STRATEGIC PARTNERS
March 5, 2002
PORTLAND, Ore. -- TRM Corporation (Nasdaq: TRMM) reported revenue of $19.3 million for the quarter ended June 30, 2000, an increase of 12 percent over revenue of $17.3 million for the same quarter in 1999. TRM reported a net loss of $1.2 million or 23 cents per share.
According to the company, the revenue increase was due to its continued build out of its ATM network in both the U.S. and the United Kingdom. Revenue for the company's CopyCenter business was substantially the same as the second quarter 1999.
"We continued to aggressively expand our ATM business during the quarter and were pleased to be able to add over 800 new ATM locations to our portfolio," said Fred Stockton, TRM's CEO and president. "In the last year we have been able to develop a business which now is generating revenue at a rate of $10 million on an annualized basis and has considerable opportunity for expansion."
Results for the quarter included losses from the company's e-commerce subsidiary, iATMglobal.net, which was created in the first quarter of 2000. Aided by a recent investment by NCR Corporation (NYSE: NCR), this subsidiary continues its development of a Web-based distribution channel to deliver access to e-commerce goods and services through the worldwide network of ATMs.
TRM's CopyCenter business continues its solid revenue and cash flow performance, according to the company. As of June 30, 36,200 TRM CopyCenter locations were installed in North America and Europe. The increase in the number of locations as well as the upgrade of the company's asset base resulted in an increase of $278,000 in depreciation expense over the second quarter of 1999.
