Cardtronics, Inc. (Nasdaq:CATM) (the "Company"), the world's
largest non-bank owner of ATMs, today announced a series of
organizational changes designed to better align the Company's
management structure with its key business and strategic
initiatives.
Effective immediately, the Company's United States operations
will be separated into two business units – "Network and Financial
Services" and "ATM Services." Rick Updyke will assume the role of
President of the combined United States Business Group, which will
also include product management and development. Mr. Updyke,
who joined the Company in 2007 as part of the acquisition of the
financial services business of 7-Eleven, Inc., will have three
direct reports, including Ben Psillas, Tres Thompson and Bill
Knoll.
Ben Psillas will serve as Executive Vice President and Division
Executive for the Company's Network and Financial Services business
unit. In addition to Cardtronics' Allpoint surcharge-free ATM
network, this business unit will include other products and
services, including the Company's bank branding and financial
institution managed services offerings, as well as future products
and services designed to leverage the Company's network of prime
retail ATM locations. Mr. Psillas, the founder and President of
Allpoint, joined Cardtronics as part of the Company's acquisition
of that business in 2005. Carl Osterlof, the Company's Senior
Vice President of Relationship Management, will report to Mr.
Psillas and will be responsible for leading the Company's network
and financial institution sales and relationship management
efforts.
Tres Thompson, who joined the Company in 2004 and has served as
the Company's Chief Accounting Officer since 2006, will become
Executive Vice President and Division Executive for the Company's
ATM Services business unit. In this role, Mr. Thompson will be
responsible for expanding the Company's domestic retail ATM network
and for implementing strategic initiatives to further leverage and
grow the revenues generated by the Company's domestic
ATMs. Tony Muscarello, the Company's Executive Vice President
of U.S. Sales, will report to Mr. Thompson and will continue to
lead the Company's domestic retail ATM sales efforts. Mr.
Muscarello will also be assuming responsibility for the Company's
domestic national account relationship management efforts. As
a result of Mr. Thompson's new responsibilities, Brad Conrad, the
Company's Senior Vice President and Corporate Controller, will
assume the role of Chief Accounting Officer, reporting directly to
Chris Brewster, the Company's Chief Financial Officer.
Bill Knoll, the Company's Executive Vice President of Product
Management, will continue to remain in that role but will now
report directly to Mr. Updyke. Mr. Knoll will also work
closely with the new Division Executives to develop and implement
new products and services that further leverage the Company's
existing asset base.
Mike Clinard, the Company's President of Global Services, will
continue to be responsible for managing the Company's primary
operating services, which include information technology,
transaction processing and ATM operations. Mr. Clinard will
also now be responsible for managing the Company's Latin American
operations, including Cardtronics Mexico and the Company's
operations located throughout the Caribbean. Finally, Mr. Clinard
will also now be responsible for managing the Company's
international business development efforts.
"Since joining Cardtronics earlier this year, I have had the
distinct privilege of working with an exceptional team of
executives, managers and employees that was assembled long before I
arrived," commented Steve Rathgaber, Chief Executive Officer of
Cardtronics. "With this new organizational structure, we are
simply looking to realign those talented resources within the
Company to provide for further visibility into, and responsibility
for, the Company's key business and strategic
initiatives. Initially, these changes are intended to provide
the additional focus and resources needed for the Company to not
only achieve, but also exceed its expected revenue and profit
growth targets. Longer-term, these changes should drive
additional accountability and responsibility throughout the
organization, which will be needed as the Company continues to
mature into a larger, more established organization. I'm
looking forward to continuing the historical success of this
valuable franchise, and believe this new organizational structure
is a critical step in that direction."
ABOUT CARDTRONICS
Headquartered in Houston, Texas, Cardtronics is the world's
largest non-bank owner of ATMs. Cardtronics operates over 33,700
ATMs across its portfolio, with ATMs in every major market in the
United States and in the U.S. territories of Puerto Rico and the
U.S. Virgin Islands, approximately 2,800 ATMs throughout the United
Kingdom, and approximately 2,900 ATMs throughout Mexico.
