PONTE VEDRA, Fla. — Global Axcess Corp. reported net income of $366,123 on revenue of $3.1 million for the quarter ended June 30, up from net income of $197,350 on revenue of $2.6 million for 2003's second quarter.
Net income for the latest quarter was positively impacted by the booking of a one-time, non-cash gain of $304,000 associated with a legal settlement offset by interest expense of $42,969 and a reserve for contingent liabilities totaling $55,000.
For the six months ended June 30, the company had net income of $456,292 on revenue of $5.9 million, up from $119,617 on revenue of $5 million for the first half of 2003.
Michael Dodak, chief executive of Global Axcess, said the the number of financial institutions participating in the company's Branded Cash program rose to 54 partners in the latest quarter, up from 41 at the end of the first quarter. The number of ATMs in the program rose from 376 in 2004's first quarter to 473 in the latest quarter.
Global Axcess expects to have a minimum of 600 branded ATM units by the end 2004, Dodak said.
