STRATEGIC PARTNERS
March 7, 2002
PORTLAND, Ore. -- TRM Corporation (Nasdaq: TRMM) reported revenue of $19.2 million for the quarter ended Sept. 30, 2000, an increase of 18 percent over the $16.3 million for the same quarter in 1999. The company's ATM business contributed $3.3 million of the total, a 562 percent increase over ATM revenue in the third quarter of 1999.
CopyCenter revenue was substantially the same as the prior year's quarter and the company's new e-commerce segment recorded $500,000 of revenue.
TRM reported a net loss of $1.5 million and a loss per common share of 26 cents per share, compared with a loss of 2 cents per common share in the third quarter of 1999.
TRM's CopyCenter operation recorded income before interest, taxes and minority interest of $1.5 million for the quarter, while the ATM and e-commerce units recorded losses of $3.1 million and $400,000 million respectively. According to the company, the operating losses are a result of the early stage nature of each of these units. The ATM business was started in mid-1999 and the e-commerce business was formed earlier this year.
"While our CopyCenter business continues to be profitable, the overall results of the company have been affected by the development of our ATM and e-commerce business units," said Fred Stockton, CEO and president. "We have seen good progress in the development of both of these businesses through the year, and anticipate that the ATM business will show a gross profit in the upcoming quarter."
Through the first nine months of the year, TRM's revenues of $56.6 million reflect a 12 percent increase from the prior year, with ATM revenue accounting for the increase. Year -to-date earnings per share stood at a loss of 66 cents per share.
"We continued to aggressively expand our ATM business adding over 400 new ATM locations during the quarter. In the last year we have been able to develop a business which now is generating revenue at a rate in excess of $14 million on an annualized basis and has considerable opportunity for expansion," Stockton said.
As of Sept. 30, 35,759 TRM CopyCenter locations were installed in North America and Europe and 1,947 ATMs were installed in the U.S. and UK, up from 292 ATMs in 1999.
