                          -


$                          -


$                          -


$                          -

  DVD Services - The Exchange

-


-


-


-

  DVD Services - Other

1,085,194


-


1,085,194


-

  Corporate Support

-


-


-


-

Consolidated impairment of assets

$             1,085,194


$                          -


$             1,085,194


$                          -

















Restructuring charges:








  ATM Services

$                    1,863


$                          -


$                  64,601


$                          -

  DVD Services - The Exchange

-


-


-


-

  DVD Services - Other

419,183


-


419,183


-

  Corporate Support

-


-


449,523


-

Consolidated restructuring charges

$                421,046


$                          -


$                933,307


$                          -

















Operating income (loss):








  ATM Services

$             1,185,995


$                932,749


$             3,352,512


$             3,098,038

  DVD Services - The Exchange

60,046


-


616,568


-

  DVD Services - Other

(1,821,606)


(446,307)


(3,063,952)


(864,629)

  Corporate Support

(625,217)


(444,361)


(2,067,946)


(1,419,088)

Consolidated operating income (loss)

$           (1,200,782)


$                  42,081


$           (1,162,818)


$                814,321

















Net income (loss):








  ATM Services

$             1,180,091


$                805,403


$             3,318,140


$             2,414,235

  DVD Services - The Exchange

60,046


-


616,512


-

  DVD Services - Other

(1,821,606)


(446,308)


(2,962,911)


(864,628)

  Corporate Support

(809,365)


(454,929)


(2,723,070)


(1,206,240)

Consolidated net income (loss)

$           (1,390,834)


$                (95,834)


$           (1,751,329)


$                343,367

















Adjusted EBITDA:








  ATM Services

$             1,672,183


$             1,353,127


$             4,862,600


$             4,348,547

  DVD Services - The Exchange

147,627


-


789,702


-

  DVD Services - Other

(156,621)


(353,706)


(871,326)


(731,568)

  Corporate Support

(514,443)


(313,227)


(1,315,305)


(1,026,402)

Consolidated Adjusted EBITDA

$             1,148,746


$                686,194


$             3,465,671


$             2,590,577



SOURCE Global Axcess Corp



RELATED LINKS
http://www.globalaxcess.biz

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