A Ukrainian national charged as part of a multiagency federal investigation into a worldwide online marketplace for stolen personal and financial information was arraigned in federal court Monday following his extradition Friday from Croatia. Operation Open Market, which began in March 2007, targeted an organization known as “Carder.su.” The investigation revealed members of the ring, known as “carders,” were involved in large-scale trafficking of compromised credit card account data and counterfeit credit cards, as well as money laundering, narcotics trafficking and various types of computer crime.
Global Cash Access Holdings posted 2Q/12 operating income up 125% quarter-over-quarter to $16.0 million; net income per share up 450%; and cash EPS increased 92% quarter-over-quarter to $0.23. Revenues were $147.5 million for the second quarter 2012, as compared to revenues of $135.1 million for the same period in 2011. The overall increase in revenues was primarily due to the MCA asset acquisition coupled with modest organic growth in the Company’s base business. Operating income was $16.0 million for the second quarter 2012, an increase of 125%, as compared to $7.1 million for the same period in 2011. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) (see Non-GAAP Financial Information below) were $20.1 million for the second quarter 2012, an increase of 68%, as compared to $12.0 million for the same period in 2011.
Global Cash Access Holdings announced financial results for the first quarter ended March 31, 2012. Fiscal First Quarter 2012 Highlights Operating income increased 69% quarter-over-quarter to $15.7 million EBITDA increased 51% quarter-over-quarter to $19.8 million Net income per share – diluted increased 267% quarter-over-quarter to $0.11 Cash EPS increased 133% quarter-over-quarter to $0.21 “We are…
Global Cash Access Holdings announced that the Company plans to attend the following conferences in March: Today, March 13th, the Company will present at the 24th Annual ROTH Conference at the Ritz-Carlton in Laguna Niguel, CA. The presentation will begin at 5:00pm ET. Investors and interested parties can access this live presentation by visiting the…
Global Cash Access Holdings announced the completion of its previously announced acquisition of substantially all of the assets of MCA Processing LLC. GCA is a wholly owned subsidiary of Global Cash Access Holdings and a provider of cash access products and related services to over 1,100 casinos and other gaming properties in the United States, Europe, Canada, the Caribbean, Central America and Asia. It provides cash access with ATM cash withdrawals, point-of-sale debit card transactions, credit card cash advances, check verification and warranty services, and Western Union money transfers.
Global Cash Access inked agreements to acquire the assets of MCA Processing, a provider of ATM, debit card, and credit card cash access services to gaming establishments and also manufactures, sells, licenses and services redemption kiosk devices. The acquired assets include MCA’s portfolio of cash access and redemption kiosk maintenance contracts, including cash access service contracts with Caesars Entertainment for its Nevada, Atlantic City and certain Pennsylvania properties.
Global Cash Access posted its 2Q/11 revenue down 14.1% to $135.1 million, from the year ago figure of $157.2 million, due in great part to having lost its largest customer in late 2010 which accounted for approximately $21.3 million in revenue during the second quarter of 2010. Meanwhile, operating income was $7.1 millionas GCA incurred approximately $1.6 million in one-time expenses in the quarter, consisting primarily of $1.2 million in one-time charges associated with additional depreciation and amortization expense associated with the final purchase price allocation of the acquisition of Western Money Systems in 2010 and approximately $0.4 million associated with executive severance costs. Income before tax in the second quarter of 2011 was $2.5 million, which included the one-time charges discussed above. With this, the Company estimates that cash earnings per share for the fiscal year ending December 31, 2011 will be between approximately $0.38 and $0.43.
Global Cash Access generated 4Q/10 revenue of $137.8 million, down 7.4% from the year ago figure of $148.8 million. Meanwhile, the cash access service provider diclosed its operating income was $10.1 million, a 37.2% drop from the $16.0 million in 4Q/09; EBITDA was $13.8 million for 32.0% drop; and income from continuing operations was $6.1 million for 47.6% plummet. Results throughout all of 2010 show a 9.0% revenue drop from the 2009 figure of $667.7 million to $605.6 million. Diluted earnings per share from continuing operations were $0.26 a decrease of 42.2% from $0.45 for the fiscal year ended December 31, 2009. Cash EPS were $0.54 for fiscal year 2010, a 25.0% decrease from the $0.72 for fiscal year 2009. These figures lead GCA to a projected tax rate of 40%, which is slightly higher than previously announced and EBITDA for fiscal year 2011 will be between approximately $61 million and $65 million, given there’s a slight improvement in the gaming industry in 2011.
Global Cash Access cash access solutions and data intelligence for the gaming industry will be showcasing its recent innovations in marketing technology and cash access products at Booths #2221 and #2719 at this yearâs Global Gaming Expo (G2E), being held at the Las Vegas Convention Center from November 16-18. The Company will demonstrate its proprietary marketing and business intelligence tool, Casino Share Intelligence (CSI), which is a Web-based data analysis platform providing fast, detailed access to âshareâ trends in a subscriberâs market through a secure internet dashboard.
Global Cash Access has reported 3Q/10 revenue of $152.1 million down 7.4% from the $164.3 million in the year ago period, thanks to continued weakness in the gaming sector and consumer revolving credit. Operating income was $13.3 million, down 23.7% from the $17.5 million in the year ago period; EBITDA was down 20.4% to $17.3 million; and income from continuing operations was down 28.2% year-over-year to $9.4 million. With this, Global Cash Access is forecasting continued declines for the remainder of 2010 and lowering its annual guidance for GAAP EPS to between $0.33 and $0.36, and Cash EPS to between $0.53 and $0.56. This is assuming cash outlays for capital expenditures of approximately $7 to $9 million; fully diluted shares outstanding for the full year of approximately 67.5 to 68.5 million shares; The expiration/non-renewal of the Company’s largest customer contract effective end of month November 2010; and Debt repayment of between $15-30 million during the fourth quarter of 2010.
GCA REVENUE HISTORICAL
3Q/09: $164.3 million
4Q/09: $148.8 million
1Q/10: $158.5 million
2Q/10: $173.0 million
3Q/10: $152.1 million
Global Cash Access Holdings cash access products and related marketing services in the gaming industry will be presenting at the Wells Fargo Securities Technology, Media & Telecom Conference on Tuesday, November 9 in New York City. The CEO will speak on Technology, Media & Telecom, to which investors and interested parties may listen to the live audio webcast at www.gcainc.com at the appropriate time. NV-based Global Cash Access provides cash access products and related services to over 1,100 casinos and other gaming properties in the United States, Europe, Canada, the Caribbean, Central America and Asia.
The federal anti-trust litigation commenced by Sightline Payments against Global Cash Access Holdings innovative cash access solutions and data intelligence for casinos has been dismissed. The judgment concluded Sightline Payments’ allegations were not supported by sufficient facts to establish a plausible entitlement to relief and Sightline Payments’ allegation concerning GCA’s market share, patent rights, agreements with vendors and its agreement to disassociate itself from Sightline’s President were all insufficient to support antitrust claims. Judge Pro dismissed Sightline Payments’ Complaint in its entirety.