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Global Cash Access Holdings Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: March 12, 2012 04:52PM

Global Cash Access Holdings Inc. (GCA) filed Annual Report for the period ended 2011-12-31. Global Cash Acs has a market cap of $425.9 million; its shares were traded at around $6.58 with a P/E ratio of 21.2 and P/S ratio of 0.7.



Highlight of Business Operations:

Total revenues, for the year ended December 31, 2011 were $544.1 million as compared to $605.6 million for the prior year, a decrease of $61.5 million, or 10.2%, as compared to the year ended December 31, 2010. The decrease was primarily due to the loss of our largest customer, Caesars, at the end of 2010. Revenue from our lost contracts with Caesars for the year ended December 31, 2010 was approximately $73.9 million (net of the revenue related to Caesars contracts re-acquired in connection with the November 2011 MCA asset purchase).

Cash advance revenue, for the year ended December 31, 2011 was $203.9 million, a decrease of $40.3 million, or 16.5%, as compared to the year ended December 31, 2010. This decrease was primarily related to the loss of the net Caesars business that accounted for $35.1 million, or 14.4%, of the credit card cash advance revenue in 2010.

ATM revenue, for the year ended December 31, 2011, was $283.7 million, a decrease of $30.9 million, or 9.8%, as compared to the year ended December 31, 2010. This was primarily due to the loss of the net Caesars business that accounted for $38.7 million, or 12.3%, of the ATM revenue in 2010.

Total revenues for the year ended December 31, 2010, were $605.6 million as compared to $667.7 million for the prior year, a decrease of $62.1 million, or 9.3%, as compared to the year ended December 31, 2009. Segment changes in revenue are further discussed below.

Cost of revenues (exclusive of depreciation and amortization) for the year ended December 31, 2010, was $463.0 million, a decrease of $38.8 million, or 7.7%, as compared to the year ended December 31, 2009. This decrease was primarily correlated with revenue. There was a gross increase in interchange expense as a percentage of revenue of 5.4% for the year ended December 31, 2010.

Read the The complete Report



Stocks Discussed: GCA,
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