Access to Money, Inc.

CIK:0000749254|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Transaction-based revenues	$ 18,836	$ 21,453	$ 37,867	$ 42,053
ATM equipment and other revenues	805	534	1,404	2,137
Net revenues	19,641	21,987	39,271	44,190
Cost of revenues:
Cost of ATM operating revenues	16,600	18,019	33,544	35,374
Cost of ATM equipment and other revenues	676	275	1,087	1,811
Total cost of revenues	17,276	18,294	34,631	37,185
Gross profit	2,365	3,693	4,640	7,005
Selling, general and administrative expense	2,516	2,816	5,016	5,401
Operating (loss) income	(151)	877	(376)	1,604
Interest expense	504	759	995	1,516
Amortization of debt issuance costs	11	560	22	1,119
Other expense (income)	(31)	(8)	(110)	(21)
Change in fair value of warrants (income) expense	(12)	(2,482)	(438)	(2,342)
Net income (loss) before income taxes	(623)	2,048	(845)	1,332
Provision (benefit) for income taxes
Net income (loss)	$ (623)	$ 2,048	$ (845)	$ 1,332
Net income (loss) per common share - basic	$ (0.02)	$ 0.09	$ (0.03)	$ 0.06
Net income (loss) per common share - diluted	$ (0.02)	$ 0.07	$ (0.03)	$ 0.05
Weighted average common shares outstanding:
Basic	33,267	22,252	33,207	22,163
Diluted	33,267	29,620	33,207	28,706

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net income (loss)	$ (845)	$ 1,332
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	553	633
Amortization	306	1,470
Non-cash share-based compensation	47	58
Loss on disposal or retirement of equipment	5	9
Provision for doubtful accounts	(2)	132
Change in fair value of warrants (income) expense	(438)	(2,342)
Changes in assets and liabilities, net of acquisitions:
Restricted cash	(2)
Accounts receivable	721	(68)
Lease receivable	8	36
Inventories	(119)	(517)
Prepaid expenses	183	(192)
Other assets	(151)
Accounts payable	922	694
Accrued expenses	291	276
Cash provided by operating activities	1,479	1,521
Cash flows from investing activities:
Capital expenditures	(1,548)	(630)
Acquisition of intangible assets		(339)
Cash (used in) investing activities	(1,548)	(969)
Cash flows from financing activities:
Payment of term loans	(646)	(950)
Cash (used in) financing activities	(646)	(950)
Net (decrease) increase in cash and cash equivalents	(715)	(398)
Beginning cash and cash equivalents	2,421	5,770
Ending cash and cash equivalents	1,706	5,372
Supplemental cash flow information:
Cash paid for interest	$ 176	$ 797

Condensed Consolidated Balance Sheets (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Current assets:
Cash	$ 1,706	$ 2,421
Restricted cash	603	601
Accounts receivable, net	1,833	2,552
Leases receivable, net	155	163
Inventories	1,035	917
Prepaid expenses and other	257	440
Deferred financing costs	44	44
Total current assets	5,633	7,138
Property and equipment, net	3,434	2,445
Intangible assets, net	1,147	1,368
Goodwill	10,559	10,559
Deferred financing costs, long term	144	166
Other assets	563	473
Total assets	21,480	22,149
Current liabilities:
Accounts payable	6,589	5,667
Accrued expenses	7,231	6,940
Term loans - current portion, net	1,005	1,131
Total current liabilities	14,825	13,738
Long term liabilities:
Term loans and other debt - long term portion, net	17,070	17,590
Warrants	149	587
Total liabilities	32,044	31,915
Shareholders' deficit:
Common stock, $0.001 par value - 70,000,000 shares authorized; 33,363,652 and 33,205,318 shares issued as of June 30, 2011 and December 31, 2010, respectively, and 33,294,348 and 33,146,333 shares outstanding at June 30, 2011 and December 31, 2010, respectively	33	33
Preferred stock, $0.001 par value 5,000,000 shares authorized, none issued and outstanding
Additional paid-in capital	138,728	138,681
Treasury stock	(21)	(21)
Accumulated deficit	(149,304)	(148,459)
Total shareholders' deficit	(10,564)	(9,766)
Total liabilities and shareholders' deficit	$ 21,480	$ 22,149