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Rapid growth produces first quarter loss for TRM Corporation
PORTLAND, Ore. -- TRM Corporation (Nasdaq: TRMM) announced record revenue of $18.1 million for the first quarter ended March 31, 2000, an increase of 7 percent over the $16.9 million for the same quarter in 1999. The company reported a net loss of $1.2 million or 17 cents per share. The increase in revenue as well as the loss for the quarter was a result of TRM's rapid rollout of its ATM network in both the United Kingdom and the U.S. A record 246 new ATM locations were installed during the quarter. ATM revenue in the first quarter topped $1 million for the first time, reflecting a 52 percent increase over the revenue for the prior quarter. Fred Stockton, TRM CEO and president, said the company plans to continue the rapid deployment of its ATM network. With an order backlog at March 31 exceeding 1,500 locations, TRM expects to double its installed base of ATMs by the end of the second quarter. "We are enjoying substantial success in the pursuit of our objective of building out our ATM network to the point where it achieves the critical mass that will produce a profitable return to our shareholders," Stockton said. Separately, TRM completed, during the quarter, an off-balance sheet commercial paper funding program to provide non-recourse cash inventory to its ATM network. Activating the program has helped TRM reduce its debt level while reducing the cost of the cash inventory placed in its ATMs. The company also announced the creation of iATMglobal.net, an e-commerce subsidiary based in San Francisco, during the period. iATMglobal.net will build an Internet-based distribution channel to deliver access to e-commerce goods and services through the worldwide network of approximately one million ATMs. iATMglobal.net recently completed its first acquisition of software developer Strategic Software Solutions.
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