Cardtronics, Inc. (CATM) today announced that it was notified by 7-Eleven, Inc. that 7-Eleven does not intend on renewing its ATM placement agreement with Cardtronics upon expiration of the agreement in mid-2017.
7-Eleven announced that it has selected a related entity of 7-Eleven's parent company as its next ATM provider. The existing agreement between Cardtronics and 7-Eleven remains in full force and effect until mid-2017.
"We are proud of the service and unique products that we have delivered to 7-Eleven since 2007. While we are disappointed in this decision, we have every confidence in our business and the robust growth opportunities ahead of us," said Steve Rathgaber, chief executive officer of Cardtronics. "We will continue delivering service to 7-Eleven for the next two years while executing our growth strategies."
Cardtronics does not expect this announcement to change its 2015 financial guidance, as issued on April 30, 2015. Additional information regarding the 7-Eleven agreement may be found in the company's public filings with the Securities and Exchange Commission.