Global Cash Access Reports Q4 EPS of $0.07 vs. $0.11

Global Cash Access Holdings, Inc. GCA today announced financial results for the quarter and fiscal year ended December 31, 2010.

Revenue was $137.8 million, a decrease of 7.4% over the $148.8 million in revenue recorded in the same quarter last year. Revenue during the quarter was adversely impacted by the continued weakness in the gaming sector and consumer revolving credit. Operating income was $10.1 million, a decrease of 37.2% over the $16.0 million recognized in the prior year's fourth quarter.

Earnings before interest, taxes, depreciation and amortization were $13.8 million, a decrease of 32.0% compared to the same period in the prior year's fourth quarter. Income from continuing operations before income tax provision in the fourth quarter of 2010 was $6.1 million, down 47.6% from the fourth quarter of 2009.

Diluted earnings per share from continuing operations were $0.00 in the fourth quarter of 2010 (on 64.2 million diluted shares) as compared to $0.10 in the fourth quarter of 2009 (on 71.4 million diluted shares). This was a direct result of a one time increase in the Company's income tax provision. Cash EPS were $0.07 in the fourth quarter of 2010, a 58.8% decrease from the $0.17 reported in the prior year's fourth quarter.