Global Axcess Corp. yesterday released a recap of its business year-and 2009 milestones.
GAXC began moving into the DVD-rental kiosk marketplace earlier in the year, and recently announced plans to significantly ramp up its DVD kiosk program in 2010.
Among the highlights for Global Axcess in 2009 included renewing deals with a major placement client and a major distributor; deals covering placement or processing for nearly 300 new ATMs; 12 consecutive quarters of positive net income; and increased net income in the first nine months of 2009.
Global Axcess also reiterated its plans to roll out five to 10 new DVD kiosk locations per month in the first six months of 2010, and to increase that pace to 15 to 20 for the second half of the year.
"We continue to focus on long term contracts, resulting in sustainable, predictable profitability, while demonstrating the scalability of our business," said Global Axcess CEO George McQuain in a news release. "We significantly strengthened our balance sheet during 2009 and our concerted efforts over the last few quarters to resolve the last lingering overhangs impacting the company, including prior financing arrangements and litigations, contributed to significant improvements in our profitability, as we reduced our interest expense as a percentage of revenue, leveraged our cost structure, and increased gross margin and revenues. We are entering 2010 in an excellent position both financially and operationally."