Included in Cardtronics' portfolio are approximately 2,200
multi-function financial services kiosks that, in addition to
traditional ATM functions, perform other automated consumer
financial services. Major merchant clients include 7-Eleven®,
Chevron®, Costco®, CVS®/pharmacy, ExxonMobil®, Hess®, Kroger®, Rite
Aid®, Safeway®, Target®, Walgreens®, and Winn-Dixie®.
Complementing its ATM operations, Cardtronics works
with financial institutions of all sizes to provide their customers
with convenient cash access and deposit capabilities through ATM
branding, with currently approximately 11,600 Cardtronics owned and
operated ATMs featuring bank brands. Additionally, Cardtronics
offers surcharge-free access to cash for holders of traditional
debit cards as well as stored-value cards issued by financial
institutions that participate in the Allpoint Network, Cardtronics'
wholly-owned surcharge-free ATM network. More recently,
Cardtronics started offering managed services solutions to
retailers and financial institutions that are looking to outsource
some or all of the operational aspects associated with operating
and maintaining their ATM fleets. For more information,
please visit http://www.cardtronics.com.
The Cardtronics logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=991
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements give the Company's current
expectations or forecasts of future events, future financial
performance, strategies, expectations, competitive environment,
regulation, and availability of resources. The forward-looking
statements contained in this release include, among other things,
statements concerning predictions or expectations as to the
Company's perceived benefits from its new organizational structure,
including exceeding expected revenue and profit growth targets and
driving additional accountability and responsibility necessary for
a larger, more established organization; the Company's ability to
effectively leverage its network of prime retail ATM locations, its
revenues generated by existing domestic ATMs and its existing asset
base and other similar expressions concerning matters that are not
historical facts. These statements are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward-looking statements. These risks and uncertainties
include, but are not limited to, the following:
- the Company's financial outlook and the financial outlook of
the ATM industry;
- the Company's ability to respond to recent and future
regulatory changes that may impact the ATM and financial services
industries;
- the Company's ability to respond to potential reductions in the
amount of interchange fees that it receives from global and
regional debit networks for transactions conducted on its
ATMs;
- the Company's ability to provide new ATM solutions to financial
institutions;
- the Company's ATM vault cash rental needs, including potential
liquidity issues with its vault cash providers;
- the implementation of the Company's corporate strategy;
- the Company's ability to compete successfully with new and
existing competitors;
- the Company's ability to renew and strengthen its existing
customer relationships and add new customers;
- the Company's ability to meet the service levels required by
its service level agreements with its customers;
- the Company's ability to pursue and successfully integrate
acquisitions;
- the Company's ability to successfully manage its existing
international operations and to continue to expand
internationally;
- the Company's ability to prevent security breaches;
- the Company's ability to manage the risks associated with its
third-party service providers failing to perform their contractual
obligations;
- changes in interest rates and foreign currency rates; and
- the additional risks the Company is exposed to in its armored
transport business.
Other factors that could cause the Company's actual performance
or results to differ from its projected results are described in
its filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and
Current Reports on Form 8-K. You should not read forward-looking
statements as a guarantee of future performance or
results. They will not necessarily be accurate indications of
the times at or by which such performance or results will be
achieved. Forward-looking statements speak only as of the date
the statements are made and are based on information available at
the time those statements are made and/or management's good faith
belief as of that time with respect to future events. The
Company assumes no obligation to update forward-looking statements
to reflect actual results, changes in assumptions or changes in
other factors affecting forward-looking information.
CONTACT: Cardtronics, Inc.
Investors:
Chris Brewster, Chief Financial Officer
832-308-4128
cbrewster@cardtronics.com
Media:
Joel Antonini, Vice President - Marketing
832-308-4131
joel.antonini@cardtronics.com
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