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Stock Market & Financial Investment News

News Breaks
June 11, 2014
10:16 EDTCATMJefferies defends Cardtronics over Kerrisdale allegations
Concerns recently raised about Cardtronics' (CATM) accounting practices and the growth of the number of ATMs it manages are unfounded, research firm Jefferies wrote in a note to investors earlier today. WHAT'S NEW: Ramsey El-Assal, an analyst at Jefferies, responded to negative claims about Cardtronics that were recently made by research firm Kerrisdale Capital in a May 27 Seeking Alpha piece. Despite allegations regarding accounting practices related to depreciation of the company's automated teller machines, there is nothing wrong with the company's depreciation practices, El-Assal wrote. The analyst also disagreed with assertions that the number of ATMs managed by Cardtronics is barely growing when acquisitions are excluded. In fact, the number of ATMs managed by the company is growing even when acquisitions are excluded, the analyst believes. He kept a $41 price target and Buy rating on the shares. PRICE ACTION: In early trading, Cardtronics rose 1% to $30.68.
News For CATM From The Last 14 Days
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May 26, 2015
09:30 EDTCATMCardtronics signs agreement to sell the retail portion of U.K. operation
Cardtronics announced that it has signed an agreement to sell the retail portion of its U.K. cash-in-transit operation. The retail arm of Cardtronics U.K.'s cash-in-transit business, which provides cash pickup and delivery services for retail stores, will be divested to Loomis, an international leader in the cash handling services industry. Cardtronics U.K. will continue to provide cash replenishment and maintenance services for both its owned and third-party ATM estates. The deal to divest the retail cash-in-transit business is expected to close on July 1. Purchase consideration is approximately GBP18M. Cardtronics expects its revenues in the second half to be reduced by approximately $13M due to this divestiture. Impact on profits is expected to be immaterial to 2015 results. Cardtronics plans to update FY15 financial guidance in connection with its Q2 earnings release, anticipated to occur in late July or early August.

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